INTRODUCTION - On 24 December 2020, Michael Barnier, the European Union’s chief negotiator said, “The clock is no longer ticking”. Four and a half years after the Brexit referendum, the United Kingdom and the European Union...more
On 2 September 2019, the European Securities and Markets Authority (“ESMA”) published its final Guidelines on liquidity stress testing in UCITS and AIFs (the “LST Guidelines”). Managers will be required to amend their...more
On January 10, 2019, the European Commission (the “Commission”) published a Report on the Operation of the Alternative Investment Fund Managers Directive (Directive 2011/61/EU or “AIFMD”). ...more
Changes to the MiFID II regulatory regime will impose new obligations on many global investment managers both inside and outside the European Union (“EU”). While the precise scope of these obligations will depend, in many...more
Changes to the MiFID II regulatory regime will impose new obligations on many global investment managers that, to date, have avoided substantive regulation in the European Union ("EU"). While the precise scope of these...more
SCM Direct ("SCM"), an investment manager based in the UK, has recently called for the Competition and Markets Authority ("CMA") and Financial Conduct Authority ("FCA") to investigate actively managed funds sector for alleged...more
On July 30, the European Securities and Markets Authority (ESMA) provided its advice and opinion to the European Commission, Council and Parliament with respect to the extension of the EU’s Alternative Investment Fund...more
Increasing regulation of remuneration is being introduced across the European Union, including the possibility of limits on the amounts of bonuses that may be paid by certain firms....more
In This issue:
- A general round-up of key provisions in the AIFMD level 2 implementing regulations
- Scope of the AIFMD
- Timetable and transitional relief
- Cross-border marketing
- Delegation and...more