Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: AIFM Directive

FCA and SEC Sign Updated Memoranda of Understanding

Posted in Brexit, Brexit/UK Developments, Derivatives, Financial Markets, SEC/Corporate, UK Developments
On March 29, the UK Financial Conduct Authority (FCA) issued a press release announcing that it has signed two updated memoranda of understanding (MOUs) with the Securities and Exchange Commission. Both MOUs aim to ensure the continued ability of the United Kingdom and the United States to cooperate and consult with each other regarding the… Continue Reading

ESMA Updates Q&As on the Application of the AIFMD

Posted in EU Developments, Financial Markets
On March 29, the European Securities and Markets Association (ESMA) published an updated version of its questions and answers document (Q&As) on the application of the Alternative Investment Fund Managers Directive (AIFMD). In their updated Q&As, ESMA has added the following under section VII: Q&A 6, on the treatment of short-term interest rate futures for… Continue Reading

ECON Publishes Draft Reports on Legislative Proposals for Cross-Border Distribution of Collective Investment Funds

Posted in EU Developments, Financial Markets
On September 21, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published the following draft reports, both dated September 18: a draft report on the proposal for a directive on the cross-border distribution of collective investment funds; and a draft report on the proposal for a regulation on facilitating cross-border distribution of collective investment… Continue Reading

EC Legislative Proposals on Cross-Border Distribution of Collective Investment Funds

Posted in EU Developments, Financial Markets
On March 12, as part of the development of the EU’s Capital Markets Union (CMU), the European Commission (EC) published two legislative proposals in relation to the cross-border distribution of collective investment funds within the EU: a Regulation (Proposed Regulation) facilitating the above and amending existing Regulations on European venture capital funds and European social… Continue Reading

FCA Extends AIFMD Annex IV Reporting to Master Funds

Posted in UK Developments
On January 25, the UK Financial Conduct Authority (FCA) published amendments to its rules on Annex IV reporting under the EU Alternative Investment Fund Managers Directive (AIFMD). The amendments will affect non-European Economic Area (EEA) Alternative Investment Fund Managers (AIFMs) that market feeder Alternative Investment Funds (AIFs) in the United Kingdom under the United Kingdom’s… Continue Reading

Law Society Publishes Response to Consultation on the Regulatory Perimeter

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On January 10, the Law Society of England & Wales (Law Society) published its response to HM Treasury’s September 2016 consultation (Consultation) on amending the definition of “financial advice” for the purposes of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) (the UK legislation that defines which activities are regulated and with… Continue Reading

ESMA Publishes Updated AIFMD Q&A

Posted in EU Developments, Financial Markets
On December 16, 2016, the European Securities and Markets Authority (ESMA) published an updated questions and answers paper (Q&A) on the Alternative Investment Fund Managers Directive (AIFMD). The Q&A update amends a question in the existing Q&A on reporting obligations for non-EU alternative investment fund managers (AIFMs) under Article 42 of the AIFMD.… Continue Reading

ESMA Publishes Guidelines on Remuneration Practices Under UCITS and AIFMD

Posted in EU Developments, Financial Markets
On October 14, the European Securities and Markets Authority (ESMA) published two sets of guidelines (Guidelines) on sound remuneration practices for EU managers of Undertakings for Collective Investment in Transferable Securities (UCITS) funds (UCITS Guidelines) and EU managers subject to the Alternative Investment Fund Manager (AIFM) Directive (AIFMD Amending Guidelines).… Continue Reading

Brexit and Passporting: FCA Statistics

Posted in Brexit/UK Developments, EU Developments, Financial Markets, UK Developments
On September 20, the UK House of Commons Treasury Committee published a letter (Letter) from Andrew Bailey, Chief Executive of the UK Financial Conduct Authority (FCA), dated August 17. The Letter contains figures on UK firms currently holding single-market “passports” under certain EU directives to provide services or establish branches elsewhere in the European Union. … Continue Reading

AFME Publishes Model Clauses for Contractual Recognition of Bail-In Under the EU BRRD

