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
10/22/2019
/ AIFM ,
AIFMD Passport ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Central Bank of Ireland ,
Choice-of-Law ,
Contract Terms ,
Cross-Border Transactions ,
CSSF ,
EMIR ,
EU ,
EU Passport ,
EU-27 ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Force Majeure Clause ,
Fund Managers ,
Income Taxes ,
Investors ,
ISDA ,
Luxembourg ,
Marketing ,
MiFID ,
No-Deal Brexit ,
Private Equity ,
Rome Regulation ,
SFTR ,
Third-Party Service Provider ,
Traders ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit
With six months to go until the UK’s departure from the EU, Dechert’s ‘Brexit Manoeuvres’ guide sets out at a high level, from a UK perspective, the practical implications of a “hard Brexit” as it relates to:
- Alternative...more
9/21/2018
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Choice-of-Law ,
EMIR ,
EU ,
European Economic Area (EEA) ,
Financial Services Industry ,
Fund Managers ,
Investors ,
Marketing ,
MiFID ,
SFTR ,
Trading Plans ,
UCITS ,
UK Brexit
The Commission de Surveillance du Secteur Financier (CSSF) issued a circular on 23 August 2018 (Circular), which consolidates into one document the requirements for Luxembourg UCITS management companies, self-managed UCITS,...more
The Central Bank of Ireland (the “Central Bank”) has announced that it will release a feedback statement later this year in response to its 2017 Discussion Paper on ETFs (the “Discussion Paper”) and the general work it has...more
5/2/2018
/ Amended Rules ,
Central Bank of Ireland ,
Disclosure Requirements ,
ETFs ,
Investment Funds ,
Investment Portfolios ,
Investors ,
IOSCO ,
Ireland ,
Listing Rules ,
Mutual Funds ,
Regulatory Requirements ,
Stock Exchange ,
Transparency ,
UCITS
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of an FCA report on algorithmic trading; the publication of the FSMA (Benchmarks)...more
2/22/2018
/ AIFs ,
Algorithmic Trading ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Benchmarks ,
EMIR ,
ESRB ,
EU Benchmark Regulation ,
EU Data Protection Laws ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FSMA ,
General Data Protection Regulation (GDPR) ,
Information Commissioner's Office (ICO) ,
IOSCO ,
Liquidity ,
Market Conditions ,
MiFID II ,
Over The Counter Derivatives (OTC) ,
Prudential Regulation Authority (PRA) ,
Risk Controls ,
UCITS ,
UK
Following the UK’s decision to leave the EU, asset management firms of all types and sizes will need to conduct a thorough analysis to understand the potential impact of Brexit. To date, this has been something of a difficult...more
1/12/2018
/ AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Cross-Border Transactions ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
MiFID II ,
UCITS ,
UK ,
UK Brexit
HM Treasury recently published its Investment Management Strategy II Report. Building on its 2013 strategy report ? which mainly focused on how to improve the UK as a fund domicile ? this report sets out the UK government’s...more
It is now only two months until the 3 January 2018 compliance deadline for the revised Markets in Financial Instruments Directive (MiFID II) and the 1 January 2018 compliance deadline for the EU Packaged Retail Investment and...more
In addition to the challenges of MiFID II, asset managers must also prepare for a new key information document regime for retail products. The Regulation on key information documents for packaged retail and insurance-based...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on SEC’s no action letters and Commission’s FAQs on “hard dollar” research payments under...more
11/1/2017
/ AIFs ,
Asset Management ,
Broker-Dealer ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Investment Firms ,
Investment Funds ,
MiFID II ,
No-Action Letters ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Passporting ,
Securities and Exchange Commission (SEC) ,
Securities Financing Transactions (SFTs) ,
SFTR ,
SMCR ,
UCITS ,
UK
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
10/18/2017
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Benchmarks ,
Derivatives ,
ETFs ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Legal Entity Identifiers ,
MiFID II ,
MiFIR ,
Over The Counter Derivatives (OTC) ,
UCITS ,
UK
The European Securities and Markets Authority (ESMA) has published its 2018 Work Programme (the Programme), which sets out ESMA's priorities and areas of focus for 2018. Supervisory convergence and the assessment of risks are...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on ESMA's updated Q&As on the Benchmark Regulation and European Commission delegated...more
10/7/2017
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Benchmarks ,
Capital Markets Union ,
Commodities ,
Derivatives ,
ELTIF ,
EMIR ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
MiFID II ,
MiFIR ,
Regulatory Agenda ,
Social Entrepreneurship ,
UCITS ,
UK ,
UK Criminal Finances Act 2017 ,
Venture Capital