Investment Funds Update - Europe - Issue 2, 2019

February 28, 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 2, 2019


  • Implementation of AMF position 2019-03 on "certain aspects of the MiFID II adequacy requirements"
  • GR AMF and regulatory documents language
  • AFG recommendation on distribution agreements with an investment service provider
  • AFG 2019 recommendation on corporate governance


  • German Parliament adopts Brexit Transitional Act
  • ISDA publishes German Bank CDS Protocol
  • EU Council authorizes banking package
  • Investment statistics for the year 2018


  • MoUs with the Financial Conduct Authority (FCA)
  • Location requirement for Irish Fund Management Companies
  • Central Bank publishes 31st Edition of AIFMD Q&A document
  • Central Bank statement regarding EMIR issues
  • Irish Investment Funds Statistics


  • Bill to set up a 21-month grandfathering period in a "hard Brexit" scenario
  • Law of 14 February 2019 on Digital Ledger Technologies
  • Grand-ducal regulation on the Register of Beneficial Owners Issued
  • CSSF publishes new forms for authorisation of funds and a fund EMIR questionnaire
  • CSSF publishes press release on start of the annual AML/KYC survey
  • ALFI publishes press release on figures and outlook for 2018

United Kingdom

  • FCA issues further guidance on Brexit preparations
  • FCA announces MoUs with EU regulators for post-Brexit delegations to UK
  • FCA and CFTC issue joint statement on derivatives trading and clearing post-Brexit
  • FCA issues second set of new rules from its Asset Management Market Study
  • FCA chief executive notes positive impacts of MiFID II research rules

European Union Developments

  • AIFMD – ESMA issues draft guidelines on
    liquidity stress testing in UCITS and AIFs
  • MiFID II – further MiFIR Q&A
  • EMIR – new Q&A and no-deal Brexit preparations
  • Other – regulatory MoUs in place, Brexit “will pose regulatory challenges” and binary options still banned

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