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

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

European Securities and Markets Authority Advice on Extension of AIFMD Passport to non-EU AIFMs and AIFs

by Shearman & Sterling LLP on

The European and Securities Markets Authority published its advice to the European Parliament, Council and Commission on the extension of the Alternative Investment Fund Managers Directive passport to non-EU Alternative...more

Orrick's Financial Industry Week in Review

EBA Final Draft RTS on Assessment Methodology for Internal Ratings-Based Approach - The EBA has published final draft regulatory technical standards (RTS) on the specification of the assessment methodology for competent...more

ESMA Updates Q&A on Application of UCITS Directive

The European Securities and Markets Authority (ESMA) has published an updated version of its Q&A paper on the application of the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive (2009/65/EC)...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 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

UK Financial Regulatory Developments - July 2016 #4

by Dentons on

BoE publishes SRFRR group minutes - BoE has published the minutes of the May meeting of the working group on Sterling Risk-Free Reference Rates (SRFRR). Among the issues discussed was a set of principles to facilitate...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

Orrick's Financial Industry Week in Review

SEC Approves IEX Proposal to Launch National Exchange, Issues Interpretation on Automated Securities Prices - On June 17, 2016, the Securities and Exchange Commission ("SEC") approved the application of Investors'...more

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