European Undertakings for Collective Investment in Transferable Securities

News & Analysis as of

Corporate & Financial Weekly Digest - Volume X, Issue 29

SEC to Consider Adoption of Pay Ratio Disclosure Rules at August 5 Opening Meeting - On July 29, the Securities and Exchange Commission, pursuant to a “Sunshine Act” notice, stated that it will hold an open meeting on...more

AIFMD Passport a "No-Go" for U.S. Managers

On July 30, the European Securities and Markets Authority (ESMA) provided its advice and opinion to the European Commission, Council and Parliament with respect to the extension of the EU’s Alternative Investment Fund...more

German Investment Taxation – Reform Ahead

The German Ministry of Finance (Bundesfinanzministerium) circulated a discussion draft bill on the reform of fund taxation (‘Draft Bill’) on 22 July 2015. The Draft Bill contains significant changes to the German tax...more

Financial Services Quarterly Report - Second Quarter 2015: French AFG Publishes Guidelines on Use of Stress Tests by Management...

The Association Française de la Gestion financière (AFG) – the association representing French management companies – published on 7 May 2015 guidelines regarding the use of stress tests by management companies (Guidelines)....more

Polish CIT exemption applies also to special Cypriot funds managed by a corporate body

In a recent Polish Supreme Administrative Court’s award it was confirmed that a non-UCITS fund should benefit from the Polish CIT exemption for investment funds, even if their corporate manager is contracted. The award...more

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

AIFMD – AIMA and EFAMA Comment on EBA Consultation on Draft Guidelines on Remuneration Policies for AIFMs - AIMA and EFMA published their response to the EBA’s consultation on draft guidelines on sound remuneration...more

UCITS Remuneration Guidelines—Impact On US Managers

The European Securities and Markets Authority (ESMA) issued a consultation paper on 23 July 2015 in respect of the proposed guidelines on remuneration (UCITS Remuneration Guidelines) regarding the remuneration principles...more

Orrick's Financial Industry Week in Review

The Restructuring Mid-Summer Review: Europe and the Emerging Markets - For those focused on the debt restructuring market, the Greek sovereign crisis (covered extensively in our recent updates1) has drowned out news of...more

ESMA’s New Q and A Responses on the Application of AIFMD and Consultation on New Guidelines

The European Securities and Markets Authority (ESMA) has published updated questions and answers on the application of the Alternative Investment Fund Managers Directive (AIFMD), which includes updated and new questions and...more

Irish UCITS and AIFs Permitted to Invest via Stock Connect

The Central Bank of Ireland (“CBI”) issued an update to its Q&A documents on 15 July 2015 for both UCITS and AIFMD FAQ (“Q&A”) which clarifies how Irish funds can invest in Chinese shares via the Shanghai-Hong Kong Stock...more

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

Central Bank Update Concerning Fund Management Company Boards The Central Bank has published a document in relation to Fund Management Company Boards including a feedback statement on CP86 and a new consultation on...more

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

AIFMD - Updated Q&A from ESMA - On 12 May, ESMA issued new Questions and Answers of the application of the AIFMD, including new questions and answers on reporting and calculation of leverage. The revised Questions...more

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

Guidelines on the Use of Stress Tests by French Management Companies - The Association Française de la Gestion financière (the AFG), the French association of management companies, published on 7 May 2015 guidelines on...more

The Financial Report - Volume 4, No. 11 • June 2015 (Global)

FRB will extend high-quality liquid asset status to some state and municipal bonds. The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more

MiFID II: The Next Big Challenge - Key Issues for Asset Managers

Background - The Markets in Financial Instruments Directive (“MiFID II”) and the related Regulation (“MiFIR”) is the next big rewrite of EU legislation, due to take effect at the beginning of 2017. Although its greatest...more

Ticking all the Right Boxes! Irish Collective Asset Management Vehicles Act 2015 Signed into Law

The eagerly anticipated Irish Collective Asset-management Vehicles Act 2015 (the “ICAV Act”) was signed into law in March 2015 and the first Irish Collective Asset-management Vehicles (“ICAVs”) have been authorised by the...more

Financial Regulatory Developments Focus - June 2015

In This Issue: - US Board of Governors of the Federal Reserve System Proposes Rule to Treat US Municipal Securities as Level 2B High-Quality Liquid Assets under the Liquidity Coverage Ratio - US Financial...more

ESMA Calls for EMIR Modifications to UCITS Directive

On May 22, the European Securities and Markets Authority (ESMA) published an opinion to the EU institutions (including the Commission, Parliament and Council) calling for a modification of the Directive for Undertakings for...more

Bridging the Week - June 2015

Non-Recognition of US CCPs as Subject to Equivalent Regulation May Require European-Based Funds to Restrict Trading in US Centrally Cleared Derivatives - An opinion by the European Securities and Markets Authority...more

Corporate & Financial Weekly Digest - Volume X, Issue 21

In This Issue: - Form BE-10 Filing Deadline Extended - Delaware Supreme Court Holds That Plaintiffs Must Specifically Plead Non-Exculpated Claims Against Disinterested Directors in Transaction Under Entire...more

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

ALFI Responds to ESMA's Discussion Paper on UCITS Share Classes - On 27 March 2015 ALFI submitted its response to the ESMA Discussion Paper on share classes of UCITS. Issues addressed in this paper relate to the...more

ESMA, ISDA, and FIA Europe Publish Capital Markets Union Responses

The European Securities and Markets Authority (“ESMA”), the International Swaps and Derivatives Association (“ISDA”) and FIA Europe have published their responses to the European Commission’s Green Paper on Building a Capital...more

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

Update of the AMF Doctrine on French Professional Specialized Funds - The AMF updated its Instruction n° 2012-06 specifying the rules to be followed (i) for the drafting of the prospectus of a French Professional...more

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

UCITS: New KIID Q&A - ESMA published revised Q&A’s on the KIID on 26 March 2015. The Q&A includes a new question on the treatment of past performance information in case of fund mergers....more

German Fund Taxation: A Roundup of Recent Developments

Germany’s fund taxation regime continues to evolve as the country further refines and reforms domestic tax laws that were subject to significant changes towards the end of 2013 – when Germany introduced new domestic tax rules...more

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