With close to EUR 10 trillion in net assets,1 UCITS are an attractive proposition for managers. The UCITS brand is globally recognised and is firmly established as a product of choice for retail investors and institutions...more
Following an initial “soft” consultation with industry participants and relevant stakeholders, the Securities and Futures Commission (SFC) launched a three-month consultation on proposed amendments to the Code on Unit Trusts...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on US-EU equivalence of certain OTC derivative rules; the FCA asset management...more
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
1st Day of Christmas – UCITS V* - The UCITS V Directive (UCITS V) introduces specific provisions on: - (i) eligibility, liability and delegation of depositaries; - (ii) remuneration policies; and ...more
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
On July 23, ESMA published a discussion paper on how the limits on counterparty risk in centrally cleared OTC derivative transactions under the UCITS IV Directive should be calculated, and whether the same rules for both OTC...more
The European Securities and Markets Authority (“ESMA”) published final guidelines on repurchase (repo) and reverse repurchase agreements for UCITS funds on 4 December 2012. This is a follow-up to ESMA’s publication in July...more