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…
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…
UK Overseas Fund Regime. Prepare for Landing! There seems still to be some misunderstanding in the industry around some of the acronyms used to define the legal fictions introduced post-Brexit in the context of the transition from European passport-based permissions to local UK authorisations for EU investment firms and products. We are referring to the…
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…
European Distribution for US Managers. The Compound Effect. Travel bans are recently being lifted across the world. The news was welcomed by many as a clear – undeniable – sign that business is finally set to go back to the pre-pandemic ways and that includes hugs, handshakes and crowded industry events. And whilst we don’t…
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…
Supervision of costs in UCITS and AIF. What US Fund Managers Need to Know. ESMA kicked off in 2020 another supervisory convergence exercise, this time having as object undue costs and fair treatment of unitholders of UCITS and AIFs. Part of the broader paradigm of investor and market protection, the supervision of costs in UCITS and AIFs is set to be one of the prevailing supervisory themes in Europe for the years to come. Centred primarily on the…
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…
The Future of UK Fund Marketing The Financial Conduct Authority opened last January 7th 2019 the window for notifications to be made by foreign EEA firm of their intention to avail themselves of the Temporary Permission Regime TPR (find out more here about the TPR). The TPR aims in principle at ensuring that both EEA…