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European Undertakings for Collective Investment in Transferable Securities European Securities and Markets Authority (ESMA)

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

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 Issues FAQ on Brexit - The Central Bank has issued an FAQ document on Brexit, which provides general information to financial services firms who are considering relocating their operations from the UK to...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

Ireland Retains Safe Harbour Regime for Wholesale MiFID Firms

by Dechert LLP on

The Department of Finance has issued its Feedback Statement on its public consultation on national discretions under MiFID II. The consultation dealt with the exercise of national discretions in relation to the implementation...more

Asset Management Regulatory Roundup - July 2017 - Issue 1

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. In this issue we look at the extension of the PSC regime to Scottish limited partnerships and AIM listed companies,...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

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

Brexit Update: ESMA Issues Brexit Opinion to EU Regulators

by Morgan Lewis on

The European Securities and Markets Authority foresees regulatory and arbitrage risks in Brexit and has issued an opinion as a practical tool to help achieve supervisory convergence among EU regulators—Brexit negotiations...more

UK Investment Managers: Any Reason to be Frightened by Brexit?

by Dechert LLP on

The UK investment management industry is, from a variety of perspectives, an important industry. With the Brexit clock now ticking, is there huge uncertainty ahead or is the industry largely secure? Can investment managers...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

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

by Dechert LLP on

CSSF Press Release 17/06 Dated 13 February 2017 - The CSSF confirmed that it follows ESMA on its opinion in relation to the requirements for UCITS share classes....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 - Spanish Pension Schemes Exempt and Updated Q&A - On 25 January, ESMA issued its opinion confirming the exemption from the EMIR clearing obligation for certain Spanish pension schemes....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 Publishes Feedback Statement on CP105 - The Central Bank published its Feedback Statement on CP105 on 19 January 2017. CP105 sets out proposed amendments to the Central Bank UCITS Regulations in light of...more

Funds Bulletin - February 2017

by Hogan Lovells on

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

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

by Dechert LLP on

AMF Consultations - Corporate Finance Advice and Intermediation in Miscellaneous Assets - The Autorité des Marchés Financiers (the “AMF”, the French financial markets authority) has recently launched two public...more

Currency Hedging Survives ESMA UCITS Share Class Cull

by Dechert LLP on

For the past two years, the European Securities and Markets Authority (“ESMA”), Europe’s main securities regulator, has had UCITS share classes in their sights. It has issued two discussion papers on the topic and has now...more

The CSSF's position in respect of ESMA's Opinion on UCITS' Share Classes

by Dentons on

On 13 February, 2017 the Luxembourg Financial Regulator (Commission de Surveillance du Secteur Financier –CSSF) announced its position in respect of ESMA’s opinion by issuing press release n°17/06. The CSSF expects UCITS...more

Luxembourg Legal Alert: ESMA Opinion on UCITS' Share Classes

by Dentons on

On 30 January, 2017 the European Securities and Market Authority (ESMA) issued an opinion addressed to local regulators on the share classes of undertakings for collective investment in transferable securities (UCITS) and...more

European Securities and Markets Authority Opines on Common Principles for the Creations of Share Classes in UCITS

by Shearman & Sterling LLP on

The European Securities and Markets Authority published its Opinion on the extent to which different types of units or shares (share classes) of the same Undertakings in Collective Investment in Transferable Securities fund...more

ESMA issues common principles for UCITS share classes

by Ropes & Gray LLP on

The European Securities and Markets Authority (“ESMA”) published on 30 January 2017 an opinion on the use by EU UCITS funds of share classes, outlining four key principles that all UCITS funds must follow when setting up...more

ESMA Publishes Opinion on the Effect of Excluding Fund Managers From the Scope of MiFIR Intervention Powers

On January 12, 2017, the ESMA published an opinion on the impact of exclusion of fund management from the entire scope of MiFIR (Markets in Financial Instruments Regulation) (Regulation 600/2014). Although, under...more

European Securities and Markets Authority Opines on the Scope of Product Intervention Powers

by Shearman & Sterling LLP on

The European Securities and Market Authority published an Opinion on the scope of the product intervention powers under the Markets in Financial Instruments Regulation. The Opinion focuses on the impact of the exclusion for...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

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

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