Investment Funds Update - Europe - Issue 6, 2018

July 02, 2018

Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles.

Read "Investment Funds Update: Europe - Issue 6, 2018".


  • MiFID II update
  • Money market funds – stress tests
  • French conseillers en investissements financiers and MiFID II
  • Latest statistics relating to French investment funds


  • European banking and securities authorities published guidelines on the assessment of the suitability of members of the management body and key function holders
  • ESMA published new statement on LEI (Legal Identity Identifier)
  • German legislator plans to extend product governance rules to financial agents
  • Investment statistics as of 30 April 2018


  • Central Bank issues new edition of the AIFMD Q&A
  • Central Bank to update annual fund profile return
  • Central Bank issues clarification on certain PCF roles
  • Practice note for ICAVs and property transactions


  • Circular of the central bank of Luxembourg on statistical data collection for non-regulated AIFs
  • Launch of eDesk, a new service by the CSSF
  • Proposed amendments to CRS reporting
  • Alfi responds to proposed amendments to delegated regulation (EU) 2016/2251
  • Alfi responds to consultation on EMIR clearing obligation under the EU securitisation regulation n°2017/2402

United Kingdom

  • FCA comments on increased use of “periodic auctions” after-MiFID II
  • HM Treasury publishes new regulations implementing provisions of the EU money market funds regulation
  • FCA issues website guidance on MiFID II remuneration requirements
  • FCA advises firms to prepare for Brexit

European Union Developments

  • MIFID II – end of “no LEI” exemption for transaction reporting; ESMA takes stock of MiFID II achievements
  • EMIR – List of central counterparties (CCPs) established in non-EEA countries which have applied for recognition under EMIR updated
  • Other – final ban on contracts for differences and binary options and draft anti-money laundering directive and ESMA’s view on the role of regulation and supervision in financial markets
  • Money market funds regulation – reporting to national competent authorities
  • Updated publication of the ESMA Q&A on the UCITS directive
  • ESMA measures affecting CFDs and binary options

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