News & Analysis as of

European Undertakings for Collective Investment in Transferable Securities

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

New lending opportunities for EU Alternative Investment Funds in Italy

On 23 December 2016, the Bank of Italy supplemented the regulation on the collective investment management (the "Regulation") which, inter alia, implements article 46-ter of Legislative Decree. n. 58/1998 ("Consolidated...more

Currency Hedging Survives ESMA UCITS Share Class Cull

by Dechert LLP on

For the past two years, the European Securities and Markets Authority (“ESMA”), Europe’s main securities regulator, has had UCITS share classes in their sights. It has issued two discussion papers on the topic and has now...more

The CSSF's position in respect of ESMA's Opinion on UCITS' Share Classes

by Dentons on

On 13 February, 2017 the Luxembourg Financial Regulator (Commission de Surveillance du Secteur Financier –CSSF) announced its position in respect of ESMA’s opinion by issuing press release n°17/06. The CSSF expects UCITS...more

Novità in materia di direct-lending. Gli OICR di credito

In data 23 dicembre 2016, Banca d'Italia ha integrato il regolamento sulla gestione collettiva del risparmio (il "Regolamento") con cui, inter alia, viene data attuazione all'art. 46-ter del d.lgs. n. 58/1998 ("TUF"),...more

Luxembourg Legal Alert: ESMA Opinion on UCITS' Share Classes

by Dentons on

On 30 January, 2017 the European Securities and Market Authority (ESMA) issued an opinion addressed to local regulators on the share classes of undertakings for collective investment in transferable securities (UCITS) and...more

European Securities and Markets Authority Opines on Common Principles for the Creations of Share Classes in UCITS

by Shearman & Sterling LLP on

The European Securities and Markets Authority published its Opinion on the extent to which different types of units or shares (share classes) of the same Undertakings in Collective Investment in Transferable Securities fund...more

ESMA issues common principles for UCITS share classes

by Ropes & Gray LLP on

The European Securities and Markets Authority (“ESMA”) published on 30 January 2017 an opinion on the use by EU UCITS funds of share classes, outlining four key principles that all UCITS funds must follow when setting up...more

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

by Shearman & Sterling LLP on

The UK Government published draft legislation to amend the Special Administration Regulations, i.e. The Investment Bank (Amendment of Definition) and Special Administration (Amendment) Regulations 2017, the Amending SAR...more

ESMA Publishes Opinion on the Effect of Excluding Fund Managers From the Scope of MiFIR Intervention Powers

On January 12, 2017, the ESMA published an opinion on the impact of exclusion of fund management from the entire scope of MiFIR (Markets in Financial Instruments Regulation) (Regulation 600/2014). Although, under...more

European Securities and Markets Authority Opines on the Scope of Product Intervention Powers

by Shearman & Sterling LLP on

The European Securities and Market Authority published an Opinion on the scope of the product intervention powers under the Markets in Financial Instruments Regulation. The Opinion focuses on the impact of the exclusion for...more

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