UCITS and Non UCITS

The EFAMA has published its latest Investment Fund Industry Fact Sheet, which provides investment sales and asset data for March 2013...

This update summarises current regulatory developments impacting the asset management sector in the UK and throughout the European Union...

Topics in this issue:

Dealing With Investment Errors: A U.S. Perspective

Marketing and Distributing Your Fund in the Middle East: If “Tolerated Practice” is Changing, Should “Market Practice” Change With It?

The European Financial Transactions Tax

New Rules for China’s RQFII Regime

FATCA: Next Steps for Asset Managers

The Role of the Depositary Under the AIFM Directive

Developments in the Luxembourg Financial Sector

The Regulation of Managers and Funds in France Following the Implementation of the AIFM Directive

The UCITS Agenda

Topics in this issue:

Regulation
European Union
AIFMD Delegated Regulation
EuVECA and EuSEF adopted
UCITS V Update
ESMA Q&A on Guidelines on ETFs & other UCITS issues
Green Paper on long-term financing of European Economy
Belgium
FSMA applies ESMA guidelines on ETFs and other UCITS issues
FSMA issues circular on the notification of foreign UCITS
FSMA issues circular on the notification of Belgian UCITS
France
AMF applies ESMA guidelines on ETFs & other UCITS issues
Ireland
Draft AIFMD Rulebook issued
Changes to UCITS Notices and Guidance Notes
New Rules for UCITS Management Companies
New Fund Structure
Amendment to AML law
Switzerland
Amendment of Collective Investment Schemes Act
UK
FSA’s AIFMD implementation in the UK - Part 2
International
IOSCO Principles of Liquidity Risk Management for CIS
IOSCO Report - Investor Education

Tax
European Union
EU Commission Proposal for Financial Transaction Tax Directive
CJEU judgements on the Wheels and GfBk cases
Germany
New regulations for free floating dividends for corporate investors
Luxembourg
Aberdeen E-Alerts Update
Netherlands
CAA with Spain re closed FGR
UK
Budget 2013: IM Strategy
Budget 2013: Funds tax measures

Accounting
UK
FRC publishes FRS 102

The European Parliament's Monetary Affairs Committee voted on the remuneration rules to apply to asset managers who manage UCITS funds...

On 15 March 2013 ESMA published a set of questions and answers giving further details on the content of its guidelines on ETFs and other UCITS issues which entered into force on 18 February 2013, subject to certain transitional provisions for existing UCITS...

UCITS funds have proven to be an outstanding European success with more than 35 000 funds representing nearly EUR 6 trillion being distributed to a significant number of countries throughout the world...

Topics in this issue:

FSA second consultation paper on implementation of the AIFMD

FMLC Issue Paper on the implementation of the AIFMD

UK Budget 2013

ESMA Q&A on guidelines on ETFs and other UCITS issues

ESMA publishes Q&As on the application of EMIR

ECON vote in favour of UCITS bonus cap

European Council adopts draft Regulations on European Venture Capital Funds and Social Entrepreneurship Funds

FSA Consultation Paper 13/8 on publishing information about warning notices

Parliamentary Commission on Banking Standards call for evidence on derivatives

The purpose of this document is to promote common supervisory approaches and practices in the application of the UCITS Directive and its implementing measures, with a specific focus on the guide-lines on ETFs and other UCITS issues...

The European Fund and Asset Management Association has published its latest Investment Fund Industry Fact Sheet, which provides investment sales and asset data for January 2013...

The European Fund and Asset Management Association has published its latest Quarterly Statistical Release which describes the trends in the European investment fund industry during the fourth quarter of 2012...

Recently, the draft of an act to amend the Investment Tax Act with respect to the implementation of the AIFM Directive (Directive 2011/61/EC) has been adopted by the German cabinet...

Topics in this issue:

ESMA guidelines on UCITS

ESRB proposals for money market funds

BCBC/IOSCO margin requirements for non-centrally cleared derivatives published

FSB letter on progress of financial regulatory reforms

ESMA report on EU securities markets

Topics in this issue:

Treasury publishes FS Act legislation

High Court rule rules against LIBOR anonymity application

FSA finalises payment protection guidance

FSA consults on Handbook transition

Topics in this issue:

Headlines

EP postpones CRD4 vote

Commission publishes 2013 actions

Commission responds to Lords concerns over MiFID 2

Treasury Committee sets FCA expectations

The EFAMA has published its latest Investment Fund Industry Fact Sheet, which provides investment sales and asset data for November 2012...

Topics in this issue:

Council defines Iran measures

Parliament calls for electrified ring-fence

FSA updates on PRA transition

Up next from FSA

This consultation sets out the way in which the UK intends to implement the amending Directive 2011/89/EU. Responsibility for this is shared between HM Treasury, which is required to amend secondary legislation including the Financial Conglomerates and Other Financial Groups Regulations 2004, and the FSA which is required to amend the FSA Handbook. This joint consultation paper contains two parts, each dealing with the separate areas of responsibility of the FSA and HM Treasury.

On 4 December 2012 ESMA published its final guidelines on repurchase and reverse repurchase agreements for UCITS funds...

The ESMA has published its final guidelines on repurchase and reverse repurchase agreements for UCITS funds. The guidelines state that UCITS should only enter into such agreements if they are able to recall at any time any assets or the full amount of cash...

Topics in this issue:

EBA publishes management suitability guidelines

Scottish authorities publish bribery self-reporting guidance

Treasury consults on LIBOR amendments

FSA updates on asset manager conflicts

EBF calls for one-year delay to CRD4 implementation

The EFAMA has published its latest Quarterly Statistical Release which describes the trends in the European investment fund industry during the third quarter of 2012...

In a further indication of policy orientation at European level that is seeking to limit the instruments that UCITS funds may invest in, on 20 November 2012, the European Securities and Markets Authority published a formal opinion on its interpretation of Article 50(2)(a) of the UCITS Directive (Directive 2009/65/EC) which permits UCITS to invest up to 10% of its net assets in transferable securities and money market instruments, other than those eligible assets referred to in Article 50(1)...

ESMA published an opinion on the interpretation of Article 50(2)(a) of the UCITS Directive...