Tracker, Financial Services Regulation & Compliance - Funds

DOMESTIC:

End of transition period for Central Bank UCITS Regulations
The transition period for the Central Bank UCITS Regulations ended on 1 November 2016. Existing UCITS were expected to, amongst other matters, remove provisions whereby redemption requests carried over from a prior dealing day as a result of the application of a gate receive priority over subsequent redemption requests.

EUROPEAN:

ESMA Q&A on application of AIFMD
On 6 October 2016, ESMA published an updated version of its Q&A paper on the application of the AIFMD which now includes a new section on the impact of the SFT Regulation on the AIFMD framework.

ESMA Q&A on application of UCITS Directive
On 12 October 2016, ESMA published an updated version of its Q&A paper on the application of the UCITS Directive. This has been amended to include information about the meaning of a "regulated market" under the UCITS Directive, translation requirements relating to remuneration disclosure, and collateral management. There is also a new section on reporting under the SFT Regulation.

AIFMD passport
Steven Maijoor, Chair of ESMA, made a statement to the Economic and Monetary Affairs Committee of the EU Parliament on ESMA's advice on the application of the passport to non-EU AIFMs and AIFs under AIFMD.

Regulation amending EuVECA Regulation and EuSEF Regulation
On 24 October 2016, the Presidency of the Council of the EU published a further compromise proposal relating to the proposed Regulation amending the European Venture Capital Funds Regulation and the European Social Entrepreneurship Funds Regulation.

For further information please contact a member of the Financial Regulation team.

Date published: 04 Nov 2016