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  • Brexit update for financial services firms - week ending 12 April 2018

    With the start of negotiations on the future EU/UK relationship, RegZone is launching a weekly update on Brexit developments for financial services firms. The weekly updates provide analysis and commentary on significant developments during the week in question. The updates will be supplemented by occasional thematic reports. A daily digest ...
  • BaFin greases the chain of investment intermediaries – marketing of funds possible with 34f-license

    The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, "BaFin") confirmed the applicability of the exemption of section 2 para. 6 (1) n°8 German Banking Act (Kreditwesengesetz, "KWG") to investment intermediaries within the meaning of section 34f German Commercial and Industrial Regulation Code (Gewerbeordnung, "GewO") transmitting customer orders via a chain ...
  • An update on the FCA's approach to cryptocurrencies

    On 9 April 2018, the Financial Conduct Authority (FCA) published its Business Plan 2018/19 (link), in which it identified cryptocurrencies as one of its cross-sector priorities for the year ahead. Shortly before, on 6 April 2018, the FCA also published a statement on cryptocurrency derivatives and their regulatory status under ...
  • The Fifth EU Anti Money Laundering Directive is on its way

    The Fifth EU Anti Money Laundering Directive provides for the first time for the inclusion of exchange platforms for virtual currencies and digital wallet providers in the group of obliged entities under money laundering law. In addition, new requirements are imposed on the group of obliged entities. This concerns, among ...
  • UK Government launches Fintech Sector Strategy

    The Government has released its FinTech Sector Strategy (Strategy), which sets out plans for preserving and increasing the UK’s presence and influence in the sector. It aims to fulfil the opportunity for growth presented by FinTech – the average revenue generated by UK FinTechs grew by 22% from 2014 to ...
  • Pre-marketing - Proposed changes to AIFMD

    On 12 March 2018, the European Commission published a proposed directive and a proposed regulation amending the AIFMD and UCITS IV to facilitate cross-border marketing of funds. Importantly, these proposals cover pre-marketing under AIFMD which is an area we are frequently asked about. Directive - Planned to be adopted in ...
  • Select Committee of MPs to look into blockchain and digital currencies

    On 22 February 2018 The House of Commons Treasury Committee (also referred to as the ‘Treasury Select Committee’ or ‘TSC’) launched an inquiry into the role of digital currencies and the technologies underpinning them. The purpose of this inquiry is to increase understanding of digital currencies and distributed ledger technologies ...
  • Switzerland: FINMA ICO Guidelines

    Overview On 16 February 2018, the Swiss Financial Market Supervisory Authority FINMA has published guidelines (Guidelines) for enquiries regarding the regulatory framework for initial coin offerings (ICOs)[1]. The Guidelines complement the earlier FINMA Guidance 04/2017 of 29 September 2017 which highlighted areas in which ICOs may be covered by existing ...
  • PRIIPs' KID notification procedure now set in Belgium

    A royal decree dated 25 December 2017 (the “Royal Decree”) further implements the packaged retail and insurance-based investment products (“PRIIPs”) regulation in Belgium by specifying the procedure for notifying a key information document (“KID”) to the Belgian authority (the “FSMA”). The following four points highlight the main requirements for (Belgian ...
  • CMS Guide to Passporting (UCITS)


    We are pleased to issue our updated Guide to Passporting (UCITS): rules on marketing Undertakings for Collective Investment in Transferable Securities in Europe.

    The UCITS Directive was established to harmonise retail collective investment schemes in the EU through the introduction of a common investment vehicle known as a “UCITS”. One of the key benefits of the UCITS Directive is that UCITS can be established and regulated in one EU member state and offered in others without the need for further authorisation by virtue of passporting rights under the UCITS Directive.

    The purpose of this guide is to assist UCITS managers to understand the process and regulatory costs involved in exercising such passporting rights throughout Europe. To view or download our Guide, please click here