News & Analysis as of

UK Financial Regulatory Developments - January 2016 #10

Treasury updates Iran sanctions - Treasury has issued a notice explaining the effects on sanctions against Iran of Implementation Day (I Day) under the Joint Comprehensive Plan of Action (JCPoA). I Day was 16 January, on...more

ESMA Publishes European Commission Letter on AIFMD Passport

On January 19, the European Securities and Markets Authority (ESMA) published on its website a letter it received from the European Commission (Commission), dated December 17, 2015. The letter is in response to guidance and...more

European Commission Letter to ESMA on Application of AIFMD Passport

On January 19, ESMA published a letter it has received from the European Commission relating to the application of the EU passport under the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”) to non-EU...more

ESMA updates AIFMD FAQ

ESMA has updated its FAQs on the Alternative Investment Fund Managers Directive (AIFMD). A new question addresses how the depositary’s liability regime applies to those assets...more

ESMA Publishes Updated Q&A on AIFMD

On December 2, the European Securities and Markets Authority published an updated Questions and Answers (Updated Q&A) on the Alternative Investment Fund Managers Directive (AIFMD). The Updated Q&A focuses on Section III...more

ESMA Q&A on Application of the AIFMD

On December 2, 2015 the European Securities and Markets Authority (ESMA) published an updated Question and Answer document in relation to the Alternative Investment Fund Managers Directive (AIFMD) which puts in place a...more

Corporate and Financial Weekly Digest - Volume X, Issue 47

SEC/CORPORATE - FAST Act Legislation and Impact on Securities Law - On December 4, President Obama signed into law the Fixing America’s Surface Transportation Act (FAST Act). This transportation bill includes...more

ESMA updates AIFMD FAQs

ESMA has updated its FAQs on the Alternative Investment Fund Managers Directive (AIFMD). ...more

Orrick's Financial Industry Week in Review

ESMA Q& A on Application of the AIFMD - On December 2, 2015 the European Securities and Markets Authority (ESMA) published an updated Question and Answer document in relation to the Alternative Investment Fund Managers...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

EMIR – Indirect Clearing Regulatory Technical Standards to Align to MiFIR - ESMA published a letter on 5 October from Commissioner Hill to the European Parliament on regulatory technical standards on indirect clearing...more

ESMA publishes remuneration responses

ESMA has published the responses to its consultation on guidelines on sound remuneration policies under the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive and the Alternative Investment...more

Exchange International: Financial Services Regulation Newsletter - Issue 27

DLA Piper’s Financial Services International Regulatory Team welcomes you to the twenty-seventh edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

ESMA Update to the European Parliament on the Extension of the AIFMD Passport to Non-EU AIFMs

On October 13, the European Securities and Markets Authority (ESMA) published the text of a speech made by its chairman, Steven Maijoor, to the European Parliament regarding ESMA’s ongoing work involving potentially providing...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

AIFMD – Updated Q&As Clarify Position on Sub-Delegation of Custody by AIF Depositaries - ESMA updated its Q&As on 1 October regarding the application of the AIFMD, clarifying its position on AIFMD provisions on...more

UCITS V Directive—Overview and Practical Implications

Changes to the UCITS Directive (known as “UCITS V”) were published in the Official Journal of the European Union and came into force on 17 September 2014. EU Member States are required to transpose UCITS V into national law...more

Financial Services Quarterly Report - Third Quarter 2015: Letter from Amsterdam: Dechert and European Private Equity CFOs and COOs...

Dechert was again pleased to support the SuperReturn CFO/COO Forum, held in Amsterdam in September. Nearly 200 GPs, LPs and key individuals from the private equity and venture capital industry came together for three days of...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Implementation of the European Transparency Directive 2013/50/EU in Germany - All market participants investing in German stocks and other equity shares with voting rights traded on an exchange will be subject to new...more

Securitisation: Keeping it Simple?

On 30 September 2015, the European Commission (the “Commission”) published a proposal for a regulation (the “Proposed Regulation”)1 intended to harmonise existing EU laws applying to securitisations (including proposed...more

ESMA Publishes Advice on Extending the Marketing Passport Beyond Europe

ESMA has recommended that the AIFMD passport be extended beyond the countries within the European Union to Jersey, Guernsey, and Switzerland. On 30 July, the European Securities and Markets Authority (ESMA) sent its...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Capital Markets Union - New Resolution from European Parliament - The European Parliament published a press release on 9 July 2015 announcing the adoption of a non-binding resolution on building a capital markets union...more

"AIFMD Passport: Europe Must Try Harder"

On July 30, 2015, the pan-EU securities regulator, European Securities and Markets Authority (ESMA), published two papers covering the application of the marketing “passport” under the Alternative Investment Fund Managers...more

Bridging the Week - August 2015 #2

ESMA Says “No for Now” to Granting Passport Rights to US Fund Managers Under AIFMD - The European Securities and Markets Authority told the European Commission last week that it was premature to grant passport rights to...more

The European Securities and Markets Authority (ESMA) published advice on the extension of the Alternative Investment Fund Managers...

For Jersey and Guernsey, the ESMA Advice was positive: no obstacles exist to the extension of the AIFMD passport to these jurisdictions. AIFMD Article 67 envisages that a delegated act will follow within three months to...more

ESMA AIFMD Opinion and Advice on the Passporting and Private Placement Regimes

Background - Under the current structure of the Alternative Investment Fund Manager’s Directive (AIFMD), European firms are permitted to market EU funds to professional investors throughout the European Union through the...more

Dodd-Frank at 4: Where do we go from here?

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

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