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
FCA issues final report in investment platforms market study -
The FCA has published the final report in its investment platforms market study.
While the FCA found competition generally to be working well, it was...more
4/16/2019
/ Asset Management ,
Certification Requirements ,
Competition ,
Deadlines ,
EU ,
EU Passport ,
Extensions ,
Final Report ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Informational Studies ,
Investment Funds ,
Investment Platforms ,
New Guidance ,
Notification Requirements ,
Senior Managers ,
SMCR ,
Statement of Responsibilities (SoRs) ,
Temporary Permissions Regime (TPR) ,
UK ,
UK Brexit
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
3/15/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
CFTC ,
Commodities Traders ,
Derivatives ,
EU ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Agencies ,
Investment Funds ,
Memorandum of Understanding ,
MiFID ,
MiFID II ,
New Guidance ,
UCITS ,
UK Brexit
FCA Opens Notification Window for Passported EU Firms and Funds under No-Deal Brexit Temporary Permissions Regime -
The FCA has announced that the notification window for passported EU ex-UK firms and funds wishing to...more
2/11/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
CEOs ,
EU ,
EU Passport ,
European Economic Area (EEA) ,
False Statements ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
Marketing ,
MiFID II ,
Misrepresentation ,
Passporting ,
UK ,
UK Brexit
FCA issues direction confirming the notification process under its post-Brexit temporary permissions regime -
As previously reported, the UK government and the FCA are proposing to implement a Temporary Permissions Regime...more
12/12/2018
/ Asset Management ,
Consultation Periods ,
ELTIF ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Investment Funds ,
Long-Term Investment Funds ,
Passporting ,
Technical Standards ,
Transitional Arrangements ,
UK ,
UK Brexit ,
Venture Capital
FCA Consults on Rules for Post-Brexit Temporary Permissions Regime for Incoming EEA Firms and Funds -
The UK government is proposing to implement a “temporary permissions regime” to cover “inbound” European Economic Area...more
11/14/2018
/ Asset Management ,
Certification Requirements ,
Collective Investment Schemes ,
Consultation Periods ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
FSMA ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Illiquid Assets ,
Investment Funds ,
Memorandum of Understanding ,
Non-UCITS Retail Schemes (NURS) ,
Proposed Rules ,
Public Comment ,
Retail Investors ,
Risk Management ,
Senior Managers ,
SFC ,
SMCR ,
Technical Standards ,
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
UK government publishes Brexit white papers -
The UK government has published two white papers, one on the future relationship between the UK and the EU and the other on legislating for the withdrawal agreement between the...more
8/9/2018
/ Asset Management ,
Comment Period ,
Discussion Draft ,
Duty of Care ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Funds ,
MiFID II ,
Trading Platforms ,
UK ,
UK Brexit
The UK Government yesterday released its long awaited whitepaper on Brexit, "The future relationship between the United Kingdom and the European Union."
Whilst 100 pages long, the paper provided a fairly high-level...more
FCA comments on increased use of “Periodic Auctions” after-MiFID II -
The FCA has published a webpage on the use of periodic auction platforms as a method for share trading in light of their significantly increased use...more
7/11/2018
/ Asset Management ,
Auction ,
Dark Pool ,
EU ,
European Money Markets Institute (EMMI) ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Investment Funds ,
MiFID II ,
Money Market Funds ,
Remuneration ,
UK ,
UK Brexit
FCA statement on authorisation for firms offering cryptocurrency derivatives -
The (Financial Conduct Authority) FCA has stated that cryptocurrency derivatives are capable of being financial instruments under the Markets...more
5/15/2018
/ Asset Management ,
Collective Investment Schemes ,
Cryptocurrency ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
HM Treasury ,
Investment Funds ,
MiFID ,
Technical Standards ,
UK ,
UK Brexit
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
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the situation for financial services rules and regulations during the Brexit...more
2/7/2018
/ Asset Management ,
Blockchain ,
Bulgaria ,
Capital Markets Union ,
Collective Investment Schemes ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
IOSCO ,
Key Information Document (KIDs) ,
Liquidity Risk Management Rule ,
MMF ,
Money Market Funds ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Risk Management ,
UK ,
UK Brexit
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the matters to be considered by users of financial benchmarks when selecting an...more
1/11/2018
/ Asset Management ,
Benchmarks ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
IOSCO ,
Legal Entity Identifiers ,
MiFID II ,
MiFIR ,
UK ,
UK Brexit ,
WTO
Europe is the largest market for fund products after the United States. However, despite the advances of the European single market, there remains a confusing combination of pan-European and country specific rules governing...more
7/1/2017
/ AIF ,
AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Raising ,
Disclosure Requirements ,
EU ,
European Economic Area (EEA) ,
Foreign Investment ,
Investors ,
National Private Placement Regimes (NPPR) ,
Passporting ,
Private Placements ,
Reporting Requirements ,
Retail Investors ,
Reverse Solicitation ,
UCITS ,
UK Brexit
UK Supreme Court Rules UK Parliament Must Approve Brexit Notice to EU -
Under Article 50 of the EU Treaty, the process for the UK to leave the EU is commenced by service of a notice on the European Council, which starts...more
3/13/2017
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Annex IV ,
Article 50 Treaty of the EU ,
Asset Management ,
EU ,
Financial Conduct Authority (FCA) ,
FSMA ,
HM Treasury ,
Investment Funds ,
MiFID II ,
Private Placements ,
Reporting Requirements ,
UK ,
UK Brexit
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
12/29/2016
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Remuneration ,
The Great Repeal Bill ,
UCITS ,
UCITS V ,
UK ,
UK Brexit
FCA Publishes Final Rules Removing Certain Ineffective Disclosure Requirements -
The FCA published a policy statement on 11 October 2016, removing certain ineffective disclosure requirements from the FCA Handbook...more
12/3/2016
/ AMF ,
Asset Management ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Funds ,
MiFID II ,
Passporting ,
Reporting Requirements ,
UCITS ,
UK ,
UK Brexit
FCA Chief Executive Comments on FCA Mission and Brexit -
The FCA has published a speech by Andrew Bailey, FCA Chief Executive, at the FCA's 2016 annual public meeting on 19 July 2016.
Mr Bailey stated that the FCA...more
9/13/2016
/ Collective Investment Schemes ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Member State ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Referendums ,
UK ,
UK Brexit
Brexit: UK Votes to Leave EU -
The 23 June 2016 referendum on the UK’s continued membership of the EU resulted in a vote to leave the EU.
Under the EU Treaty, the exit process should take at least two years. During...more
7/14/2016
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
EU ,
Financial Conduct Authority (FCA) ,
FSMA ,
Investment Funds ,
MiFID ,
Portfolio Managers ,
Senior Managers ,
UCITS ,
UCITS V ,
UK ,
UK Brexit
The voters have spoken. Britain will (absent any new deals) leave the EU.
Under the EU Treaty, the exit process should take at least two years. During this two-year period, UK-based asset management entities, including...more
6/27/2016
/ AIFM ,
AIFs ,
Asset Management ,
EU ,
Foreign Investment ,
Member State ,
MiFID II ,
Referendum Votes ,
UCITS ,
UK ,
UK Brexit
The European Union (EU) is made up of 28 member states committed, through a series of treaties, to ever closer economic and political union. As such it exercises considerable power, both internally and internationally. It is...more
3/24/2016
/ AIF ,
AIFM ,
Asset Management ,
EMIR ,
EU ,
Member State ,
MiFID ,
Referendums ,
Treaty of Lisbon ,
UCITS ,
UK ,
UK Brexit