Investment Funds Update - Europe - Issue 3, 2019

March 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 3, 2019


  • FSMA Communication on new procedure for electronic filing of documents
  • Modified rules of the regulated market organized by Euronext NV/SAProvision of investment services & performance of investment activities in Belgium post-Brexit  


  • Eligibility of UK equities for French plan d’épargne en actions if Hard Brexit
  • GDPR guide for French management companies
  • AMF update on its guide on UCI monitoring 


  • No-deal Brexit preparations: BaFin criticizes financial entities for missing Brexit preparation with regard to license requirements
  • Key points for the regulatory treatment of electronic securities and crypto-tokens
  • Brexit: BaFin calls on UK investment managers to act now


  • Bond Connect applications
  • Central Bank update on Brexit planning
  • Central Bank review of 2000-plus UCITS funds
  • Irish Data Protection Commission update on data transfers if no-deal Brexit 


  • Law on 21-month grandfathering period in a "hard Brexit" scenario 
  • Law on relief for Brexit-related investment breaches and marketing for UK UCITS
  • CSSF publishes update to Circular on cloud computing infrastructure
  • CSSF regulatory fees updated
  • CSSF publishes new forms for authorization of funds  

United Kingdom

  • FCA issues final report in investment platforms market study
  • FCA issues guidance on Statements of Responsibilities under the Senior Managers and Certification Regime (SM&CR) 
  • UK Post-Brexit Temporary Permissions Regime – notification deadline extended 

European Union Developments

  • MiFID II – ESMA issues statement regarding the impact of a no-deal Brexit on the impact of the "share trading" obligation under Article 23 of MiFIR
  • EMIR – trade repositories authorized and de-authorized in anticipation of any no-deal Brexit
  • Other – ESMA sets out its approach to MiFID under a no-deal Brexit and its priorities for the asset management community; MiFID II transposition status

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