On 15 July 2019 the CSSF issued two press releases, 19/33 (directed specifically at UK Firms) and 19/34 (directed at UCIs and their managers) in the context of Brexit. These follow on from an original press release (19/18) issued on 12 April 2019. All three...
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On 11 April 2019 the European Union announced that it had agreed to grant the United Kingdom a six-month extension to the Article 50 process. This is a flexible extension whereby if the UK ratifies the existing agreement it may leave before the new deadline...
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Regulatory scrutiny, investor trends, Brexit and other geopolitical factors have created a particular landscape in the asset management industry, requiring all key players to respond with actions and well thought plans. In this context, management companies have had to step up their game, enhance their...
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On 1 August 2018, the Luxembourg Government passed its national legislation to complement the General Data Protection Regulation (EU) 2016/679 ("GDPR"), and repealing the nearly 16 year old data protection regime established by the 2 August 2002 law in its entirety. As GDPR is directly...
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As UK-based asset managers prepare for a hard BREXIT, there is limited time left to consider options and importantly, do so within a timeframe that will ensure legal agreements and operating models have been completed ahead of obtaining the relevant regulatory approvals. The current UK/EU negotiating...
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From 1 July 2018, CP86 obligations have come into full effect for boards of directors of investment companies, UCITS management companies, alternative investment fund managers (AIFMs) and AIF management companies incorporated and authorised in Ireland. These rules introduce comprehensive changes and impose key requirements in...
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Newsflash: GDPR - Legislation & Impact On 25 May 2018, Regulation 2016/679, the General Data Protection Regulation (“GDPR”) came into full force and effect in all 28 EU Member States. All entities that process the data of European Union residents are required to be in full...
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Following a multi-stage consultation process with the industry beginning in 2014 the Central Bank of Ireland (“CBI”) released its finalised Fund Management Companies Guidance Paper in December 2016 - commonly referred to as “CP86” after its consultation paper code. The guidance will apply to existing management companies...
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The UK is one year away from becoming a ‘third country’ under the AIFMD and UCITS regimes, creating potentially significant problems for those wishing to distribute their funds freely across the EU. As they reach a fork in the road, UK managers will need to decide...
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The General Data Protection Regulation (the “GDPR”) will come into effect on 25 May 2018. The GDPR will be directly effective in each EU member state, with the aim that the same rules will be applied uniformly within the EU. On 12 September 2017, the...
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