The Financial Conduct Authority has updated its webpage on the Overseas Funds Regime to confirm that it will open the gateway to new schemes on September 30, 2024. From that date, new schemes (schemes not in the Temporary...more
On 17 July 2024, the Financial Conduct Authority (FCA) published a policy statement (PS24/7) setting out the final rules and guidance necessary to implement the UK’s Overseas Funds Regime (OFR). This follows the FCA’s...more
I. Background and Scope - On 7 February 2024, the European Union adopted a final text amending the AIFMD and UCITS directives (AIFMD II). This memo considers what are entirely novel requirements attaching to liquidity...more
Operators marketing EU UCITS in the UK under the FCA’s temporary marketing permissions regime (“TMPR”) will be able to continue to do so following the expiry of the TMPR, provided they register the UCITS in question for...more
To address the limitations of the current temporary marketing permission regime (“TMPR”), which permits EEA funds marketed in the UK before Brexit to continue to access the UK market, the UK government introduced the overseas...more
On 30 January 2024, the UK government published a written statement (Statement) granting an equivalence decision for European Economic Area (EEA) undertakings for the collective investment in transferable securities (UCITS...more
On 30 January 2024 the Economic Secretary to HM Treasury issued a statement to MPs on the long-awaited first equivalence assessment under the Overseas Fund Regime ("OFR"). Following a 'detailed assessment', European Economic...more
Since Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long term investment funds (ELTIF Regulation) was adopted, only a few European long-term investment funds (ELTIFs) have...more
On 2 February 2022, the new ESMA guidelines on marketing communications under the Regulation on cross-border distribution of funds (EU) 2019/1156) (“Guidelines”) will start to apply....more
Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 - The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (SI 2021/494) have been published, together...more
FCA and PRA on passporting in and out of Gibraltar after the transition period - On 31 December, the FCA published a new webpage on Gibraltar passporting arrangements, with the PRA publishing its respective webpage on 4...more
TMPR: FCA update on adding new sub-fund to umbrella scheme - The UK Financial Conduct Authority (FCA) has updated its webpage on adding a new sub-fund to an umbrella scheme in the temporary marketing permissions regime (TMPR)...more
What is the law? Directive (EU) 2017/828 (“SRD II”), amending the Shareholder Rights Directive (2007/36/EC), came into force on 9 June 2017 [link]. SRD II introduced new transparency obligations on “institutional...more
A new European regime on sustainability-related disclosures in the financial sector will come into force from March 2021, after first being announced in 2018 during the European Commission’s Action Plan on Sustainable...more
What is the law/regulation? As part of a number of regulatory initiatives being implemented in the European Union, under its action plan for financing sustainable growth, proposed amendments to AIFMD and the UCITS Directive...more
This note sets out at a high level the potential impact of the United Kingdom’s (“UK”) exit (“Brexit”) from the European Union (“EU”) without a negotiated agreement on UK and European Economic Area (“EEA”) (a) alternative...more
This publication maps out key current areas of legal or regulatory change that are of specific relevance for institutional asset managers. These focus areas are arranged thematically, by those that affect managers or...more
Andrew Bailey, the Chief Executive of the U.K. Financial Conduct Authority, has written to Lord Myners of the House of Lords concerning the establishment of U.K. requirements for liquidity standards for Undertakings for...more
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), and the Luxembourg government recently have taken measures to prepare for Brexit. In other developments, the Law of the...more
FCA issues further guidance on Brexit preparations - The FCA has published a series of guidance to assist regulated firms in finalizing their preparations for Brexit, particularly in the event of a no-deal scenario when EU...more
The UK is due to leave the European Union on March 29, 2019 (“Brexit”). Within the EEA, “passport rights” permit financial services institutions and funds authorised in any EEA Member State to conduct business cross border...more
The U.K. Financial Conduct Authority has published two draft Directives relating to Brexit under the: (1) draft Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019; and (2) Alternative Investment Fund...more
This alert is relevant in the context of a ‘no-deal’ Brexit only, although affected firms and fund managers may have to take certain actions before it is certain whether there will be a ‘no-deal’ Brexit. ...more
BREXIT - Please see the Consumer/Retail and Markets and Markets Infrastructure section for updates on various draft SIs published this week in anticipation of a hard Brexit and Trade associations' letter on temporary...more
The FCA has published a second consultation on the Brexit onshoring project. Like the first, and many other Brexit onshoring documents, it is both long and very technical. However, a number of important policy points are...more