Investment Funds Update - Europe - Issue 1, 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

France

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

Germany

• 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
  

Ireland

• 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

Luxembourg

• 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”?