On 21 August 2024, ESMA published the translations in all official EU languages of its Guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines).
The Guidelines will start applying on 21...more
On 19 July 2024, the EU Commission formally adopted its delegated regulation supplementing the ELTIF Regulation. The delegated regulation seeks to set out the regulatory technical standards specifying when derivatives will be...more
On 14 May 2024 ESMA published its long-awaited guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines).
The Guidelines apply three months after the date of their publication on ESMA’s website...more
5/16/2024
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Fund Managers ,
Investment ,
SFDR ,
Sustainability ,
UCITS
The text of the directive to amend the AIFMD (so-called AIFMD 2.0) was published in the Official Journal of the EU on 26 March 2024 and will enter into force on 15 April 2024.
Member States have 24 months to transpose the...more
DORA became law in December 2022 but provides for a grace period until 17 January 2025 for organisations to put in place the necessary measures to comply.
The new rules will require engagement from both an operational and...more
3/7/2024
/ Asset Management ,
Audits ,
Cryptoassets ,
Cybersecurity ,
Enforcement ,
EU ,
European Commission ,
European Supervisory Authorities (ESAs) ,
General Data Protection Regulation (GDPR) ,
New Rules ,
Penalties ,
Reporting Requirements ,
Risk Management ,
Third-Party Risk ,
UCITS
ESMA has submitted its proposals for RTS supplementing ELTIF 2.0 to the European Commission -
The RTS detail stringent conditions on liquidity and redemption provisions including in principle maximum quarterly redemption...more
1/12/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Dilution Terms ,
CSSF ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Stability Board ,
Investors ,
IOSCO ,
Liquidity ,
Liquidity Management ,
NAV
Time to go-live is short – Monday 29 April 2024 for EU EMIR, and Monday 30 September 2024 for UK EMIR.
All in-scope derivatives users will be affected by the changes....more
On 11 July 2023, the Luxembourg Parliament adopted bill of law n°8183 which amends five existing Luxembourg laws relating to alternative investment funds (“AIFs”) and alternative investment fund managers (“AIFMs”), namely the...more
7/26/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
ELTIF ,
EU ,
Financial Institutions ,
Financial Services Industry ,
Fund Managers ,
Investment Funds ,
Investment Management ,
Luxembourg ,
New Regulations ,
UK
The final Trilogue meeting to discuss AIFMD 2.0 under the Swedish Presidency of the Council of the EU, scheduled for 26 June, was cancelled.
AIFMD 2.0 will not be finalised under the Swedish Presidency....more
On 12 April 2023 – less than four months after the RTS under SFDR came into effect and four weeks after a further amended version of the RTS went live, the European Supervisory Authorities (ESAs) published a consultation...more
6/23/2023
/ AMF ,
Environmental Social & Governance (ESG) ,
EU ,
European Payments Council (ECP) ,
European Supervisory Authorities (ESAs) ,
Financial Markets ,
Investment ,
Investors ,
RTS ,
SFDR ,
Taxonomy
As noted in our earlier OnPoint, on 25 November 2021, the European Commission (the Commission) adopted a package of measures that aimed to deliver on several key commitments in the 2020 Capital Markets Union action plan,...more
5/31/2023
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets Union ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment ,
Liquidity Risk Management Rule ,
MiFID II ,
Reporting Requirements ,
UCITS
Background-
European regulators have begun reviewing documentation and other information in connection with implementation of the EU’s Sustainable Finance Disclosure Regulation (SFDR)1 and the Taxonomy Regulation (RTS).2 On...more
On 9 March 2023, the Luxembourg Parliament adopted the Blockchain III Law. The Blockchain III Law – which was published on 17 March 2023 – amends, amongst others, the Financial Sector Law2 and the Financial Collateral Law....more
AMF: Articles 8 and 9 SFDR should set minimum environmental standards for financial products -
On 10 February 2023 the French regulator (Autorité des Marchés Financiers (“AMF”)) published its proposals as to changes it...more
This OnPoint summarizes the panel discussion at Dechert’s annual investment funds conference that took place in Luxembourg in the last quarter of 2022. At the conference, we discussed the Regulation on the Markets of Crypto...more
1/27/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Trading System (ATS) ,
Broker-Dealer ,
CFTC ,
Cryptoassets ,
Digital Ledger Technology ,
Enforcement Actions ,
EU ,
European Commission ,
European Parliament ,
European Securities and Markets Authority (ESMA) ,
