Dos & Don’ts of UCITS Marketing Communications A recent update to the ESMA Q&A on the application of the UCITS directive is set to pose fresh challenges for UCITS managers in the European crossborder distribution of their fund products. The debate, likely to heat up in the coming months, starts with an authentic interpretation from…
A Closer Look at UCITS Marketing Notification The Crossborder Distribution Directive, on the one hand, and the more recent ESMA Consultation on UCITS Crossborder Marketing Notification, on the other, offer the opportunity to take a closer look at the topic of UCITS marketing notification. We make reference to the changes – both recent and future…
Supervisory Expectations when Appointing MiFID Tied Agents Nearly six months have now elapsed since the introduction of the ESMA Supervisory Briefing on the expectations related to appointing MiFID Tied Agents. Many are still left in limbo, wondering whether this very timely exercise of supervisory convergence from ESMA will make or break the practice of appointing…
The Unbearable Lightness of AIFMD Premarketing Rules Nearly one year since the introduction of the Crossborder Distribution Directive and the dust seems to have finally settled around the new rules on AIFMD Premarketing. Or that is what it seems at least for European managers. The situation is different on the other side of the Atlantic,…
ESMA Consultation on UCITS Crossborder Management Notifications There is more than meets the eye in the ESMA consultation on UCITS crossborder management and marketing notification. Far from being exclusively confined to matters related to AIFs and UCITS crossborder marketing in Europe, the scope of the recentESMA consultation encompasses also AIFMs and UCITS management companies’ cross-border…
ELTIF II Regulation and the Retailisation of Private Markets As the European Council adopts its position on the ELTIF II regulation, many are still asking why there have been so few ELTIF launches since its inception in 2015? We are inclined to believe that the market was not yet ready for the proposition underpinning the…
ESMA Consultation on UCITS Crossborder Marketing Notification ESMA just kicked off one more interesting summer project, with a very recent consultation – closing on September 9th – on the technical standards for AIF and UCITS crossborder marketing notification. Given that the introduction of the so-called Cross Border Distribution Directive took place over the summer of…
UCITS Marketing in UK Made Easier The road for the UK to retain its position as a global financial centre in the aftermath of Brexit is filled with hurdles. The most notable one relates to ensuring continued ability for EEA UCITS marketing in UK, as part of a broader spectrum of foreign EEA financial products…
ESMA MiFID Tied Agents Supervisory Briefing. It is All About the Right Formula 2021 witnessed frantic activity from European regulators to tighten the borders in Europe. Just before year end, along with the proposals for AIFMD II and ELTIF II, there came a letter from ESMA hinting at more scrutiny on the so called reverse…
Overseas Persons Exclusion and the UK Third Country Regime The UK maintains its traditional openness to international business even post Brexit, with the departure from the EU offers UK authorities the opportunity to take a fresh look at the entire UK overseas framework and the various regimes within it. Since the 1980’s, the UK implemented…