The German Federal Financial Supervisory Authority ("BaFin") has published a consultation on draft guidelines for sustainable investment funds containing specifications on what UCITS and AIF management companies must include...more
HM Treasury has published a draft of the Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations will onshore the Alternative Investment Fund...more
Parliament adopts general data protection law - Parliament has adopted the law of 1 August 2018 on the organisation of the National Commission for Data Protection and implementation of Regulation (EU) 2016/679 of the...more
MiFID II update - The Autorité des Marchés Financiers continues to update its doctrine following the entry into force of MiFID II. As a result, on 26 June, the AMF published updated versions of 14 of its positions,...more
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
Central Bank Reviews Outsourcing Arrangements of Fund Administrators - The Central Bank completed a review on outsourcing carried out by Irish regulated Fund Administrators....more
New Central Bank Investment Firms Regulations 2017 - The Central Bank published the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017 on 13 March 2017. The new...more
Significant Update of the General Regulations of the AMF ("GRAMF") - The Arrêté of 27 February 2017 and published to the Official Journal on 7 March 2017 has amended significantly the General Regulations of the AMF (the...more
Central Bank Publishes Feedback Statement on CP105 - The Central Bank published its Feedback Statement on CP105 on 19 January 2017. CP105 sets out proposed amendments to the Central Bank UCITS Regulations in light of...more
Central Bank Signs Off on CP86 with a Location Rule Compromise - The Central Bank published its Third Consultation and Feedback Statement on CP86 on 19 December 2016. While the multi-location rule was abandoned, the...more
The aim of the PRIIPs Regulation is to help retail investors to better understand and compare the key features, risks, rewards and costs of different retail products, by requiring that retail investors are provided with...more
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
Guidance Regarding Cash Accounts for UCITS and AIF Umbrella Funds - The Central Bank of Ireland (the “Central Bank”) issued guidance on cash accounts for UCITS and AIF umbrella funds on 22 December 2015....more
The Luxembourg government recently launched the “reserved alternative investment fund” – a new form of Luxembourg AIF that does not require prior approval from the Luxembourg supervisory authority, the CSSF. In other...more
Central Bank Management Feedback Statement and Guidance (CP86) - The Central Bank published its feedback statement on CP86: Fund Management Company Boards (the “Feedback Statement”) and related Guidance on Fund...more
For more than 25 years, the essential text for anybody wishing to navigate the regulatory environment for UCITS in Ireland has been the UCITS Notices which were supplemented by UCITS Guidance and then the UCITS Q&A. ...more
Implementation of the European Transparency Directive 2013/50/EU in Germany - All market participants investing in German stocks and other equity shares with voting rights traded on an exchange will be subject to new...more
Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more
Central Bank Update Concerning Fund Management Company Boards The Central Bank has published a document in relation to Fund Management Company Boards including a feedback statement on CP86 and a new consultation on...more
The eagerly anticipated Irish Collective Asset-management Vehicles Act 2015 (the “ICAV Act”) was signed into law in March 2015 and the first Irish Collective Asset-management Vehicles (“ICAVs”) have been authorised by the...more
Update of the AMF Doctrine on French Professional Specialized Funds - The AMF updated its Instruction n° 2012-06 specifying the rules to be followed (i) for the drafting of the prospectus of a French Professional...more