Whilst to date no formal announcement has been made by the European Commission, in a letter to two trade associations (the German Bundesverband Investment und Asset Management (BVI) and the Italian Assogestioni) the...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
9/5/2020
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Conflicts of Interest ,
Corporate Governance ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Management Companies ,
Popular ,
Proposed Amendments ,
Publicly-Traded Companies ,
Risk Assessment ,
Risk Factors ,
Risk Management ,
Sustainability ,
UCITS
The draft regulatory technical standards (RTS) set out detailed information relating to the content, methodology and presentation of certain environmental, social, and governance (ESG) disclosures required under the EU...more
5/29/2020
/ Consultation Papers ,
Disclosure Requirements ,
Draft Implementation Regulations ,
Environmental Social & Governance (ESG) ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Services Industry ,
Popular ,
Regulation Technical Standards (RTS) ,
SFDR ,
Sustainable Finance
Germany’s cabinet has approved draft legislation designed to tighten the country’s foreign investment control (“FDI”) regime. The draft bill pre-dates the coronavirus crisis but comes amid growing fears that non-EU investors...more
An Overview of Measures Enacted or Envisaged by the German Government -
The current outbreak of COVID-19 coronavirus, recognized by the World Health Organization as a global pandemic, has already had a material impact on...more
3/21/2020
/ Business Taxes ,
Compensation ,
Coronavirus/COVID-19 ,
Deregulation ,
Financial Crisis ,
Germany ,
Infectious Diseases ,
Insolvency ,
Layoffs ,
Liquidity ,
Part-Time Employees ,
Reduction in Hours ,
Relief Measures ,
Remote Working ,
Small Business Loans ,
Tax Deferral
BaFin, the German financial regulator, has recently begun to review performance fee calculation clauses in fund documents filed by non-German UCITS for marketing in Germany in a more systematic manner. In a number of...more
Brexit has been postponed again, until at least 31 October 2019, but with the possibility that it may occur sooner, maybe even within a few weeks....more
4/15/2019
/ Article 50 Treaty of the EU ,
Customs Unions ,
Election Results ,
EU ,
EU Single Market ,
European Parliament ,
Free Trade Agreements ,
No-Deal Brexit ,
Special Election ,
Tariffs ,
Time Extensions ,
UK ,
UK Brexit ,
UK Parliament ,
Withdrawal Agreement
No-deal Brexit preparations: BaFin criticizes financial entities for missing Brexit preparation with regard to license requirements -
As of March 2019, Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt...more
4/11/2019
/ AIFs ,
Anti-Money Laundering ,
Asset Management ,
BaFin ,
Cryptocurrency ,
EU ,
Germany ,
Initial Coin Offering (ICOs) ,
Investment Funds ,
Investment Management ,
Licensing Rules ,
No-Deal Brexit ,
Public Offerings ,
Securities Regulation ,
Securities Tokens ,
UCITS ,
UK Brexit
The UK Parliament, having for the second time rejected the Withdrawal Agreement negotiated between the UK government and the EU, will vote on it for a third time next week. If it is approved, the UK will ask the EU for a...more
German Parliament adopts Brexit Transitional Act -
The German Parliament (“Bundestag”) adopted by a large majority the so-called Brexit Transitional Act (“Brexit-Übergangsgesetz”) submitted by the Federal Government on...more
3/12/2019
/ Asset Management ,
Bank Recovery and Resolution Directive (BRRD) ,
Banks ,
Capital Requirements Regulation (CRR) ,
CDS ,
Central Counterparties ,
Credit Default Swaps ,
CRR II ,
EU ,
Germany ,
Investment Funds ,
ISDA ,
Single Resolution Mechanism Regulation (SRMR) ,
Transitional Arrangements ,
UK Brexit ,
Unsecured Debt
Law amending Financial Market Laws to Regulation (EU) 2017/2402 and Regulation (EU) No 575/2013 as amended by Regulation (EU) 2017/2401 published in the Federal Law Gazette -
The Law amending Financial Market Laws to...more
2/6/2019
/ Amended Rules ,
Asset Management ,
BaFin ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Germany ,
Investment Funds ,
Marketing ,
MiFID II ,
MiFIR ,
Popular ,
Retail Investors
The UK House of Commons has rejected the government’s proposed Withdrawal Agreement. Unless the Agreement (or an amended version of it) is approved by the House of Commons, or the Brexit date of 29 March 2019 is postponed or...more
1/16/2019
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Contract Terms ,
Corporate Counsel ,
Corporate Taxes ,
Cross-Border Transactions ,
EU ,
Exports ,
Free Movement ,
Imports ,
Intellectual Property Protection ,
MiFID II ,
No-Deal Brexit ,
Supply Chain ,
Tax Treaty ,
Trade Policy ,
Trade Relations ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit ,
