Global Registration Services - Market Update, Q1 2014

AIFMD

Co-Operation Agreements

On 20 February 2014, ESMA published an updated table regarding signed cooperation agreements under the AIFMD 2011/61/EU.

Please click here for further details.

Bulgaria - AIFMD MoU Guidelines

On 29 January 2014, the FSC of Bulgaria decided to comply with the ESMA guidelines on the model Memoranda of Understanding ("MoU") concerning consultation, cooperation and the exchange of information related to the supervision of AIFMD entities. The ESMA guidelines set out the type of MoU that should be agreed between the EU and non-EU supervisory authorities so that the appropriate supervisory cooperation arrangements are in place as required by AIFMD.

Please see the FSC announcement (only available in Bulgarian) here.

Germany - Guidance Notice on Cooperation Agreements

On 10 February 2014, BaFin issued a Guidance Note regarding its cooperation with supervisory authorities of third countries (non-member countries of the EU or the EEA) who shall be subject to bilateral MoUs upon entry into force of the German Investment Code (Kapitalanlagegesetzbuch - KAGB), which transposes AIFMD into German law.

Please click here for further details.

Europe - ESMA Q&A on application of AIFMD

On 17 February 2014, ESMA published questions and answers ("Q&As") on the application of the AIFMD to promote common supervisory approaches and practices in the application of the AIFMD and its implementing measures. Maples have reviewed them. Please click here for the key highlights from the Q&A.

On 25 March 2014, ESMA further updated its Q&A on the application of AIFMD (2014/ESMA/296). Questions 2 to 18, which concern reporting to national competent authorities pursuant to Articles 3, 24 and 42 of AIFMD were added.

France - Completion of AIFMD Transposition - Books II and IV of General Regulation modified

On 26 February 2014, as part of the completion of the transposition of the AIFMD, the AMF modified the books of its General Regulation regarding services providers and collective investment schemes. The Minister of Finance approved the new measures by a ministerial approval order dated 11 December 2013 and published in the Official Journal of the French Republic on 20 December 2013 and by a ministerial approval order dated 11 February 2014 published in the Official Journal of the French Republic Official Journal on 20 February 2014. The main changes to the General Regulation are in relation to Book IV in respect of collective investment products. Some key provisions are as follows:

Creation of Title II for AIF and, in particular, notification of requests to market these funds in France, evaluation of assets, and informing investors and the AMF; Enforcement of certain marketing rules currently applicable to UCITS to all AIFs marketed in France; In addition, the AMF has brought its entire General Regulation, including Book III, into compliance concerning references to the provisions of the Monetary and Financial Code relating to AIFs and their management companies; new designations for AIFs; and the concept of collective investment.

Germany - AIFM Tax Act Passed

The Act on the adaption of the German Investment Tax Act (Investmentsteuergesetz) and other acts to the AIFM Implementation Act (AIFM-StAnpG, AIFM Tax Act) have been adopted in Germany. The AIFM Tax Act provides for an...