In this week’s edition, we look in detail at ESMA’s final guidelines on ESG and sustainability-related fund names. Staying with the regulatory guidance theme, we look at the Science Based Targets initiative’s announcement of...more
On 14 May 2024 ESMA published its long-awaited guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines). The Guidelines apply three months after the date of their publication on ESMA’s website...more
The text of the directive to amend the AIFMD (so-called AIFMD 2.0) was published in the Official Journal of the EU on 26 March 2024 and will enter into force on 15 April 2024. Member States have 24 months to transpose the...more
Die überarbeiteten Fassungen der AIFM- und der UCITS-Richtlinie stehen fest und sollen Mitte 2024 in Kraft treten. Die Mitgliedstaaten haben dann zwei Jahre Zeit zur Umsetzung. Änderungen sind insbesondere bei den Themen...more
In our previous alert AIFMD II (Near) Final Text Agreed: What’s New? and in our recent update in our Horizon Scan, we noted that the Council of the European Union (EU) had published the final compromise amending text setting...more
Q: What is DORA? “DORA” stands for the Digital Operational Resilience Act, an EU regulation that creates a new framework for the EU financial sector with regard to information and communications technology (ICT)....more
As noted in our earlier OnPoint, on 25 November 2021, the European Commission (the Commission) adopted a package of measures that aimed to deliver on several key commitments in the 2020 Capital Markets Union action plan,...more
On 21 December 2022, ESMA published a final report in relation to draft technical standards for cross-border fund management activities and the cross-border marketing of investment funds within the EEA under the UCITS and...more
On 10 October 2022, the European Commission (the “Commission”) published a long-awaited report on the Securitisation Regulation (the “Commission Report”). Among other things, the Commission Report responded to a request by...more
On 10 October 2022, the European Commission (the “Commission”) published its report (the “Report”) to the European Parliament and Council on the functioning of Regulation (EU) 2017/2402 (the “EU Securitisation Regulation”) as...more
As the Alternative Investment Fund Managers Directive (“AIFMD”) was being developed prior to 2011, there were serious concerns across the funds industry that it might force managers to set up their funds offshore to avoid the...more
On 25 November 2021, the European Commission (the Commission) adopted a package of measures aimed to deliver on several key commitments in the 2020 Capital Markets Union (CMU) action plan. The package includes four...more
1. Overview The new rules on the promotion of funds introduced by the new Cross-Border Distribution of Collective Investment Undertakings Directive and Regulation (Cross-Border Distribution of Funds (CBDF) Rules) are due to...more
Pursuant to a requirement to do so under the Regulation on the cross-border distribution of funds (2019/1156) (CBDF Regulation), on 27 May 2021, ESMA published its final report on the Guidelines on Marketing Communications...more
The negotiations that culminated in the establishment of the Trade and Cooperation Agreement (TCA) at the end of 2020 concluded with no meaningful agreement in relation to the provision of financial services between the...more
ESMA has issued a stark reminder that reverse solicitation, where it can be used, has to be carefully managed and documented, and is an area of regulatory scrutiny and focus. This short note also takes stock on the EU27...more
What is the law/regulation? As part of a number of regulatory initiatives being implemented in the European Union, under its action plan for financing sustainable growth, proposed amendments to AIFMD and the UCITS Directive...more
A recent exchange of letters between the European Commission and ESMA and AIMA has confirmed that non-EU AIFs (irrespective of manager location) will not be subject to the SFTR reporting obligation, bringing welcome clarity...more
The Luxembourg government and the CSSF recently have taken a number of measures to combat money laundering and terrorist financing. In other developments: the current Luxembourg Brexit laws will be rendered inapplicable by...more
This publication maps out key current areas of legal or regulatory change that are of specific relevance for institutional asset managers. These focus areas are arranged thematically, by those that affect managers or...more
On April 18, 2019, the final text amending the European Market Infrastructure Regulation (EMIR) was adopted by the European Parliament. The update to EMIR is widely referred to as EMIR REFIT and will come into effect on June...more
On Tuesday 28 May 2019, the EMIR Refit Regulation (the "EMIR Refit") was published in the Official Journal. Relevant entities now have only 19 days to prepare for some of the key changes, ahead of the go live date of Monday...more
Legislative reform to the European Market Infrastructure Regulation (EMIR) has now been finalised and the changes are expected to take effect in or around June 2019. The EMIR Refit, as the reform is known, amends the scope of...more
On January 10, 2019, the European Commission (the “Commission”) published a Report on the Operation of the Alternative Investment Fund Managers Directive (Directive 2011/61/EU or “AIFMD”). ...more
Consultation Paper: amendments to Central Bank UCITS Regulations - The Central Bank published a Consultation Paper (CP 119) on 29 March 2018, proposing amendments to the Central Bank UCITS Regulations and the consolidation...more