In this week’s edition, we look in detail at ESMA’s final guidelines on ESG and sustainability-related fund names. Staying with the regulatory guidance theme, we look at the Science Based Targets initiative’s announcement of...more
The European Securities and Markets Authority (“ESMA”) has published its Final Report on the Guidelines on funds’ names using ESG or sustainability-related terms (the “Guidelines”). ESMA was provided with the mandates to...more
The Luxembourg government published bill of law n°8183 (the “Bill”) on 24 March 2023 that amends five existing laws on alternative investment funds (“AIFs”) and alternative investment fund managers (“AIFMs”), namely the UCI...more
On 10 October 2022, the European Commission (the “Commission”) published a long-awaited report on the Securitisation Regulation (the “Commission Report”). Among other things, the Commission Report responded to a request by...more
18 June 2020 will mark one year since the EMIR Refit Regulation (the “EMIR Refit”) came into force. On the same date, the reporting responsibility changes introduced by the EMIR Refit will take effect....more
What is the law/regulation? The European Council and the European Parliament in December 2019 reached political agreement on the text of a proposed Regulation on the Establishment of a Framework to Facilitate Sustainable...more
Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...more
A recent exchange of letters between the European Commission and ESMA and AIMA has confirmed that non-EU AIFs (irrespective of manager location) will not be subject to the SFTR reporting obligation, bringing welcome clarity...more
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
On 20 June, 2019, Ireland’s government released its proposed Investment Limited Partnerships (Amendment) Bill 2019 (the “Bill”) that will update the Investment Limited Partnership (“ILP”) structure....more
On Tuesday 28 May 2019, the EMIR Refit Regulation (the "EMIR Refit") was published in the Official Journal. Relevant entities now have only 19 days to prepare for some of the key changes, ahead of the go live date of Monday...more
In the middle of February 2019, Brexit continues to be debated between Westminster and Brussels, despite the rapidly approaching deadline for the United Kingdom (U.K.) to leave the European Union (EU) on March 29, 2019. With...more
Luxembourg has transposed MiFID II into its national law, albeit five months after the deadline for doing so. In other matters, the Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF)...more
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
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
Irish Revenue Guidance on Section 110 - The Irish Revenue Commissioners (“Revenue”) issued a new Tax and Duty Manual (the “Tax Manual”) on 24 May 2018, setting out the position to deal with some of the uncertainties around...more
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
BaFin publishes circular on regulatory requirements to the business organization of insurance companies (MaGo) - BaFin published a circular on regulatory requirements on 25 January 2017 for the business organization of...more
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK regulation for alternative asset managers. The start of 2017 saw a number of regulatory developments including...more
Germany’s private placement rules for funds will change again. On 19 July, the European Securities and Markets Authority (ESMA) published its advice on applying the Alternative Investment Fund Managers Directive (AIFMD)...more
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
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
On July 30, 2015, the pan-EU securities regulator, European Securities and Markets Authority (ESMA), published two papers covering the application of the marketing “passport” under the Alternative Investment Fund Managers...more
Finance Ministry Proposes Changes to German Fund Taxation - The draft bill proposed by the Finance Ministry for discussion purposes contains significant changes to the German tax environment regarding funds and...more
Tax: HMRC Publishes Filing Dates for New AIFM Mechanism for Partnership Deferred Remuneration Arrangements - The Finance Act 2014 introduced a provision intended to help partnerships (including LLPs) that are AIFM...more