La Nuova Procedura di Deposito KID PRIIPs presso la Consob ***UPDATE: A seguito della pubblicazione di questo post, la Consob ha annunciato lo slittamento del termine previsto per l’entrata in vigore della nuova procedura di deposito KID PRIIPs, in uno ad altre novita’ relative ai fondi. L’Italia fa parte di quella sparuta minoranza di Stati…
Our Bespoke PRIIPs KID Solution This article has been written in cooperation with InReg The early September adoption by the European Commission signalled the beginning of the process to finalise and formalise the PRIIPs RTS. As part of this process, there will be the endorsement by the European Parliament and the Council and lastly the publication in…
EC Proposal on UCITS PRIIPs Quick Fix. Botched or Just about Right? *** Just a couple of weeks after I published this, the ECON Committee of the EU Parliament added some amendments to the draft of the UCITS PRIIPs Quick Fix tackling the issue of the disclosures for share classes for institutional investors. Big thanks to…
The Summer that Changed UCITS Cross Border Distribution Summer arrived and with it the long-awaited introduction of the Cross Border Distribution of Investment Funds Directive. The main European hubs for fund domiciliation have been of course at the forefront in the implementation of the new rules applicable to UCITS Cross Border Distribution. Yet, it will take longer to get a full picture of implementation of the new rules across Europe. Conceived by the European Commission as part of a broader endeavour to…
EU Fund Distribution and PRIIPs KIDs notification are two interrelated subjects. Despite the fact that the European Parliament ordered at the end of 2018 a two-year delay for the application of PRIIPs rules for UCITS, these rules remain current for other funds, like retail AIFs and ELTIFs. In this post we will briefly touch on…
Introduced with a regulation in 2015, ELTIFs is another acronym in the European regulation on financial services and stands for European Long-term investment funds. One of the unique features of this type of funds is that it is open to retail investors. ELTIFs are set to become very important tools for alternative capital raising to…
The ELTIF marketing rules represent, in a very eloquent manner, one example of the hybrid nature of the recently introduced long-term European investment funds regulation. In fact, ELTIF are AIFs themselves managed by authorised EU AIFMs. The AIFM directive already recognises that it is permissible to market certain types of AIFs vis-a-vis retail investors. However,…