Regulated funds

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• UK Temporary Permissions Regime - EEA UCITS to be permitted to add new sub-funds after Exit Day

  Article

  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.

• Brexit: German Transitional Rules - German Ministry of Finance publishes Draft Act on Brexit Transitional rules

  Article

  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.

• European Commission statement means UCITS likely to gain two year extension on PRIIPs KIDs

  Article

  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.

• The UK's Temporary Permissions Regime (TPR) - the FCA consults

  Article

  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’.

• Commission opinion may lead to end of Euro CNAV MMFs

  Article

  Submitted: 05 November 2018

  ​In a letter to ESMA made public on 31 October 2018, the European Commission has reiterated its opinion that the use of share cancellation is “incompatible with the legal framework established by the MMF Regulation”. This may make Euro-denominated CNAV MMFs no longer viable under current market conditions.

• EU publishes amended rules on safe-keeping duties for depositaries of AIFs and UCITS

  Article

  Submitted: 30 October 2018

  ​On 30 October 2018, final rules clarifying the safe-keeping duties of depositaries of alternative investment funds (AIFs) and UCITS were published in the Official Journal. The new rules will apply from 01 April 2020.

• UK’s Cryptoassets Task Force publishes long awaited report

  Article

  Submitted: 30 October 2018

  On 29 October 2018 the UK’s Cryptoassets Taskforce published its long awaited report into the state of play on UK regulation of crypto assets. George Morris of Simmons & Simmons discusses what this means for the industry.

• BaFin changes its administrative practice on performance fee structures for UCITS

  Article

  Submitted: 18 October 2018

  The German Federal Financial Supervisory Authority (BaFin) has changed its administrative practice on performance fee structures for UCITS.

• Irish regulator streamlines procedures for certain UCITS and RIAIF authorisation and post-authorisation amendment submissions

  Article

  Submitted: 15 October 2018

  On 09 October 2018, the Central Bank of Ireland (the Central Bank) confirmed changes to how it will now review UCITS and Retail Investor AIFs (RIAIFs) authorisations/approvals and post-authorisation amendments.

• UK and Hong Kong financial regulators agree on the mutual recognition of retail funds

  Article

  Submitted: 08 October 2018

  ​On 08 October 2018, the UK’s Financial Conduct Authority (FCA) and the Hong Kong Securities and Futures Commission (SFC) entered into a Memorandum of Understanding (MoU).

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