On September 3, the UK Financial Conduct Authority (FCA) updated its webpage on the national private placement regime (NPPR) to announce changes to submission of notification and material change by alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive (AIFMD). The NPPR allows AIFMs to market AIFs that cannot otherwise be marketed in the EEA under the AIFMD domestic marketing or passporting regimes.
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On June 4, the European Securities and Markets Authority (ESMA) announced that it had published an updated version of each of its questions and answers documents (Q&As) on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive.
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On May 2, the UK Financial Conduct Authority (FCA) updated its webpage on the United Kingdom’s national private placement regime (NPPR) under the Alternative Investment Fund Managers Directive (AIFMD).

The NPPR allows non-European Economic Area (EEA) alternative investment funds (AIFs) that are managed by full-scope UK and EEA alternative investment fund managers (AIFMs), as well as any AIFs managed by non-EEA AIFMs, to be marketed in the United Kingdom.
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On May 3, the European Securities and Markets Association (ESMA) published final reports on technical advice to the European Commission (EC) on integrating sustainability risks and factors in the core EU asset management directives:

  1. the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive;
  2. the Alternative Investment Fund Managers Directive (AIFMD); and
  3. the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR).


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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 effective and efficient oversight of regulated entities across national borders.
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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:

  1. Q&A 6, on the treatment of short-term interest rate futures for

On October 8, HM Treasury published two draft statutory instruments (SIs), together with explanatory notes, which will make amendments to retained EU law relating to collective investment schemes (CIS) and alternative investment fund managers (AIFMs).
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On September 21, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published the following draft reports, both dated September 18:

  1. a draft report on the proposal for a directive on the cross-border distribution of collective investment funds; and
  2. a draft report on the proposal for a regulation on facilitating cross-border distribution of collective investment funds.


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