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Article (18/411)
European regulation update: investor protection
European regulation update: investor protection

European regulation update: investor protection


Focus on the latest European regulatory developments

  • Alternative Investment Fund Managers Directive (AIFMD) 
  • Institutions for Occupational Retirement Provision Directive (IORP II)
  • Shareholders Rights Directive (SRD)
  • Undertakings for Collective Investments in Transferable Securities Directive (UCITS V)


Alternative Investment Fund Managers Directive (AIFMD)


On 29 March 2017, the EC published a call for tender for conducting a 12-month impact survey of AIFMD to be used in a subsequent legislative review of the file.

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On 7 April 2017, ESMA published a report summarising the results of a study conducted throughout 2016 on the division of home and host responsibilities under the AIFMD and the UCITS Directive.  The report stresses the necessity of a well-functioning EU passport for marketing and management, looking at the notification frameworks under AIFMD and the UCITS Directive. The report identifies good practices regarding the supervision of compliance of AIFMs with conduct rules and cross-border activities of UCITS.

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On 22 May 2017, the EC published a new set of Q&A on the AIFMD. The questions address a wide range of issues such as the defining asset thresholds for classification as an AIFM and consumer protection requirements to preclude the marketing of AIF to non-professionals.

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On 24 May 2017, ESMA issued an update of its Q&A document on the application of the AIFMD. The document has been updated to include new Q&As on:

  • How alternative investment fund managers (AIFMs) should report on the breakdown between retail and professional investors when this information is unavailable
  • How an AIFM should provide information on the alternative investment funds (AIFs) it intends to manage when the specific AIF cannot be identified at the time of notification
  • Whether an AIF can make use of the exemption for intragroup transactions under Article 4(2) of the European Market Infrastructure Regulation (EMIR)

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Shareholders Rights Directive (SRD)


On 5 April 2017, ESMA published the results of a study on the functioning of shareholder identification and transmission of information between issuers and shareholders. The report finds that more harmonised processes of shareholder identification to be followed by issuers would be beneficial and that such harmonisation would yield particular gains in the transmission of information and shareholder communication. Also a harmonisation of standard information forms would be useful according to ESMA. The report has been submitted to the EC and will inform technical work on the Shareholder Rights Directive (SRD).

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UCITS V Directive


 On 6 April 2017, ESMA published updated Q&A documents on the application UCITS. The new question on UCITS clarifies that cross-border activities can be notified without having to identify a specific UCITS.

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