This week’s Equity Issues sets out anticipated key dates in 2016 and 2017 for significant legal and regulatory developments which are likely to have an impact on private equity managers, as follows:

Investment Funds

  • Q1 2016: ESMA expected to publish final report and final UCITS remuneration guidelines and revised AIFMD guidelines on sound remuneration practices
  • Q1 2016: FCA expected to publish feedback and policy statement to CP15/27 on UCITS V implementation, including a UCITS remuneration code, and other changes to the FCA Handbook affecting investment funds (including in relation to the ELTIF Regulation)
  • 8 March 2016: FCA’s consultation on MiFID II markets issues closes
  • 18 March 2016:  Relevant firms will have to comply with SYSC 19E remuneration code for new awards of variable remuneration (NB. this date may change as a result of the FCA finalising its UCITS V implementation rules pursuant to CP15/27, referred to above)
  • 18 March 2016:  Member States must transpose UCITS V into national law
  • March 2016: FCA to publish consultation on MiFID II conduct issues
  • April 2016: MiFID II authorisations gateway opens: firms may submit draft applications to the FCA
  • 21 June 2016: First clearing obligations for IR derivatives under EMIR apply
  • June 2016: FCA to issue MiFID II handbook rules and policy statement
  • July 2016: Firms can submit MiFID II authorisation applications to the FCA. The FCA has up to 6 months to determine a complete application
  • Summer 2016: ESMA July 2015 consultation on draft RTS under ELTIF Regulation expected to be finalised
  • Q3 2016: European Commission to take measures to amend the EuSEF and EuVECA Regulations
  • By Q4 2016: European Commission to work with Member States and ESMA to assess whether there is a need for a co-ordinated approach to loan origination by funds and thus for an EU regulatory framework
  • 2016:
    1. European Commission may adopt a delegated act determining the date upon which the  AIFMD passport should be made available to non-EU AIFs and AIFMs
    2. ESMA to provide definitive advice on the extension of the AIFMD passport to Hong Kong, Singapore and the US and will commence assessments of Australia, Canada, Japan, the Cayman Islands, the Isle of Man and Bermuda
    3. ESMA intends to finalise its guidelines on asset segregation under AIFMD and publish a final report
  • 3 January 2017: MiFID II comes into effect


  • 8 February 2016: Final date for all relevant firms (including foreign banks with UK branches) to notify the PRA and FCA of the approved persons who are to be senior managers under the Senior Managers Regime
  • 7 March 2016: Entry into force of the Senior Managers Regime (including UK branches of foreign banks) and date from which the FCA’s register will show new senior managers
  • 7 March 2016: Date by which firms must assign responsibility to a whistleblowers’ champion
  • 31 March 2016: Deadline for consumer credit firms with interim permission to apply for FCA authorisation
  • Q1 2016: Bank of England and Financial Services Bill 2015-16 to be considered by Parliament
  • Q1 2016: FCA and HM Treasury to publish recommendations arising from the financial advice market review (FAMR) (in time for Budget 2016)
  • Q1 2016: European Commission to publish a report on the development of crowdfunding across the EU
  • 1 April 2016: Full FCA regime for consumer credit regulation to come into effect, replacing the interim permission regime
  • Summer 2016: European Commission to report on main findings and next steps of its review of the EU financial services regulatory framework
  • 7 September 2016: Date by which firms must comply with new whistleblowing rules
  • 2016: FCA to carry out a full post-implementation review of the crowdfunding market and regulatory framework in 2016 to determine whether changes are required
  • 2016: HM Treasury expected to consult on implementing the Fourth Money Laundering Directive [EU 2015/849] (MLD4)
  • 7 March 2017: Date from which the conduct rules apply to staff who are not within the Senior Managers Regime or the Certification Regime
  • 26 June 2017: Date by which Member States required to have transposed MLD4
  • 2018: Senior Managers and Certification Regime to be extended to all financial services firms

Next steps

Please note that this is not an exhausitve list of key dates and that the expected dates could be subject to change.