Withdrawal Agreement
German Federal Ministry for Economic Affairs and Energy publishes draft bill implementing MiFID II requirements for investment brokers and advisers regulated under the German Industrial Code -
The German Federal Ministry...more
12/8/2018
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Brokers ,
EU ,
Germany ,
Investment Adviser ,
Investment Funds ,
MiFID II ,
Statistical Analysis ,
UCITS
German Federal Ministry of Justice and Consumer Protection published draft bill implementing the Directive (EU) 2017/828 as regards the encouragement of long-term shareholder engagement (“ARUG II”) -
The Directive (EU)...more
11/9/2018
/ Asset Management ,
BaFin ,
EU ,
European Securities and Markets Authority (ESMA) ,
Executive Compensation ,
Germany ,
Investment Funds ,
Investment Management ,
MiFID II ,
MiFIR ,
Portfolio Managers ,
Say-on-Pay ,
Second Shareholder Rights Directive (ARUG II) ,
Shareholder Rights ,
Shareholders ,
UCITS
Half-year figures for Germany: Investment funds raise €51 billion by August -
The German Investment Fund Association BVI issued its half-year figures report on 9 August 2018. The first half of 2018 saw investment funds in...more
BMF starts consultation of tax circular on investment tax act with associations -
The BMF (Federal Ministry of Finance) sent an updated draft tax circular on 15 June 2018 to industry associations. The updated draft...more
8/6/2018
/ Asset Management ,
EU ,
German Investment Tax Act (GITA) ,
Germany ,
Income Taxes ,
Investment Funds ,
Misleading Impressions ,
Pending Legislation ,
Premium Listed Issuers ,
Private Equity Funds ,
Rating Agencies ,
Remedies
European banking and securities authorities published guidelines on the assessment of the suitability of members of the management body and key function holders -
ESMA and EBA published joint guidelines regarding the...more
7/6/2018
/ Asset Management ,
BaFin ,
CRD IV Directive ,
EU ,
European Securities and Markets Authority (ESMA) ,
Germany ,
Investment Funds ,
Legal Entity Identifiers ,
MiFID II ,
MiFIR ,
New Guidance
European Commission Publishes Legislative Proposals on Sustainable Finance Which Impacts Asset Managers -
The EU Commission presented a package of measures on 24 May 2018, as a follow-up to its action plan on financing...more
BaFin interpretative notice regarding eligible investments for AIFs as real-estate companies
BaFin published a new interpretative notice on 9 April 2018, regarding the requirements for alternative investment funds (AIF) in...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the FCA’s statement on the implementation period for Brexit; the requirement for firms...more
4/20/2018
/ Asset Management ,
BEPS ,
Corporate Taxes ,
Cross-Border ,
Cryptocurrency ,
Customer-Loyalty Programs ,
Cybersecurity ,
Derivatives ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
MiFID II ,
MiFIR ,
UK ,
UK Brexit
BaFin Publishes Interpretative Notice Regarding the Qualification of Tokens and Cryptocurrencies Offered Through Initial Coin Offerings to Investors -
BaFin published its new interpretative notice on 20 February regarding...more
4/2/2018
/ Asset Management ,
BaFin ,
Cryptocurrency ,
EU ,
Fees ,
Germany ,
Initial Coin Offering (ICOs) ,
Investment Funds ,
MiFID II ,
Open-Ended Fund Companies (OFCs) ,
Securities Regulation ,
Token Sales ,
Transaction Costs
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the FCA’s approach to authorisation; action taken on closet tracking funds; proposed EU...more
3/22/2018
/ Asset Management ,
Broker-Dealer ,
Collective Investment Schemes ,
Cross-Border Transactions ,
Distribution Rules ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Stability Board ,
Investment Funds ,
Member State ,
MiFID II ,
Surveys ,
UK
A compact summary of the most recent regulatory developments relevant to the UK asset management industry.This issue includes details of proposed changes to the Financial Services Register to accommodate the Senior Managers...more
3/14/2018
/ Asset Management ,
Certification Requirements ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
FinTech ,
Legal Entity Identifiers ,
Libor ,
MiFID II ,
Secured Overnight Funding Rate (SOFR) ,
Senior Management Regime (SMR) ,
Senior Managers ,
SMCR ,
Sterling Overnight Index Average (SONIA) ,
UK
BaFin Decision Regarding the Duties of Management Companies in Respect to Externally Managed Investment Companies -
After a long consultation period, BaFin published its new interpretative decision on 21 December 2017...more
BaFin publishes new circular for investments of German Insurers -
As of 12 December 2017 and after a long consultation period, BaFin has published its new Circular 11/2017 (Hinweise zur Anlage des Sicherungsvermögens...more