Dechert's investment funds update discusses the key legal and regulatory updates for the funds industry from the primary European asset management centres and fund domiciles.

Issue 8, October 2016


  • AMF Communication – Brexit – Launch of the AGILITY program
  • AMF Consultation – Consultation on Funding of Research
  • AMF Study – Efficiency of Cross-Border Distribution of Funds in Europe
  • Update of the AMF General Regulations


  • Exception From the License Requirement for Investment Intermediaries in the Future Only in Case of a First Public Offer of Investment Assets
  • BaFin Updates FAQ on the Investment of Own Funds of German Fund Management Companies According to Section 25 (7) KAGB
  • Federal Ministry of Finance Consults Draft Second Act Amending Financial Market Regulations
  • Latest Fund Statistics for Germany


  • Central Bank Issues "Dear Chairman" Letter Regarding Directors' Time Commitments for Each Sub Fund
  • Central Bank Releases 14th UCITS Q&A
  • Central Bank: Organisational Update
  • Central Bank Issues Cross Industry Guidance in Respect of Information Technology and Cybersecurity Risks


  • CSSF Newsletter – August 2016
  • CSSF Press Release - 14 September 2016
  • ALFI’s 2015-2016 Annual Report
  • ALFI Supports MEPs’ Calls for Postponement of PRIIPs Regulation
  • Luxembourg VAT Authorities: Circular on VAT Treatment of Director Services


  • FCA Publishes Third MiFID II Consultation Paper
  • HM Treasury Consults on Amendments to the Definition of Investment Advice
  • FCA Publishes Occasional Paper on Dark Pool Reference Prices


  • AIFMD – Updated ESMA Advice and New Q&A on the Application of AIFMD
  • EMIR – Revised List of CCPs and New Rules to Mitigate Risks in Non-Cleared OTC Derivative Transactions
  • MiFID II – ESMA Guidance on Transaction Reporting, Order Record Keeping and Clock Synchronisation

Read "Investment Funds Update: Europe - Issue 8, 2016".