FinCEN ,
FSOC ,
Howey ,
Investment Funds ,
MiFID ,
Prospectus Regulation (PR3) ,
Rulemaking Process ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Stablecoins
Since Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long term investment funds (ELTIF Regulation) was adopted, only a few European long-term investment funds (ELTIFs) have...more
1/18/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Borrowing Statutes ,
Conflicts of Interest ,
ELTIF ,
EU ,
European Economic Area (EEA) ,
FinTech ,
Fund of Funds ,
Long-Term Investment Funds ,
Private Funds ,
Reserved Alternative Investment Funds (RAIF) ,
Retail Investors ,
Suitability Requirements ,
UCITS
On 9 December 2022, in Edinburgh, the Chancellor of the Exchequer announced a set of reforms that are intended to drive growth and competitiveness in the financial services sector (the Edinburgh Reforms or the Reforms)....more
12/20/2022
/ Capital Markets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSMA ,
Long-Term Investment Funds ,
MiFID ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Reporting Requirements ,
Scotland ,
Short Selling ,
Sustainable Finance ,
UK ,
Value-Added Tax (VAT)
On 2 December 2022, Luxembourg’s supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF) published an FAQ that seeks to clarify certain items under the Sustainable Finance Disclosure Regulation...more
12/20/2022
/ Alternative Investment Funds ,
Consumer Financial Products ,
CSSF ,
Disclosure Requirements ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Institutions ,
Luxembourg ,
Proposed Guidance ,
SFDR ,
Sustainable Finance ,
UCITS ,
Websites
Commission Delegated Regulation (EU) 2022/1288, setting out the regulatory technical standards (RTS) to be used by financial market participants (FMPs) when disclosing sustainability-related information under the Sustainable...more
12/14/2022
/ Adverse Impact ,
Climate Change ,
Commission Delegated Regulation ,
Disclosure Requirements ,
EU ,
EU Benchmark Regulation ,
European Supervisory Authorities (ESAs) ,
Financial Adviser ,
Financial Markets ,
Financial Products ,
Greenwashing ,
Investment ,
Regulation Technical Standards (RTS) ,
Reputational Injury ,
SFDR ,
Short Selling ,
Sustainable Finance ,
Taxonomy
This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more
9/22/2022
/ Alternative Reference Rates Committee (ARRC) ,
AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
CFTC ,
China ,
Climate Change ,
Commission Delegated Regulation ,
Coronavirus/COVID-19 ,
Cryptoassets ,
Custody Rule ,
Cybersecurity ,
Digital Currency ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Economic Sanctions ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EONIA ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Act ,
Form PF ,
FSOC ,
Fund Managers ,
Hedge Funds ,
Hong Kong ,
ICE Benchmark Administration (IBA) ,
Investors ,
Libor ,
MiFID ,
MiFID II ,
Non-Fungible Tokens (NFTs) ,
Private Funds ,
Proposed Amendments ,
Regulatory Standards ,
REIT ,
Rulemaking Process ,
Russia ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
SFDR ,
Supply Chain ,
Temporary Permissions Regime (TPR) ,
UCITS ,
UK ,
UK Brexit ,
Ukraine
Commission Delegated Regulation (EU) 2022/1288, setting out the regulatory technical standards (RTS) to be used by financial market participants (FMPs) when disclosing sustainability-related information under the Sustainable...more
On 30 June 2022, the European Council (Council) and the European Parliament (Parliament), announced that they had reached a provisional agreement on the proposal for regulation on markets in cryptoassets (MiCA), which covers...more
7/15/2022
/ Asset Management ,
Blockchain ,
Corporate Counsel ,
Cryptoassets ,
Distributed Ledger Technology (DLT) ,
EU ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Investment Opportunities ,
Investor Protection ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Regulatory Agenda ,
Regulatory Standards ,
Stablecoins ,
Token Sales
A brief recap – ESAs’ January 2021 letter to the EU Commission, EU Commission response and adoption of RTS
Signed by the European Parliament and the Council of the European Union on 27 November 2019 and published in the...more
Summary -
On 6 April 2022, the European Commission announced that is has adopted the regulatory technical standards to be used by financial market participants when disclosing sustainability-related information under the...more
4/8/2022
/ Corporate Governance ,
Disclosure Requirements ,
EU ,
European Commission ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Market Participants ,
New Regulations ,
RTS ,
SFDR ,
Sustainable Finance
ESMA published on February 2, 2022, a supervisory briefing (ESMA35-43-2900) setting out its expectations under the MiFID II framework for firms that use tied agents (the Briefing). ...more