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

France

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

Germany

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

Ireland

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

Luxembourg

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