Investment Funds Update - Europe - Issue 6, 2018

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 6, 2018".

France

• MiFID II update
• Money market funds – stress tests
• French conseillers en investissements financiers and MiFID II
• Latest statistics relating to French investment funds

Germany

• European banking and securities authorities published guidelines on the assessment of the suitability of members of the management body and key function holders
• ESMA published new statement on LEI (Legal Identity Identifier)
• German legislator plans to extend product governance rules to financial agents
• Investment statistics as of 30 April 2018

Ireland

• Central Bank issues new edition of the AIFMD Q&A
• Central Bank to update annual fund profile return
• Central Bank issues clarification on certain PCF roles
• Practice note for ICAVs and property transactions

Luxembourg

• Circular of the central bank of Luxembourg on statistical data collection for non-regulated AIFs
• Launch of eDesk, a new service by the CSSF
• Proposed amendments to CRS reporting
• Alfi responds to proposed amendments to delegated regulation (EU) 2016/2251
• Alfi responds to consultation on EMIR clearing obligation under the EU securitisation regulation n°2017/2402

United Kingdom

• FCA comments on increased use of “periodic auctions” after-MiFID II
• HM Treasury publishes new regulations implementing provisions of the EU money market funds regulation
• FCA issues website guidance on MiFID II remuneration requirements
• FCA advises firms to prepare for Brexit

European Union Developments

• MIFID II – end of “no LEI” exemption for transaction reporting; ESMA takes stock of MiFID II achievements
• EMIR – List of central counterparties (CCPs) established in non-EEA countries which have applied for recognition under EMIR updated
• Other – final ban on contracts for differences and binary options and draft anti-money laundering directive and ESMA’s view on the role of regulation and supervision in financial markets
• Money market funds regulation – reporting to national competent authorities
• Updated publication of the ESMA Q&A on the UCITS directive
• ESMA measures affecting CFDs and binary options