Latest FCA consultation focuses on remuneration, risk management and governance, and liquidity requirements. Key Points: The consultation: ..Sets out the FCA’s proposals for the new remuneration rules for FCA...more
1 August - The Financial Conduct Authority ("FCA") published an insight article on artificial intelligence ("AI") in the boardroom. The article considers various AI-related issues in the boardroom....more
BaFin Publishes Guidance on Transparency Standards for German Funds - On 4 April 2017, BaFin has published new transparency standards for funds after a BaFin investigation found that some active funds “closely” track...more
CSSF Press Release 17/06 Dated 13 February 2017 - The CSSF confirmed that it follows ESMA on its opinion in relation to the requirements for UCITS share classes....more
Brexit - House of Commons Library Publishes Briefing Paper on the "Great Repeal Bill" - The House of Commons Library published a briefing paper on 21 November 2016 on Legislating for Brexit, including in particular on...more
SEC/CORPORATE – SEC Division of Corporation Finance Issues Five Additional C&DIs Relating to Pay Ratio Disclosure Rule – On October 18, the Securities and Exchange Commission’s Division of Corporation Finance...more
The European Securities and Markets Authority published two sets of final Guidelines on Sound Remuneration Policies under the Undertakings for Collective Investments in Transferable Securities Directive and the Alternative...more
Key Points - - ESMA’s UCITS Remuneration Guidelines will apply from 1 January 2017 (subject to certain transitional provisions). - They will affect UCITS Managers and delegates of UCITS Managers conducting...more
The law that transposed UCITS V1 into Luxembourg law (UCITS V Law) entered into force on 1 June 2016. Among other matters, the UCITS V Law: (i) implements a depository regime based upon – but more stringent than – the AIFMD...more
Where are we on implementation? Are we nearly there yet? Yes and no. The UCITS V directive comes into force on 18 March 2016. But: Additional implementing rules (known as "Level 2") on the duties of UCITS...more
On 23 July 2015, the European Securities and Markets Authority (ESMA) launched a consultation on proposed guidelines on sound remuneration policies under the EU’s UCITS V Directive (the UCITS Remuneration Guidelines) and the...more
The Luxembourg government has brought to Parliament a bill of law transposing UCITS V into Luxembourg’s UCI Law and AIFM Law. Further, the Luxembourg CSSF published a new version of its AIFMD Frequently Asked Questions, among...more
Capital Markets Union - New Resolution from European Parliament - The European Parliament published a press release on 9 July 2015 announcing the adoption of a non-binding resolution on building a capital markets union...more
SEC to Consider Adoption of Pay Ratio Disclosure Rules at August 5 Opening Meeting - On July 29, the Securities and Exchange Commission, pursuant to a “Sunshine Act” notice, stated that it will hold an open meeting on...more
AIFMD – AIMA and EFAMA Comment on EBA Consultation on Draft Guidelines on Remuneration Policies for AIFMs - AIMA and EFMA published their response to the EBA’s consultation on draft guidelines on sound remuneration...more
The European Securities and Markets Authority (ESMA) issued a consultation paper on 23 July 2015 in respect of the proposed guidelines on remuneration (UCITS Remuneration Guidelines) regarding the remuneration principles...more
European lawmakers have reached agreement on amendments to the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive, which regulates the management and marketing of EU mutual funds. These...more
The UK Financial Conduct Authority (FCA) released proposed guidance on 6 September 2013 on its implementation of the remuneration provisions in the AIFM Directive (the AIFM Remuneration Code) for UK alternative investment...more
Increasing regulation of remuneration is being introduced across the European Union, including the possibility of limits on the amounts of bonuses that may be paid by certain firms....more