Investment Funds Update: Europe - Issue 3, 2017

April 05, 2017

Read "Investment Funds Europe: Issue 3, 2017".


  • Belgian FSMA Issues Two Communications on the Marketing of Units in EEA and Non-EEA AIFs
  • FSMA's Position Regarding the Application of the Unfair Terms Legislation in the Context of the Offering of Securities to Consumers
  • FSMA's Communication on the Regulation of Small Belgian AIFM
  • New Status for Crowdfunding Platform
  • BEAMA Press Release - Figures UCI-Sector 3rd Quarter 2016


  • Significant Update of the General Regulations of the AMF ("GRAMF")
  • Terms for Implementing Gates in UCITS and AIFs - New AMF Instruction and update of the AMF Instructions and Position-Recommendation
  • Implementation of five FROG Innovations - Update of the AMF Policy
  • AMF - Publication of a Guide to the Use of Stress Tests as Part of Risk Management Within Asset Management Companies
  • AMF - Public Consultation on Strengthening the Framework for ETFs
  • AFG - Governance Charter for SICAVs


  • BaFin Publishes Revised "MaComp" Covering Rules of Conduct, Organization and Transparency for Investment Services Enterprises
  • BaFin Consults on Regulatory IT Requirements for Banking Institutions
  • German Parliament to amend Rules on Residential Mortgage Lending
  • Investment Statistics as of 31 January 2017


  • New Central Bank Investment Firms Regulations 2017
  • Central Bank Updates AIFMD Q&A and UCITS Q&A
  • Central Bank Guidance on Compliance with EMIR
  • Recent Addresses by Central Bank Personnel
  • Latest Fund Statistics


  • CSSF Press Release 17/06 Dated 13 February 2017
  • ALFI and ILA Recommendation on VAT on Remuneration
  • CSSF Circular 17/650 Dated 17 February 2017
  • MOU Signed Between the CSSF and the FSRA of Abu Dhabi
  • ALFI Survey 2017 on Real Estate Investment Funds
  • CSSF Press Release 17/12 Dated 13 March 2017

United Kingdom

  • FCA Publishes Dealing Commission Review Findings
  • FCA to Consult on Extending the Senior Managers and Certification Regime (SM&CR) in Q2 2017
  • Dechert and the Alternative Credit Council Launch Annual Private Credit Survey

European Union Developments

  • EMIR - European Securities Agencies Issue Statement on EMIR Variation Margin Rules, More Entities Exempt from EMIR and ESMA Re-Affirms Commitment to Co-Operate with Non-EU Regulators on CCPs
  • MiFID II - Initial Concerns Regarding Systematic Internalisers (SIs) Operating Broker Crossing Networks Noted by European Commission
  • Other Regulatory Developments - How Regulatory Equivalence "Works"

Read "Investment Funds Europe: Issue 3, 2017".