Welcome back from your Summer holidays! To ease you back to school gently, we are delighted to attach our Olympic and Paralympic bumper edition of the July/August Funds Bulletin, which you can download here.

As usual, the Funds Bulletin covers funds related Global, EU and UK legal, regulatory and tax developments. For those in a hurry, here are the highlights.

1. Edging closer to AIFMD marketing passports for third countries?

ESMA has given green light to the extension of the AIFMD passport to Jersey, Guernsey, Switzerland, Canada, Japan and (with some caveats) Australia. However, the Commission has still not given any indication when it will issue implementing legislation that will activate the third country passport, so it's very much still a question of watch this space. ESMA has clarified that once the third country passport has been switched on, national private placement regimes (NPPR) are expected to continue in parallel during a transitional period and possibly for longer. ESMA have hinted that national private placement regimes may continue after the passport has been switched on, which is good news for the industry.

2. BEPS: Coming to a jurisdiction near you from December 2018

The Anti-Tax Avoidance Directive has been adopted to implement the recommendations of the OECD's BEPS project. It covers all taxpayers that are subject to corporate tax in a member state and includes rules on interest limitation, exit taxation, CFCs and hybrid mismatches, as well as a general anti-abuse rule. Member states will have until the end of 2018 to transpose the Directive into their national laws, except for the exit taxation rules for which they have until the end of 2019.

3. PRIIPS: Possibly not coming to a jurisdiction near you from December 2016?

ECON unanimously rejected the Commission's Delegated Regulation on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs), which was adopted by the Commission earlier this Summer. ECON was particularly concerned about the provisions and proposed formula for predicting investment performance. Previous lobbying attempts to delay the implementation of PRIIPs to beyond 31 December 2016 have been rejected, however without agreement on the Delegated Regulation which specifies the form and content of KIDs, a delayed implementation date looks more likely. We will know more once the European Parliament votes on the matter next week.

4. A MAR is born

MAR came into effect on 3 July. The FCA has been busy updating various rules, guidance and technical notes as a result of the new regime. We have been busy updating our client note which you can download here.

5. Good Practices for the Termination of Investment Funds

IOSCO has published a consultation report which contains a proposed set of 15 good practices on the voluntary termination process for funds.

6. Making EuSEFs and EUVECAs more popular

The Commission has published a proposal to amend the EuSEF and EuVECA Regulations with the aim of boosting investment into venture capital and social projects and to make it easier for investors to invest in small and medium-sized innovative companies. The proposal opens up the EuVECA and EuSEF fund labels to fund managers of all sizes, and to expand the range of companies that can be invested in.

7. SEC investigates private equity fund advisers

We look at recent SEC enforcement actions and consent orders affecting private equity fund advisers.