Tag:Europe

1
Europe: FCA Advances Efforts to Address the UK’s EU Legislative Legacy, Starting With MIFID
2
Europe: National Regulators Announce Digital Operational Resilience Act Reporting Windows
3
Europe: ESMA and National Regulators Launch Coordinated Review of Fund Manager Compliance and Internal Audit Functions
4
Europe: Are the UK FCA’s Revised “Name and Shame” Proposals an Improvement?
5
Europe: Proposed UK and EU Rules on More Research Cost Re-Bundling Move Closer
6
Europe: Ireland’s New Participation Exemption – An Opportunity for Private Markets Asset Managers
7
Europe: Irish Central Bank Discusses Its Approach to Exchange Traded Funds
8
Europe: Publication of Irish Funds Sector 2030 Report
9
Europe: New Irish Fast-Track Filing Process for Fund Name Changes To Comply With ESG-Related Rules
10
Europe: BaFin Changes Its Process for Fund Passporting Into Germany

Europe: FCA Advances Efforts to Address the UK’s EU Legislative Legacy, Starting With MIFID

By: Philip Morgan, Andrew Massey, and Harriet Sherwin

Following an HM Treasury policy statement, the FCA has published a consultation paper proposing amendments to some of the Markets in Financial Instruments Directive (MIFID) conduct of business and systems and controls rules inherited from the EU that continue to exist in the UK statute book in close to their original form.

Read More

Europe: National Regulators Announce Digital Operational Resilience Act Reporting Windows

By: Shane Geraghty, Dr. Ulrike Elteste, and Ruth Hennessy

EU national supervisory authorities will collect the Register of Information (ROI) pursuant to the EU’s Digital Operational Resilience Act (DORA) from in scope financial entities in April 2025, with the reference date set as 31 March 2025. ROIs are reports by in-scope EU financial entities on all contractual arrangements on the use of information and communication technology (ICT) services provided by ICT third-party service providers. The financial entity must differentiate between providers who are not critical and providers who are considered critical and important.

Read More

Europe: ESMA and National Regulators Launch Coordinated Review of Fund Manager Compliance and Internal Audit Functions

By: Shane Geraghty, Hazel Doyle, and Gayle Bowen

On 14 February 2025, the EU’s securities and markets regulator, the European Securities and Markets Authority (ESMA), launched a Common Supervisory Action (CSA) with EU Member State National Competent Authorities (NCAs), in relation to compliance and internal audit functions of UCITS management companies and Alternative Investment Fund Managers (AIFMs) across the EU.

Read More

Europe: Are the UK FCA’s Revised “Name and Shame” Proposals an Improvement?

By: Michael Ruck, Rosie Naylor, and Helen Phizackerley

In November 2024, the UK FCA released a Consultation which seeks to clarify its proposed approach to publicising ongoing enforcement action—dubbed the “name and shame” plan—and to assure the wider market of the plan’s benefits. Responses are due by 17 February 2025.

Read More

Europe: Proposed UK and EU Rules on More Research Cost Re-Bundling Move Closer

By: Phillip Morgan, Andrew Massey, and Raghu Meena

In the United Kingdom, the FCA has proposed to give fund managers (including UCITS Mancos and full-scope UK AIFMs) an option to use fund assets to pay jointly for execution and research (so-called ‘bundled’ payments). The existing options of paying for research from manager funds or operating a customer-financed research payment account would remain. Final rules are expected in the first half of 2025. This follows the introduction on 1 August 2024 of a similar option for separate account managers as discussed here.

Read More

Europe: Ireland’s New Participation Exemption – An Opportunity for Private Markets Asset Managers

By: Shane Geraghty, Michelle Lloyd, and Sneha Thomas

The Irish Finance Bill 2024 will, with effect from 1 January 2025, create a new participation exemption for foreign dividends. This exemption will bring Ireland into line with the rest of the EU which has a similar exemption. It is specifically designed to benefit Irish-resident companies that receive foreign-source dividends. The development has been broadly welcomed and is particularly noteworthy for the asset management industry and investment funds engaged in cross-border investments.

Read More

Europe: Irish Central Bank Discusses Its Approach to Exchange Traded Funds

By Hazel Doyle and Nicola McCaffrey

In an important speech, Derville Rowland, the Central Bank of Ireland’s Deputy Governor for Consumer and Investor Protection has outlined the Central Bank’s approach to ETFs in Ireland. Some of the points she made are highlighted in this blog.

Read More

Europe: Publication of Irish Funds Sector 2030 Report

By: Gayle Bowen and Hazel Doyle

Following a review of the Irish funds industry and wide engagement with industry participants, discussed in our earlier blog here, the Department of Finance has issued its Final Report on the Funds Sector 2030. The report sets out the Irish government’s framework and recommendations to enhance growth in the funds sector and maintain Ireland’s prominent position. 

Read More

Europe: New Irish Fast-Track Filing Process for Fund Name Changes To Comply With ESG-Related Rules

By: Áine Ní Riain and Gayle Bowen

The Central Bank of Ireland (CBI) has announced a streamlined filing process for Irish UCITS and AIFs seeking to change their name to comply with the European Securities and Markets Authority’s guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines).

Read More

Europe: BaFin Changes Its Process for Fund Passporting Into Germany

By: Hilger Von Livonius, Emma O’Dwyer, Aoife Maguire, and Gayle Bowen

On 14 and 15 August 2024, the German Federal Financial Supervisory Authority (BaFin) updated the following guidance notices:

Guidance Notice on marketing of EU UCITS in Germany

Guidance Notice (2013) for marketing units or shares of EU AIFs or domestic special AIFs (Spezial-AIF) managed by an EU AIF management company to semi-professional and professional investors in the Federal Republic of Germany pursuant to section 323 of the Investment Code

Read More

Copyright © 2025, K&L Gates LLP. All Rights Reserved.