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
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
On 1 December 2022, the Central Bank of Ireland (the “Central Bank”) published its consultation paper CP152 on own funds requirements for UCITS management companies and AIFMs authorised for discretionary portfolio management...more
Pursuant to a requirement to do so under the Regulation on the cross-border distribution of funds (2019/1156) (CBDF Regulation), on 27 May 2021, ESMA published its final report on the Guidelines on Marketing Communications...more
The package focuses on material sustainability reporting and disclosure obligations, as the EU looks to direct capital toward sustainable activities. On 21 April 2021, one day prior to Earth Day and a US-led global...more
ESMA has issued a stark reminder that reverse solicitation, where it can be used, has to be carefully managed and documented, and is an area of regulatory scrutiny and focus. This short note also takes stock on the EU27...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
Signed by the European Parliament and the Council of the European Union on 27 November 2019 and published in the Official Journal of the European Union on 9 December 2019, the regulation on sustainability-related disclosures...more
What is it? The EU has finalised and issued a new framework for the prudential regulation of investment firms. It will set new classification for investment firms that will in turn determine which of the new capital...more
The UK House of Commons has rejected the government’s proposed Withdrawal Agreement. Unless the Agreement (or an amended version of it) is approved by the House of Commons, or the Brexit date of 29 March 2019 is postponed or...more
German Federal Ministry for Economic Affairs and Energy publishes draft bill implementing MiFID II requirements for investment brokers and advisers regulated under the German Industrial Code - The German Federal Ministry...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
On March 21, 2018, the European Securities and Markets Authority (“ESMA“) published a speech by Steven Maijoor, ESMA Chair, on, among other things, supervisory convergence in the context of Brexit, transaction cost...more
1 February - The European Commission ("EC") launched the EU Blockchain Observatory and Forum in order to highlight key developments of blockchain technology, promote and reinforce European engagement with multiple...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on ESMA's updated Q&As on the Benchmark Regulation and European Commission delegated...more
On Jan. 3, 2018, the long-anticipated overhaul of European Union (EU) financial markets legislation will come into effect. The second Markets in Financial Instruments Directive (MiFID II) will broaden the scope of EU...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
Central Bank Reviews Outsourcing Arrangements of Fund Administrators - The Central Bank completed a review on outsourcing carried out by Irish regulated Fund Administrators....more
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
AIFMD - ESMA Updates Q&As on the Application of the AIFMD - ESMA updated its Q&As on 16 December on the application of the AIFMD. The revised Q&As include one updated question and answer on reporting obligations by...more
SEC/Corporate - SEC Releases Rule 504 Small Entity Compliance Guide for Issuers - The Securities and Exchange Commission recently released a Small Entity Compliance Guide for Issuers, which provides a brief summary...more
On 23 June 2016, the UK shocked the world, and perhaps itself, when it voted in favour of a “Brexit” from the European Union. While the referendum result has brought significant uncertainty to the financial services sector,...more
FCA Publishes Third MiFID II Consultation Paper - The FCA published its third consultation paper on 29 September 2016, on the implementation of the Markets in Financial Instruments Directive (MiFID II)....more
The U.K. referendum vote to leave the European Union has focused attention on Brexit’s potential impact on the U.K.’s financial services industry. The U.K. is home to a wide array of asset managers, banks, insurers,...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