Financial Regulatory News
Financial Regulatory News

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Funds

Navigating EU Sanctions: How Investment Funds and Corporates Can Meet the ‘Best Efforts’ Standard

by on Dec 2, 2024
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Co-Authors:  Raminta Dereskeviciute | Sabine Naugès | Michal Chajdukowski | Ludovica Rabitti

With the introduction of the 14th sanctions package, entities established in the European Union are required to ‘undertake their best efforts to ensure’ that non-EU subsidiaries they own or control do not undermine EU Regulation 833/2014 imposing EU sanctions against Russia, or EU Regulation 765/2006 imposing EU sanctions against Belarus. This obligation stretches to EU citizens, including those located outside the European Union, who control corporate and fund structures around the world.

The term ‘best efforts’ is not explicitly [...]

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Distribution of closed-end funds – On the necessity of revocation instructions under the German Civil Code (BGB)

by on Sep 13, 2023
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When distributing investment funds and designing the fund documentation, information on revocation rights must be observed. This applies not only to mutual funds, but also to special funds if they are sold to “consumers” as defined by the German Civil Code. In addition to small investors, this may also include semi-professional investors. While the KAGB contains a special regulation in the area of open-end funds, the general regulations of the BGB apply to closed-end funds – which, however, do not apply to investments in closed-end funds.

Frank Müller and Tobias Koch outline which special features have to be [...]

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The year is drawing to a close – what’s new for 2023?

by on Dec 19, 2022
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As the year draws to a close, it is worth taking a look at new regulations at the start of the year: As of January 1, the new Regulatory Technical Standards (RTS) on the EU Disclosure Regulation will apply to financial market participants and financial advisors. With the Disclosure Regulation, which already came into force in March 2021, respective companies must prove how sustainable their products are, the extent to which ESG criteria, i.e. ecological and social standards and good corporate governance, are observed and pursued and which strategies are applied here.

The Disclosure and Taxonomy Regulation applies to financial [...]

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New requirements for investment funds: PRIIPs key information document replaces key investor information – FAQs:

by and on Aug 28, 2022
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As of 1 January 2023, capital management companies (Kapitalverwaltungsgesellschaften) have to prepare a PRIIPs key information document for an investment fund that is distributed to private and semi-professional investors. The following is a summary of five frequently asked questions and answers on this topic:

 

What is the purpose of the key information document?
  • The key information document shall enable retail investors in the EU to better understand the basic features and risks of PRIIPs (Packaged Retail and Insurance-Based Investment Products).
  • In addition, the requirements for PRIIPs key information documents should lead to a better comparability of such products across [...]

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