Posted in EU Developments, Financial Markets
On August 1, the Association for Financial Markets in Europe (AFME) published model clauses (Model Clauses) in relation to contractual “bail-in” requirements contained in the EU Bank Recovery and Resolution Directive (BRRD). The BRRD requires certain parties to include “bail-in” clauses in contracts that create eligible liabilities and are governed by laws outside of the… Continue Reading

ESMA Publishes Updated Q&A on AIFMD

Posted in EU Developments
On December 2, the European Securities and Markets Authority published an updated Questions and Answers (Updated Q&A) on the Alternative Investment Fund Managers Directive (AIFMD). The Updated Q&A focuses on Section III regarding the reporting of information to national competent authorities.… Continue Reading

FCA Issues Consultation on Implementation of UCITS V and Changes to UK Investment Funds Rules

Posted in UK Developments
On September 3, the Financial Conduct Authority (FCA) published a consultation paper covering changes to its handbook of rules for Undertakings for the Collective Investment of Transferable Securities (UCITS) funds and other investment funds necessitated by the UK implementation of the UCITS V Directive (the Consultation Paper).… Continue Reading

AIFMD Marketing Passport: ESMA Provides European Commission With Advice on Its Possible Extension to Non-EU Jurisdictions

Posted in EU Developments
On July 30, after a one-week delay, the European Securities and Markets Authority (ESMA) published its long-awaited Opinion to the European Parliament, Council and Commission and responses to the call for evidence on the functioning of the Alternative Investment Fund Managers Directive (AIFMD) EU passport and of the National Private Placement Regimes (the “Opinion”) and… Continue Reading

ESMA Consultation on New Remuneration Rules for EU UCITS Managers and EU AIFMs

Posted in EU Developments
On July 23, the European Securities and Markets Authority (ESMA) published a consultation paper assessing new guidelines on sound remuneration policies under the UCITS V Directive and the Alternative Investment Fund Managers Directive (AIFMD). The proposed guidelines in the consultation paper are based on those that ESMA issued in 2013 under the AIFMD—and the proposals… Continue Reading

ESMA Updates Q&A on the AIFMD

Posted in EU Developments, Financial Markets, Private Investment Funds
On July 21, the European Securities and Markets Authority (ESMA) published an updated questions and answers (“Updated Q&A”) on the application on the Alternative Investment Fund Managers Directive (AIFMD). The Updated Q&A includes new information on reporting to national competent authorities and the calculation of the total value of assets under management (AUM), as discussed… Continue Reading

ESMA Updates Q&A on the AIFMD

Posted in EU Developments, Financial Markets, Private Investment Funds
On March 26, the European Securities and Markets Authority (ESMA) published an updated questions and answers (Updated Q&A) of the application on the Alternative Investment Fund Managers Directive (AIFMD). The Updated Q&A includes updated and new questions and answers on reporting, notification, additional own funds and scope as discussed below.… Continue Reading

Retail Investment Advice: Clarifying the Boundaries and Exploring the Barriers to Market Development

Posted in UK Developments
On January 22, the UK Financial Services Authority (FCA) published Finalised Guidance – 15/1: Retail investment advice: Clarifying the boundaries and exploring the barriers to market development (the Guidance). The Guidance followed consideration by the FCA of responses to Consultation 14/3 (which had closed in October 2014) by which the FCA had sought the views… Continue Reading

AIFM Directive Annex IV Reporting Delayed/Postponed in the Netherlands and the United Kingdom

Posted in EU Developments
On January 28, the Dutch regulator (Authority for Financial Markets (AFM)) announced that the Alternative Investment Fund Managers (AIFM) Directive’s Annex IV reporting obligation has been postponed for non-EU managers until further notice. As is the case in each of the countries of the European Union, for a manager of an alternative investment fund (the… Continue Reading

New Fund Marketing Rules in Switzerland

Posted in EU Developments
Although Switzerland is not a European Union (EU) country, it implemented new fund marketing rules effective as of March 1, 2013, which operate in parallel to the EU’s Alternative Investment Fund Managers Directive rules, which now cover fund marketing in EU jurisdictions. Many non-Swiss managers (including many in the United States and the United Kingdom)… Continue Reading