Investment Funds Update: Europe - Issue 6, 2015

July 06, 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 6, July 2015


  • Requirement for a Local Centralizing Agent in France
  • Publication of Several Professional Guides by the AFG
  • Performance of French Private Equity Funds at the end of 2014 According to the AFIC


  • Finance Ministry Proposes Changes to Banking Act (Kreditwesengesetz)
  • German Federal Counsil Passes Retail Investors Protection Act
  • BaFin Postpones Annex IV Reporting Date for AIFs and AIFMs
  • New Law Passed to Implement Transparency Directive Amending Directive
  • German Investment Fund Statistics


  • Central Bank Update Concerning Fund Management Company Boards
  • Central Bank Issues Updated Q&A Concerning the Companies Act 2014
  • Revised UCITS Q&A Issued
  • Updated AIF Rulebook Issued
  • Updated Q&A for the AIF Rulebook Issued


  • Suspension from Trading of Certain Financial Instruments Apropos Greece
  • ALFI Response to EBA Consultation Paper Regarding the Limits on Exposures to Shadow Banking Entities
  • ALFI 2020 Ambition Unveiled: Serving Investors and the Economy
  • CSSF Circular Regarding ESMA Guidelines on Application of Definitions: MiFID-Commodity Derivatives


  • FCA and PRA Finalise New Remuneration Code for "Dual-Regulated Firms"
  • FCA Proposes Scrapping Certain New RDR Rules for Nominees
  • FCA Responds to European Commission Capital Markets Union Green Paper
  • UK Wholesale Financial Markets - Final Report Published

European Union Legal Developments

  • AIFMD - AIMA and EFAMA Comment on EBA Consultation on Draft Guidelines on Remuneration Policies for AIFMs
  • Capital Markets Union - Further Progress and EU Commission's Response
  • EMIR - New Authorised Trade Repository and Second Consultation on Margin Requirements for Non-Centrally Cleared Derivatives
  • MiFID II - Ross Comments on Transparency Regime for Derivatives, Maijoor Emphasises Non-Equity Transparency 

Read "Investment Funds Update: Europe - Issue 6, 2015".