News & Analysis as of

European Undertakings for Collective Investment in Transferable Securities Alternative Investment Fund Managers Directive

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

by Dechert LLP on

AIFMD and UCITS - ESMA Publishes Updated Q&As - ESMA published updated Q&As on AIFMD and UCITS V on 11 July 2017. The AIFMD Q&As include three new questions and answers on the reporting requirements for...more

Asset Management Regulatory Roundup - July 2017 - Issue 2

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on the updated Q&As published by ESMA in relation to the AIFMD and UCITS, IOSCO's...more

The Financial Report, Volume 6, Number 13

by DLA Piper on

Discussion and Analysis - Two of our items today focus on remarks by new SEC Chairman Jay Clayton and, if they are any indication of the direction the new Chairman intends to take the Commission, they could go a long way to...more

Corporate and Financial Weekly Digest - Volume XII, Issue 27

BROKER-DEALER - Proposed Rule Change Relating To Revisions To the Definition of Non-public Arbitrator - On July 11, the Financial Industry Regulatory Authority filed a proposed rule amendment to change the definition of...more

ESMA Issues Opinions on Supervisory Convergence in the Areas of Investment Management and Secondary Markets

by Dechert LLP on

The European watchdog has issued its much anticipated opinions on outsourcing/delegation of: (i) fund management companies; (ii) MiFID entities; and (iii) trading venues. This Newsflash focuses on the opinions as they relate...more

So You Want to Market Funds in Europe? Rules of the Road for Accessing Capital in Europe

by Dechert LLP on

Europe is the largest market for fund products after the United States. However, despite the advances of the European single market, there remains a confusing combination of pan-European and country specific rules governing...more

MiFID II for Non-EU Fund Managers

by Shearman & Sterling LLP on

The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. New rules on trading inducements, research, best execution, market transparency and the regulation of algorithmic...more

EU27 Regulators Ordered to Hold Firm Line on UK Firms’ Post-Brexit Applications for Single Market Access

One likely impact of the decision of the United Kingdom (UK) to leave the European Union (EU) is that the UK’s financial services industry will lose automatic rights of access to the EU’s free trade area (the Single Market)...more

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

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

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

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

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