Tag: AIFMD UCITS

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Europe: AIFMD II – Proposed Refinements to Loan Originating Fund Proposals
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Europe: FCA Consults on Permitting Side Pockets for UK Retail Funds Affected by Conflict in Ukraine
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Europe: FCA Challenge to UK Fund Service Providers    
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Europe: Welcome New Clarity on the Phasing in of EU ESG Disclosure Requirements
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Europe: Divergence Between UK and EU Priips Disclosures Set to Add Complexity for Managers    

Europe: AIFMD II – Proposed Refinements to Loan Originating Fund Proposals

By: Philipp Riedl

On 18 May 2022, the Rapporteur submitted to the Committee on Economic and Monetary Affairs (ECON) a report suggesting changes to the EU Commission’s envisaged regulation of loan originating funds under its proposed AIFMD amendments (AIFMD II).  The report includes some proposed relief, notably:

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Europe: FCA Consults on Permitting Side Pockets for UK Retail Funds Affected by Conflict in Ukraine

By: Andrew Massey and Robert Lloyd

On 28 April 2022, the FCA published consultation paper 22/8 on proposals to protect investors in UK authorised funds by allowing authorised fund managers (AFMs) to create side pockets in the form of separate unit classes for funds affected by the conflict in Ukraine.

The proposals are novel for UK authorised funds in at least two respects. Firstly, they would allow side pockets to be created without requiring a shareholder extraordinary resolution or at least 60 days’ prior notice. Secondly, the AFM would be able to suspend dealings in the unit class formed to create the side pocket without having to suspend dealing in the entire fund.

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Europe: FCA Challenge to UK Fund Service Providers    

By: Andrew Massey and Melissa Vance

Fund managers can expect changes to custodian and other fund service provider practices in response to regulator challenge, and should review their due diligence of service providers.

In a letter on 23 March 2022, the FCA instructed the Chief Executive and Boards of third-party custodians, depositories for authorised and non-authorised funds, and third-party administrators to review key risks identified by the FCA, including the following:

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Europe: Welcome New Clarity on the Phasing in of EU ESG Disclosure Requirements

By: Philipp Riedl

Revised guidance from the European Supervisory Authorities (ESAs) contains much-needed information on the extent to which affected firms should be anticipating detailed Regulatory Technical Standards (RTS) that are not expected to be effective until 1 January 2023. The German regulator BaFin issued an accompanying statement on 30 March 2022. The key information is:

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Europe: Divergence Between UK and EU Priips Disclosures Set to Add Complexity for Managers    

By: Andrew Massey

On 25 March 2022, the FCA confirmed new requirements for the key information document (KID) required for package retail and insurance-based investment products (PRIIPs) in the UK: policy statement 22/2.  Investment funds are generally categorised as PRIIPs, although UK UCITS and UK non-UCITS retail schemes are exempted from the PRIIPs KID requirement until 31 December 2026. 

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