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  • Brexit news for financial services firms - from 3 August 2019 to 16 August 2019

    HoC: Brexit and financial services HoC has updated its Library briefing paper which considers equivalence and the potential impact of no-deal Brexit on the sector.
  • 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

  • CMS Guide to Passporting: Rules on Marketing Alternative Investment Funds in Europe


    We are pleased to issue our updated Guide to Passporting: Rules on Marketing Alternative Investment Funds in Europe.

    The EU Commission promoted passporting rights as one of the key benefits for hedge, private equity, real estate and other alternative investment fund managers authorised under the Alternative Investment Fund Managers Directive (“AIFMD”).

    However, we are now experiencing impediments to the passporting rights as certain domestic regulators are imposing ‘border controls’, and fund managers need to pay fees and comply with various other requirements in order to market their funds cross-border.

    The diversity of the domestic rules makes it challenging for AIFMD authorised managers to assess the costs and various other requirements for penetrating the EU market. This guide provides a road map, which will hopefully assist managers in understanding the costs and other requirements under AIFMD, other EU directives and domestic regulations.

    To view or download a copy of our Guide, please click here.

  • CMS Private Placements Guide


    We are pleased to issue our updated Guide to Private Placement of Funds: Accessing European Investors post-AIFMD.

    When implementing the Alternative Investment Fund Managers Directive (“AIFMD”), some EU States have tightened or severely restricted their private placement regimes, which is important when non-EU managers and funds look to access EU investors.

    Our Guide briefly summarises the latest developments in relation to the private placement regimes of EU States, as well as covering certain non-EU States. Please click here to view or download the Guide.

  • The New Individual Responsibility Regime - Extending it across the Financial Services Industry

    On 26 July 2017, the FCA published consultation paper CP17/25 on the extension of the Senior Managers and Certification Regime (see our earlier report, which summarises the key proposals here). Our brochure looks at each of the key elements of the new regime, assessing how they will apply to non-banking ...
  • Brexit one year on: financial services

    Since the Brexit referendum, the UK’s financial services sector has moved relatively quickly to close out the risks to its business and clients. In stark contrast there has been little, if any, progress (despite much debate) in clarifying what will happen to the EU legal structure in which UK financial ...
  • The non-EU passport queue: marketing real asset funds in a post-Brexit EU


    This report was originally published by Nabarro (28 July 2016).

    This report looks at how Brexit may alter the balance that AIFMD has struck between increased compliance burdens on one hand, and smoother market access on the other.


  • Border control: ESMA proposes extending the AIFMD passport (again)


    This report was originally published by Nabarro (20 July 2016).

    The report covers the advice published by the European Securities and Markets Authority (ESMA) on extending the AIFMD passport to non-EU managers.

  • Cross-border banking and investment structures post MiFID II and Brexit


    CMS held a pan-European seminar on 17 March on "Cross-border banking and investment structures post-MiFID II and Brexit".

    The seminar covered: 
    Overview (Ash Saluja, CMS UK)
    Local EU jurisdictions:
    Jérôme Sutour (CMS France)
    Andreas Feneis (CMS Germany)
    Darragh Murphy (McCann Fitzgerald, Ireland)
    Paolo Bonolis (CMS Italy)
    Perspective from a third country (Kaspar Landolt, CMS Switzerland)
    Looking ahead (Paul Edmondson, CMS UK)

    The seminar slides are available to view/download via the link in the title.

  • Helping financial institutions deal with Brexit - perspectives from London, Paris and Frankfurt

    We are pleased to offer the recording of our recent webinar 'Helping Financial Institutions deal with Brexit - perspectives from London, Paris and Frankfurt' delivered by Simon Morris (CMS UK), Jerome Sutour (CMS France), and Oliver Dreher (CMS Germany). To view or download the recording, please click here. The slides ...