Amongst the updates this week, the Council of the EU published a table comparing the initial position of the Commission, and the negotiating positions of the Council and the EP on the proposal for a Directive amending the...more
EU-Kommission, Parlament und Rat treten in die entscheidende Phase ihrer Beratungen über eine Neufassung der AIFM- und der UCITS-Richtlinie ein. Änderungen sind insbesondere bei den Themen Auslagerung, Darlehensfonds und...more
On 2 December 2022, Luxembourg’s supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF) published an FAQ that seeks to clarify certain items under the Sustainable Finance Disclosure Regulation...more
Italian secondary legislation about to be adapted to EU standards - On 15 July 2021, the Italian Council of Ministers approved, in preliminary examination, a legislative decree introducing rules to adapt national legislation...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
General data protection regulation – Irish funds working group updates - In July 2018, the Irish Funds General Data Protection Regulation ("GDPR") (Regulation (EU) 2016/679) working group (the "Working Group") issued an...more
1 December - The Financial Conduct Authority (FCA) published its 19th quarterly consultation paper (CP17/39). The proposed changes to the FCA Rules include changes to the FCA's Decision Procedure and Penalties manual,...more
Commencing on 1 January 2018, European and non-European entities or persons producing or selling packaged retail investment and insurance-based products (so-called PRIIPs) to retail investors in Europe, will be required under...more
Following a meeting of the Basel committee in March this year, the Chairman Stefan Ingves, announced that the committee has made further progress towards the finalization of the Basel III accord are stricter capital rules and...more
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
The European Parliament voted to object to draft regulatory technical standards (“RTS”) implementing the Packaged Retail and Insurance Investment Products (PRIIPs) Regulation (the “Regulation”) on 14 September 2016. The draft...more
The fate of the United Kingdom’s membership of the European Union hangs in the balance. Britons are due to go to the polls to vote in a referendum on 23rd June 2016 to decide whether the UK should remain a member of the...more
The European Commission has adopted a Delegated Regulation (C(2015) 9160) supplementing the UCITS IV Directive (2009/65/EC) on the obligations of depositaries. The Delegated Regulation sets out provisions relating to issues...more
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
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
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
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
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