ESMA MiFID II Compliance Consultation ESMA launched another consultation recently (find it here), as part of its supervisory convergence work plan for 2019. The consultation is about certain aspects and requirements of the MiFID compliance function. This particular supervisory convergence exercise is relevant not only to MiFID II authorised investment firms, but also UCITS management…
ESMA UCITS Performance Fee Consultation ESMA has recently launched a consultation at EU level to develop guidelines on UCITS performance fees. Find a link to the ESMA press release where to find also the initial consultation paper here. The aim of the exercise is to prevent regulatory arbitrage as well as ensure the same level…
The Asset Management Market Study in UK A wave of sweeping changes for the asset management industry in the UK is at the horizon, with some of those kicking in very soon. These come with the implementation of a packet of measures part of a recent endeavour of the FCA called the Asset Management Market…
Asset Managers are currently dealing with the Shareholders Rights Directive II, whose implementation in local law in Europe is due to take place as of June 2019. Find the text of the SRD II here. In this post we will discuss the aims underpinning this European initiative and highlight the main obligations recently imposed on…
The Impact of Brexit on the SEC Disclosure Regime The SEC Disclosure Regime is at the core of the mission to protect investors, maintain orderly markets and ensure efficient access to capital. Brexit impact on SEC Disclosure Regime was under the spotlight recently, adding one more stream of consequences to the withdrawal of the United…
Risks and Factors of Sustainability in UCITS and AIFMD Back in July 2018, ESMA and EIOPA received a mandate from the EU Commission to provide technical advice to supplement the existing package of proposals and assist in the development of potential amendments or delegated acts to integrate sustainability risks and factors in UCITS and AIFMD….
Hong Kong and Netherlands MoU The Hong Kong Securities and Futures Commission has been very active over the past couple of years in defining new privileged relationships with regulatory authorities across Europe and foster mutual recognition of funds with the authorities of those countries. By securing international agreements with UK, France and now the Netherlands,…
Crossborder investment services and activities license in Denmark. An Update for Brexit The Danish Financial Business Act contains provisions under article 33 for foreign credit institutions and investment firms intending to obtain a crossborder investment services and activities license in Denmark, with or without ancillary services, to deal exclusively with eligible counter-parties or professional clients….
A directive on the distance marketing of investment funds and broader consumer financial services was introduced in 2002 (please find the directive here). The main aim of the initiative was to further ensure the free movement of financial services in the single market in Europe. The directive, amongst other things, defines some of the main…
At the beginning of September this year the Financial Conduct Authority announced one more change in the process to notify requests for marketing authorisations under the UK NPPR. As part of this change, whilst all notifications will be made via the Connect Platform of the UK FCA, only notifications to market under AIFMD UK regulation…