On March 31, the European Securities Markets Authority (ESMA) published a consultation paper on draft implementing technical standards (ITS) under the Regulation on the cross-border distribution of funds (the Consultation Paper).
Continue Reading ESMA Publishes Consultation Paper on Draft ITS under Regulation on Cross-Border Distribution of Funds

On March 11, HM Treasury (HMT), the office of the United Kingdom (UK) government responsible for financial services legislation, published a consultation paper on a regime which would allow overseas retail funds to access the UK (the Consultation).
Continue Reading Brexit: HMT Consults on Overseas Retail Funds Regime

On July 15, 2019, the European Securities and Markets Authority (ESMA) published a consultation paper (the Paper) setting out draft guidelines on aspects of UK and EU investment firms’ compliance functions under MiFID II (the Draft Guidelines).

ESMA describes the compliance function as “a crucial function within firms, responsible for identifying, assessing, monitoring and reporting on the firm’s compliance risk.”


Continue Reading ESMA Consults on Compliance Function for UK and EU Investment Firms

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.
Continue Reading ESMA Updates AIFMD and UCITS Q&As

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).


Continue Reading ESMA Publishes Final Reports on Technical Advice on Integrating Sustainability Risks and Factors in the UCITS Directive, AIFMD and MiFID II

On April 12, the UK Financial Conduct Authority (FCA) published amended directions, dated April 11, on notifications regarding the temporary permissions regime (TPR). Although the deadline for Brexit has been agreed upon by the United Kingdom and the 27 remaining EU member states as being no later than October 31, the amended directions extend the deadline for firms to notify the FCA if they wish to enter the TPR from April 11, to May 30. The TPR will go into effect upon Brexit taking effect, if there is no transition period (as reported in the January 11, 2019 edition of the Corporate & Financial Weekly Digest).
Continue Reading FCA Extends Notifications Deadline for Temporary Permission Regime to May 30

On February 20, the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 were published on legislation.gov.uk, together with an explanatory memorandum.
Continue Reading Collective Investment Scheme (Amendment etc.) (EU Exit) Regulations 2019 Made

On February 8, the Joint Committee of European Supervisory Authorities (ESAs) published a final report on proposed amendments to Commission Delegated Regulation (EU) 2017/653 (Delegated Regulation) on key information documents (KIDs) for packaged retail and insurance-based investment produces (PRIIPs).
Continue Reading ESAs Publish Final Report on Amendments to the PRIIPs Key Information Document

On December 4, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a press release announcing that it has voted to adopt draft reports on the European Commission’s legislative proposals for a Regulation and a Directive on the cross-border distribution of collective investment funds. ECON initially published the draft reports in September 2018 (for further details, see the September 28 edition of Corporate & Financial Weekly Digest).
Continue Reading ECON Votes To Adopt Draft Reports on Cross-Border Distribution of Collective Investment Funds

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).
Continue Reading HM Treasury Publishes Draft Brexit Statutory Instruments for Investment Funds and Their Managers