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15 Oct 2018
On 9 October 2018, HM Treasury published draft Statutory Instruments relating to UCITS and AIFs which are intended to come into effect should a no deal Brexit arise. The Collective Investment Schemes (Amendment) (EU Exit) Regulations 2018 will amend retained EU law relating to UCITS and The Alternative Investment Fund Management (Amendment) (EU Exit) Regulations 2018 will amend retained EU law in the context of AIFMD. For the purposes of this update, we have focused on the Statutory Instruments insofar as they relate to the marketing of UCITS and AIFs in the UK.
11 Oct 2018
Earlier this year the Central Bank of Ireland carried out an assessment of certain aspects of UCITS and RIAIF authorisations and post-authorisation procedures to ensure the review process was as robust and efficient as possible while talking into account the legislative requirements and investor protection.
On 9 October 2018, the Central Bank advised of its updated review processes and the changes are very welcome as they simplify authorisation procedures and in some cases eliminate a review period of several weeks.
17 Sep 2018
The Central Bank of Ireland published its Feedback Statement on DP6 – Exchange Traded Funds on 14 September 2018 following consideration of feedback received from the exchange traded funds industry to its 2017 discussion paper on ETFs and subsequent engagement with selected stakeholders.
24 Aug 2018
On 24 July 2018, the FCA published updated information on their website concerning the Temporary Permissions Regime for inbound passporting EEA firms and funds. The focus of this update is on the Temporary Permissions Regime insofar as it concerns the notification of EEA funds marketing into the UK.
31 Jul 2018
30 September 2018 is the date by which all existing "in-scope" Cayman Islands investment entities must have appointed AML Officers. As discussed in recent client updates, entities will be "in-scope" if they conduct "relevant financial business" in or from within the Cayman Islands. This will include all Cayman Islands investment entities, whether regulated or unregulated (including all hedge funds and private equity funds), structured finance vehicles and entities conducting securities investment business.