ESMA Preparations for a No-Deal Brexit
Published 15 October 2019
Category: Financial Regulation
On 7 October 2019, ESMA issued updated statements in relation to its approach to the application of some key MiFID/MiFIR II provisions in case of a no deal Brexit and in terms of its use of UK data and MiFID II calculations.
Look further into the updated approach here.
Next step: The final timing and conditions of Brexit are still uncertain, and we will keep a close eye on whether ESMA will adjust the approach announced on 7 October 2019.
ESMA has launched a consultation on guidelines on marketing communications under the cross border distribution of funds regulation.AIFMD
As of 1 January 2021 a new employee share scheme applies. This new employee scheme entails that certain new and small companies can award employees with shares, options and warrants up to 50% of the employee's annual salary while the employee will be subject to taxation as share income (up to 42% taxation) instead of personal income (up to approx. 55% taxation).
EU and non-EU AIFMs submitting an application for marketing of non-EU AIFs to professional investors in Denmark will be subject to new requirements. The Danish FSA has issued a new Executive Order, which enters into force on 1 January 2021.AIFMD
On 22 October 2020, the European Commission published its consultation on the review of the AIFMD seeking the views from stakeholders on how to achieve a more effective and efficient functioning of the European AIF market.AIFMDAIFMD review
On 19 October 2020, the European Commission launched a public consultation on the European Long Term Investment Fund (“ELTIF”) legal framework.AIFMDAIFMD review