On 30 May 2018, the European Commission published a draft Delegated Regulation amending Delegated Regulation (EU) No 2016/438 as regards safe-keeping duties of depositaries. The purpose of the draft Delegated Regulation is to modify Delegated Regulation No 2016/438 which supplements the UCITS Directive. View Full Post
On 30 May 2018, the European Commission published a draft Delegated Regulation amending Delegated Regulation (EU) No. 231/2013 as regards safe-keeping duties of depositaries. The purpose of the draft Delegated Regulation is to modify Delegated Regulation (EU) No 231/2013 which supplements the Alternative Investment Fund Managers Directive (AIFMD). View Full Post
On 25 May 2018, the Investment Association published an updated model discretionary investment management agreement in co-operation with Norton Rose Fulbright LLP. The model agreement is a template agreement relating to the appointment of a discretionary investment manager by a client that has been categorised by the manager as a professional client. View Full Post
On 12 March 2018, the European Commission published legislative proposals that are linked to the Capital Markets Union (CMU). The proposals are intended to boost the cross-border market for investment funds, promote the EU market for covered bonds as a source of long-term finance and ensure greater certainty for investors when dealing in cross-border transactions of securities and claims. View Full Post
There has been published in the Official Journal of the EU, Commission Implementing Decision (EU) 2017/2441 of 21 December 2017 on the equivalence of the legal and supervisory framework applicable to stock exchanges in Switzerland in accordance with MiFID II. The Implementing Decision entered into force on 24 December 2017, and will expire on 31 December 2018. View Full Post
The European Commission has adopted an Implementing Decision on the equivalence of the legal and supervisory framework applicable stock exchanges in Switzerland (SIX Swiss Exchange AG and BX Swiss AG) in accordance with MiFID II. The Implementing Decision provides that the Commission recognises these Swiss trading venues as eligible for compliance with the trading obligation for shares set out in MiFID II and MiFIR. View Full Post
There has been published the opinion of Advocate General Yves Bot in the case of Bundesanstalt fur Finanzdienstleistungsaufsichy v Ewald Baumeister. The case considers the interpretation of Article 54(1) of MiFID as regards the scope of the professional secrecy obligation imposed on Member State national competent authorities and the concept of ‘confidential information’ in this context. View Full Post
The FCA has published an updated version of its questions and answers document on reporting transparency information to the FCA. The document does not constitute FCA rules or guidance, but provides information to alternative investment fund managers about: who is required to report transparency information; what transparency information must be reported; how the FCA will collect transparency information; and how to register and how to use Gabriel to report transparency information. View Full Post