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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 implementation of the Article 42 AIFMD, which allows such non-EEA AIFMs to market their funds in the United Kingdom in accordance with the UK’s national private placement regime.
Continue Reading FCA Extends AIFMD Annex IV Reporting to Master Funds

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 regard to which types of instruments, known in UK regulatory terminology as “the regulatory perimeter”). The Consultation’s aim was to bring the definition in the RAO in line with the definition set out in the Revised Markets in Financial Instruments Directive (MiFID II).
Continue Reading Law Society Publishes Response to Consultation on the Regulatory Perimeter

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 Updated AIFMD Q&A

On November 17, the UK Financial Conduct Authority (FCA) updated its webpage focused on Undertakings for Collective Investment in Transferable Securities fund (UCITS) remuneration issues to confirm that it does not intend to publish any specific guidance on the application of the UCITS Remuneration Code. The FCA notes that UCITS management companies may wish to…

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 Brexit and Passporting: FCA Statistics

On September 2, the European Commission (EC) re-published links on its website to key questions and answers (Q&As) that previously had been published by the European Banking Authority, European Securities and Markets Authority, and European Insurance and Occupational Pensions Authority (together, ESAs). The EC had deleted the links to the Q&As in August and has…

On July 19, the European Securities and Markets Authority (ESMA) published its long-delayed and much anticipated advice to the European Commission (Commission) in relation to the extension of the Alternative Investment Fund Managers Directive (AIFMD) marketing passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs). In it, ESMA gives broadly positive advice in relation to 12 countries: Australia, Bermuda, Canada, Cayman Islands, Guernsey, Hong Kong, Japan, Jersey, Isle of Man, Singapore, Switzerland, and the United States—with some reservations, as noted below.
Continue Reading ESMA Publishes Advice on Potential Extension of AIFMD Marketing Passport

On July 4, the UK Financial Conduct Authority (FCA) published its quarterly consultation paper (Quarterly Consultation), which details proposed amendments to the FCA Handbook. In this Quarterly Consultation, the FCA has proposed to extend and amend UK reporting requirements under the EU Alternative Investment Fund Managers Directive (AIFMD) for certain UK AIFMs and also for non-European Economic Area (EEA)AIFMs that market feeder AIFs in the United Kingdom.
Continue Reading FCA Proposes Amendments to UK AIFMD Annex IV Reporting