Investment Funds Update - Europe - Issue 1, 2019

January 31, 2019

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 1, 2019


  • Money market funds
  • French “apport-cession” regime
  • AMF procedure on whistleblowing


  • Law amending Financial Market Laws to Regulation (EU) 2017/2402 and Regulation (EU) No 575/2013 as amended by Regulation (EU) 2017/2401 published in the Federal Law Gazette
  • German Federal Ministry of Finance consults on MiFID II/MiFIR until 15 March 2019
  • Federal Financial Supervisory Authority published a draft general directive prohibiting the marketing, distribution and sale of binary options to retail clients
  • Brexit: Frankfurt attracts more firms than expectedInvestment statistics as of 16 January 2019


  • Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019
  • Central Register of Beneficial Owners
  • Central Bank Publishes AML Guidelines for the Financial Sector
  • Central Bank Statement on Share Cancellation under the EU MMF Regulation


  • Parliament Adopts Law on Register of Beneficial Owners
  • CSSF Publishes Joint Press Release with CBI for MMF Deadline SFC and CSSF Sign MoU on Mutual Recognition of Funds
  • Publication of CSSF Forms for Managers and Cross-Border Services
  • CSSF Publishes White Paper on Artificial Intelligence ALFI publishes Guidance Note on Depositary Aspects for Real Estate Funds 

United Kingdom

  • FCA Direction to Alternative Investment Fund Managers
  • FCA Warns on Misleading Financial Promotions that Imply Unregulated Activities are Regulated
  • FCA Changes AIFMD Forms for Small Third Country AIFM Notifications and Material Changes

European Union Developments

  • MiFID II – updated Q&As on MiFID II and MiFIR transparency topics and obligations on disclosure of information to clients in the context of Brexit
  • EMIR – statement in recognition applications for a no-deal Brexit scenario
  • Other – accepted market practice under the Market Abuse Regulation (“MAR”), advice on Initial Coin Offerings and Crypto-Assets and further restrictions on CFDs EMIR – ESMA updates list of derivative subject to clearing
  • MIFID II – consolidated lists of implementing and delegated acts and regulatory technical standardOther – ESMA focusses on “regtech”?

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