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 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
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the publication of delegated regulations under the Benchmark Regulation; a call for...more
1/24/2018
/ Asset Management ,
Benchmarks ,
European Commission ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Liquidity ,
MiFID II ,
MiFIR ,
Money Market Funds ,
Regulatory Oversight ,
Retail Investors ,
Technical Standards ,
Transparency Directive ,
UK
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
Currently a non European Economic Area (EEA) Alternative Investment Fund Manager (AIFM) which markets a non-EEA feeder fund in the UK only has to report article 24(2) data (which forms part of the Annex IV reporting...more
EU Capital Markets Union: FCA Responds to European Commission Green Paper -
The FCA published its response to the European Commission's green paper on 27 May 2015 on building a capital markets union (CMU).
The FCA...more
7/8/2015
/ AIF ,
AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets Union ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
Investment Funds ,
Investment Management ,
UK
The European Securities and Markets Authority (ESMA) published its long-awaited final report (the Report) on 1 October 2013, setting out detailed guidelines relating to (i) the reporting obligations under Articles 3(3)(d) and...more