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Submitted: 11 December 2018
Issue 129 of this regular bulletin summarising significant legal and regulatory developments of relevance to the fund management and investment banking communities.
Article
Last Reviewed: 11 December 2018 / Submitted: 23 November 2018
Brexit: Draft framework law. When this law is approved, the French government will be able to provide legal certainty for a number of situations linked to a “no deal” Brexit.
Submitted: 10 December 2018
On 07 December 2018, in a revised version of its Collective Investment Schemes (Amendment etc) (EU Exit) Regulations 2019 (the draft SI), HM Treasury provided the welcome confirmation that a sub-fund of an umbrella EEA UCITS would be able to take advantage of the UK’s temporary permissions regime (TPR) even if the sub-fund is notified to the FCA after Exit Day, so long as the umbrella fund is already in the TPR.
Submitted: 06 December 2018
At a meeting held on 03 December 2018, the European Parliament’s Economic and Monetary Affairs Committee (ECON) adopted the amendments it would wish to see to the proposals of the European Commission (Commission) for the cross-border distribution of investment funds.
Issue 128 of this regular bulletin summarising significant legal and regulatory developments of relevance to the fund management and investment banking communities.
Submitted: 22 November 2018
On 20 November 2018, the German Ministry of Finance published a Draft Act which would provide for a smooth transition in case of a hard Brexit by granting UK banks and financial services institutions the same status as if they continued to hold an EU passport. This transitional regime would apply to branches as well as to cross-border activities currently carried out on the basis of an EU passport. The transitional phase would last for up to 21 months, ie to the end of 2020.
Submitted: 20 November 2018
A statement made by a European Commission (Commission) representative at a meeting of the European Parliament’s Economic and Monetary Affairs Committee (ECON) on 19 November 2018 makes it more likely that the application of the PRIIPs Regulation to UCITS will be delayed by two years.
Submitted: 19 November 2018
The FCA’s consultation paper CP 18/29, “Temporary permissions regime for inbound firms and funds” sets out possible changes to its rules in the event of a ‘no deal Brexit’.
Submitted: 13 November 2018
The British Virgin Islands (BVI) has introduced changes to the operation of the Common Reporting Standard (CRS) policies and procedures, as well as introducing rules for implementing country-by-country reporting (CbCR).
Submitted: 06 November 2018
The Spanish Government has proposed the introduction of a local FTT to apply to transactions in shares in listed Spanish companies at a rate of 0.2%.
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