Investment Funds Update: Europe - Issue 4, 2015

May 11, 2015

Dechert's investment funds update discusses the key legal and regulatory updates for the funds industry from the primary European asset management centres and fund domiciles.

Issue 4, May 2015


  • Guide on Social Media Published by AFG
  • Update of the AMF Doctrine on French Professional Specialized Funds
  • Fees Paid in France by Foreign Management Companies
  • AFG Replies to ESMA’s Call for Evidence on Competition, Choice and Conflicts of Interest in the Credit Rating Industry
  • AFG Replies to ESMA’s Discussion Paper on Share Classes of UCITS
  • Settlement by a French Management Company with the AMF


  • BaFin Updates FAQ on Marketing of Funds According to the KAGB
  • BaFin Updates Its Circular on the Interpretation of the KAGB
  • German Federal Parliament Passes Retail Investors Protection Act
  • BaFin: "Wash Sales" Can Be Deemed Market Manipulation
  • Latest Investment Statistics for Germany


  • Client Monies - New Legislation Adopted and Guidance Issued
  • ICAV Update
  • New Companies Act
  • Latest Irish Fund Statistics


  • CSSF Circular 15/611
  • How the CSSF Ensures Efficient Time to Market - Podcast
  • CSSF Circular 15/610
  • New Law Aims to Improve Stability in the Luxembourg Financial System
  • ALFI Responds to ESMA’s Discussion Paper on UCITS Share Classes

United Kingdom

  • MiFID II - FCA Issues Discussion Paper on MiFID II Implementation Measures
  • FATCA – HMRC Updates to Reporting Requirements
  • Enforcement – FCA Fines £13.2 Million for Transaction Reporting Failures
  • Enforcement - FCA Fines £126 Million for Custody Rule Failings
  • Enforcement – FCA Fines Deutsche Bank £227 Million for LIBOR and EURIBOR Misconduct


  • Capital Markets Union
  • EMIR
  • MiFID II
  • Money Market Funds

 Read Investment Funds Update: Europe - Issue 4, 2015