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

Belgium

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

France

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

Germany

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

Ireland

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

Luxembourg

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