Investment Funds Update: Europe - Issue 8, 2016

October 17, 2016

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 8, October 2016


  • AMF Communication – Brexit – Launch of the AGILITY program
  • AMF Consultation – Consultation on Funding of Research 
  •  AMF Study – Efficiency of Cross-Border Distribution of Funds in Europe 
  •  Update of the AMF General Regulations


  • Exception From the License Requirement for Investment Intermediaries in the Future Only in Case of a First Public Offer of Investment Assets
  • BaFin Updates FAQ on the Investment of Own Funds of German Fund Management Companies According to Section 25 (7) KAGB 
  • Federal Ministry of Finance Consults Draft Second Act Amending Financial Market Regulations
  • Latest Fund Statistics for Germany


  • Central Bank Issues "Dear Chairman" Letter Regarding Directors' Time Commitments for Each Sub Fund
  • Central Bank Releases 14th UCITS Q&A 
  • Central Bank: Organisational Update 
  •  Central Bank Issues Cross Industry Guidance in Respect of Information Technology and Cybersecurity Risks


  • CSSF Newsletter – August 2016
  • CSSF Press Release - 14 September 2016 
  • ALFI’s 2015-2016 Annual Report 
  • ALFI Supports MEPs’ Calls for Postponement of PRIIPs Regulation 
  • Luxembourg VAT Authorities: Circular on VAT Treatment of Director Services


  • FCA Publishes Third MiFID II Consultation Paper
  • HM Treasury Consults on Amendments to the Definition of Investment Advice 
  • FCA Publishes Occasional Paper on Dark Pool Reference Prices


  • AIFMD – Updated ESMA Advice and New Q&A on the Application of AIFMD
  • EMIR – Revised List of CCPs and New Rules to Mitigate Risks in Non-Cleared OTC Derivative Transactions 
  • MiFID II – ESMA Guidance on Transaction Reporting, Order Record Keeping and Clock Synchronisation

Read "Investment Funds Update: Europe - Issue 8, 2016".