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

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

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

Uncertain Seas: European Financial and Regulatory Developments into 2017

Charting New and Dangerous Waters - Lloyd George and Epictetus may be long gone but their words have much resonance with the events of 2016. The political fallout from the UK’s vote to leave the European Union (“EU”)...more

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

by Dechert LLP on

AIFMD – ESMA Updates Q&As and Re-Visits View of Application of Delegation Rules - ESMA issued updated Q&As on 16 November on AIFMD including two new questions and answers on the cross-border marketing of AIFs, clarifying...more

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

by Dechert LLP on

Brexit - House of Commons Library Publishes Briefing Paper on the "Great Repeal Bill" - The House of Commons Library published a briefing paper on 21 November 2016 on Legislating for Brexit, including in particular on...more

Financial Services Quarterly Report - Fourth Quarter 2016: Developments in the Luxembourg Financial Sector

by Dechert LLP on

The Luxembourg financial regulator has published a circular on UCITS depositaries, clarifying the organisational arrangements and other rules provided by Luxembourg’s UCI Law and the EU UCITS Regulation. The circular...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 – European Commission adopts revised rules for reporting to trade repositories under EMIR - The European Commission adopted revised rules for reporting to trade repositories under EMIR on 26 October 2016. The...more

Blog: #Brexit: “passporting”, “3rd-country equivalence”, and related issues

by Cooley LLP on

The UK’s Treasury Committee has published an FCA letter, and the European Parliament has published a briefing paper, about “passporting”, “third-country equivalence”, and a range of related issues....more

European Securities and Markets Authority Publishes Final Guidelines on Remuneration Practices 

by Shearman & Sterling LLP on

The European Securities and Markets Authority published two sets of final Guidelines on Sound Remuneration Policies under the Undertakings for Collective Investments in Transferable Securities Directive and the Alternative...more

ESMA Publishes Final UCITS Remuneration Guidelines and Final Amendments to the AIFMD Remuneration Guidelines

Key Points - - ESMA’s UCITS Remuneration Guidelines will apply from 1 January 2017 (subject to certain transitional provisions). - They will affect UCITS Managers and delegates of UCITS Managers conducting...more

Financial Services Regulation Exchange – International Newsletter Issue 30 – September 2016

by DLA Piper on

DLA Piper’s Financial Services International Regulatory team welcomes you to the thirtieth edition of ‘Exchange – International’ – our international newsletter designed to keep you informed of regulatory developments in...more

US Hedge Fund Managers: Accessing Capital and Marketing in Europe

by Dechert LLP on

Recent regulatory change has made the marketing of hedge funds in the European Economic Area (the “EEA”) more involved, particularly for managers based outside the EEA. This appears to have led some US investment advisors to...more

"Continental Drift? Brexit’s Potential Impact on International Investment Managers"

The U.K. referendum vote to leave the European Union has focused attention on Brexit’s potential impact on the U.K.’s financial services industry. The U.K. is home to a wide array of asset managers, banks, insurers,...more

ESMA Advice on Extending the AIFMD Passport to Non-EU Countries

by Morgan Lewis on

ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more

Brexit: How will it impact asset and fund managers?

by DLA Piper on

Following the result of the UK referendum on 23 June 2016 to leave the EU, there is still a considerable amount of uncertainty about the impact of the decision on the financial services industry, including asset and fund...more

The SFTR – The EU Expands its Rulebook to Cover Securities Financing Transactions and the Reuse of Collateral

by White & Case LLP on

The Regulation on Transparency of Securities Financing Transactions and of Reuse (2015/2365) (the "SFTR") entered into force on 12 January 2016 following publication in the Official Journal of the European Union on 23...more

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

by Dechert LLP on

Brexit: UK Votes to Leave EU - The 23 June 2016 referendum on the UK’s continued membership of the EU resulted in a vote to leave the EU. Under the EU Treaty, the exit process should take at least two years. During...more

FCA Guidance on Fund Suspensions

Three things you need to know - - The UK Financial Conduct Authority ("FCA") issued guidance (the “Guidance”) on the suspension of fund redemptions. - The Guidance applies to all FCA-authorised managers...more

Brexit for asset managers and fund managers - don’t panic, it may not be as bad as it at first appears!

by Reed Smith on

UK regulated fund managers and asset managers should bear in mind that, while the Brexit vote has occurred, this does not bind the UK Parliament. As of the date of writing (6 July 2016), the process of withdrawal under...more

Financial Services Quarterly Report - Second Quarter 2016: Effects of UCITS V Transposition into Luxembourg Law

by Dechert LLP on

The law that transposed UCITS V1 into Luxembourg law (UCITS V Law) entered into force on 1 June 2016. Among other matters, the UCITS V Law: (i) implements a depository regime based upon – but more stringent than – the AIFMD...more

Brexit for Fund Managers: Time for Cool Heads

by Shearman & Sterling LLP on

The UK electorate voted to leave the European Union (EU) in the “Brexit” referendum held on 23 June 2016. This note looks at the practical impact of a Brexit for fund managers, including possible solutions in the event that...more

Financial Services Quarterly Report - Second Quarter 2016: MiFID II: Key Considerations for Asset Managers

by Dechert LLP on

The Council of the European Union on 13 May 2014 formally endorsed a new regulatory regime that will replace the current Markets in Financial Instruments Directive (MiFID), which has been in force since 2007. The new...more

UK Financial Regulatory Developments - July 2016 #2

by Dentons on

FOS publishes Ombudsman News - The May/June issue of Ombudsman News highlights the breadth of “everyday problems” which FOS sees so that consumers and financial businesses can better understand the service’s role. It...more

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