News & Analysis as of

European Undertakings for Collective Investment in Transferable Securities

Securities Financing Transactions Regulation—Update

Regulation (EU) 2015/2365, the Securities Financing Transactions Regulation (SFTR), imposes a number of requirements on EU fund managers (see the previous Akin Gump client alert on SFTR, The New Securities Financing...more

UK Investment Managers: Any Reason to be Frightened by Brexit?

by Dechert LLP on

The UK investment management industry is, from a variety of perspectives, an important industry. With the Brexit clock now ticking, is there huge uncertainty ahead or is the industry largely secure? Can investment managers...more

Brexit: Financial Services Firms: Appendix

by White & Case LLP on

This appendix contains a brief description of the key EU financial services directives (excluding the insurance sector) which create the core regulatory framework within which financial services firms principally operate as...more

Il nuovo regime fiscale dei piani di co investimento di amministratori e dipendenti

L'articolo 60 del d.l. n. 50 del 24 aprile 2017, pubblicato in G.U. 24 aprile 2017 (di seguito "Decreto"), disciplina il regime fiscale applicabile ai redditi derivanti dalla partecipazione ad OICR, società o enti percepiti...more

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

by Dechert LLP on

EMIR - ESMA Updates its List of Third Country CCPs and Issues Updated Q&A - On 30 March, ESMA updated its list of third-country central counterparties recognised to offer services and activities in the EU. CCPs in Dubai,...more

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

by Dechert LLP on

CSSF Circular CSSF-CPDI Dated 19 April 2017 - The CSSF published its Circular addressed, inter alia, to investment firms as well as AIFMs and UCITS management companies who manage portfolios on a discretionary basis...more

EBA launches harmonisation of European covered bonds rules

On 20 December 2016, the European Banking Authority (the "EBA") published the final version of a report entitled "EBA Report on Covered Bonds - Recommendations on Harmonisation of Covered Bond Frameworks in the EU" (the...more

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

by Dechert LLP on

Central Bank Reviews Outsourcing Arrangements of Fund Administrators - The Central Bank completed a review on outsourcing carried out by Irish regulated Fund Administrators....more

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

by Dechert LLP on

BaFin Publishes Guidance on Transparency Standards for German Funds - On 4 April 2017, BaFin has published new transparency standards for funds after a BaFin investigation found that some active funds “closely” track...more

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

by Dechert LLP on

AFG - Publication of a Public Position on RTS PRIIPs - The Association Française de la Gestion Financière (the “AFG”, the French professional association of asset managers) published on 18 April, jointly with the French...more

Alternative investment company – deadline for regulatory adjustment will end June 4, 2017

by Dentons on

On June 4, 2016 amendments to the Act on Investment Funds (the “Act”) entered into force. The purpose of the amendment is implementation in the Polish legal system AIFMD (Directive 2011/61/EU of 8 June 2011 regarding managers...more

SEC Staff Relaxes Limitations under 1940 Act to Permit Certain Global “Master-Feeder” Arrangements, Although Obstacles Remain

by Dechert LLP on

The Staff of the U.S. Securities and Exchange Commission (SEC) on March 8, 2017 issued a no-action letter (Staff Letter) in response to a request from Dechert LLP for assurance under Section 12(d)(1) of the Investment Company...more

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

by Dechert LLP on

CSSF Press Release 17/06 Dated 13 February 2017 - The CSSF confirmed that it follows ESMA on its opinion in relation to the requirements for UCITS share classes....more

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

by Dechert LLP on

New Central Bank Investment Firms Regulations 2017 - The Central Bank published the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017 on 13 March 2017. The new...more

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

by Dechert LLP on

Significant Update of the General Regulations of the AMF ("GRAMF") - The Arrêté of 27 February 2017 and published to the Official Journal on 7 March 2017 has amended significantly the General Regulations of the AMF (the...more

SEC Approves U.S. Master Fund/Foreign Feeder Fund Arrangement – Section 12(d)(1)(E)

by Ropes & Gray LLP on

On March 8, 2017, the SEC staff issued a no-action letter (the “Letter”) providing assurance with respect to a plan for foreign-regulated investment companies (“Foreign Feeder Fund”) to invest exclusively in corresponding...more

Take Special Care – Amendments to the Special Administration Regime

by Reed Smith on

On 6 April 2017, together with the new Insolvency Rules (England and Wales) 2016, the Investment Bank (Amendment of Definition) and Special Administration (Amendment) Regulations 2017 (the “Regulations”) will come into...more

Final UK Legislation to Amend the Special Administration Regime for Investment Firms Published

by Shearman & Sterling LLP on

The Investment Bank (Amendment of Definition) and Special Administration (Amendment) Regulations 2017 have been published. The Amending Regulations aim to improve the return of client money when an investment firm fails...more

New PRIIPs Regulatory and Technical Standards issued by the EU Commission

by DLA Piper on

After the first draft was rejected by the European Parliament in September 2016, on 8 March 2017 the European Commission published a new draft of a Delegated Regulation, laying down regulatory technical standards in relation...more

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

by Dechert LLP on

EMIR - Spanish Pension Schemes Exempt and Updated Q&A - On 25 January, ESMA issued its opinion confirming the exemption from the EMIR clearing obligation for certain Spanish pension schemes....more

PRIIPs: New Regulatory Technical Standards published by the European Commission

by DLA Piper on

On 8 March 2017, the European Commission has published a new delegated regulation supplementing Regulation (EU) no. 1286/2014 (the "PRIIPs Regulation"), which set out the regulatory technical standards (the "New RTS") to lay...more

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

by Dechert LLP on

Central Bank Publishes Feedback Statement on CP105 - The Central Bank published its Feedback Statement on CP105 on 19 January 2017. CP105 sets out proposed amendments to the Central Bank UCITS Regulations in light of...more

Funds Bulletin - February 2017

by Hogan Lovells on

Funds Bulletin (a monthly round-up of topical legal, regulatory and tax issues affecting the fund industry). Features our summary of the FSCP's position paper on the impact of Brexit on financial services consumers, as well...more

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

by Dechert LLP on

Central Bank Signs Off on CP86 with a Location Rule Compromise - The Central Bank published its Third Consultation and Feedback Statement on CP86 on 19 December 2016. While the multi-location rule was abandoned, the...more

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

by Dechert LLP on

AMF Consultations - Corporate Finance Advice and Intermediation in Miscellaneous Assets - The Autorité des Marchés Financiers (the “AMF”, the French financial markets authority) has recently launched two public...more

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