Worldwide: Global Registration Services – Market Update, Q2 2016

Last Updated: 22 July 2016
Article by Emma Conaty and Dhivisha Jeena


The UK Votes to Leave the EU

On 23 June 2016, the UK held a referendum whereby 51.9% of voters opted to leave the EU. The UK will be in a position to commence exit negotiations with the EU once the new Prime Minister, Theresa May, invokes Article 50 of the Lisbon Treaty. This is a formal mechanism whereby up to 2 years of negotiations will be triggered. It is expected that Article 50 will not be invoked before the end of 2016, meaning that for the time being at least, there is no change to the status of the UCITS and AIFMD cross-border passporting regimes as they relate to the UK. 

We will continue to monitor developments and we are available to discuss any concerns you may have regarding your existing or future business. 


ESMA Guidelines 

On 7 April 2016, ESMA issued two Guidelines Compliance Tables, the first setting out the competent authorities that comply or intend to comply with key concepts of AIFMD (ESMA/2013/611), and the second setting out the competent authorities that comply or intend to comply with reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of AIFMD (ESMA/2014/869).  

Please click here for copies of the Guidelines Compliance Table on key concepts of AIFMD and the Guidelines Compliance Table on reporting obligations. 

On 4 May 2016, ESMA issued a further Guidelines Compliance Table setting out the competent authorities that comply or intend to comply with ESMA Guidelines on sound remuneration policies under AIFMD (ESMA/2013/232).

Please click here for a copy. 

ESMA Q&A on the Application of AIFMD

On 3 June 2016, ESMA published an updated Q&A document on the application of AIFMD and its implementing measures. The document clarifies the content of certain AIFMD rules and subscribes common approaches and practices to be undertaken by supervisory authorities. In particular, the document provides clarification on the domicile requirements of EU AIFs being marketed in the AIFM's home Member State, and on the marketing of EU feeder AIFs having a non-EU master AIF. The Q&A document also clarifies the effect of committed capital on the calculation of AuM.

Please click here for a copy of the Q&A.


On 2 June 2016, the CBI published the 19th edition of the AIFMD Q&A document which adds two new questions, namely ID 1104 which clarifies the frequency at which a review on organisational effectiveness should be conducted; and ID 1105 which clarifies the application of the rule that RIAIFs and QIAIFs are not permitted to hold shares carrying voting rights which potentially exercise significant influence over the management of an issuing body when a portion of the assets of the RIAIF or QIAIF is invested in a venture capital, development capital or private equity strategy.

Please click here for a copy of the Q&A.


Following the implementation of AIFMD in Italy, in May 2016 Borsa Italiana amended the rules of its Market for Investment Vehicles platform to allow for the listing of AIFs on the Italian Stock Exchange.

Please click here for a copy of Borsa Italiana's latest Guide to Parameters (version 34) which came into force on 13 June 2016.  There is no English version available to date. 


On 27 May 2015, Finanstilsynet issued a Circular which provides guidelines on the rules that prohibit the marketing of AIFs to non-professional investors in Norway. The Circular also provides guidance on the definition of "marketing" under the Norwegian Alternative Investment Fund Managers Act and provides guidance on reverse solicitation rules in Norway and when they can be relied on.

Please click here for a copy of the Circular in Norwegian. No English version is available to date. However, if you require any further details, please feel free to contact us. 


On 31 March 2016, the Act Amending the Act on Investment Funds and Certain Other Acts came into force. This Act implements AIFMD in Poland.

Please click here for a copy of the Act. There is no English version available to date.


The FCA, in its July 2016 Quarterly Consultation No.13, proposed certain changes to Annex IV reporting under AIFMD. The proposals alter how full-scope UK AIFMs are to complete transparency reports for AIFs and also how AIFs managed by above threshold non-EEA AIFMs are to be reported.   In particular, the FCA proposes that Annex IV reporting will be required by:

(a) Above threshold non-EEA AIFMs, in respect of the master fund and the feeder fund(s) where they (or an entity in the same fund management group) manage a non-EEA master AIF not  marketed in the UK which has feeder funds that are either (a) non-EEA AIFs marketed in the UK or (b) EEA AIFs;

(b) Full scope UK AIFMs, in respect of the non-EEA AIFs being managed, even if the AIF is not marketed in the EEA provided that the AIFM would be subject to quarterly reporting for that AIF.

The consultation period for the FCA's proposals is open until 12 August 2016 and the FCA is expected to publish its final rules in the 3rd or 4th quarter of 2016.  

Please click here for a copy of the FCA's Quarterly Consultation.  Section 10 of the document is of particular relevance.


Capital Markets Union Action on Cross-Border Distribution of Funds

As reported in our Q3 2015 Market Update, on 30 September 2015 the European Commission released its Action Plan on Building a Capital Markets Union (SWD (2015) 183/184 final) (the "Action Plan").

As part of the Action Plan, the European Commission has commenced a public consultation on CMU Action on Cross-Border Distribution of Funds (UCITS, AIF, ELTIF, EUVECA and EUSEF) across the EU. The consultation examines regulatory and administrative barriers to the cross-border distribution of investment funds, i.e. marketing restrictions, distribution costs, regulatory fees, administrative arrangements, distribution networks, notification processes and taxation. It aims to obtain tangible examples and quantitative and financial evidence on the financial impact of the barriers.  

Responses from stakeholders are invited before 2 October 2016. We are happy to facilitate any responses to the consultation you might have or alternatively, you are welcome to respond directly via the online questionnaire available here.

Please click here for the European Commission's First Status Report on the Action Plan.

ESMA Guidelines on ETFs and other UCITS Issues

On 12 April 2016, ESMA issued a Guidelines Compliance Table setting out the competent authorities that comply or intend to comply with ESMA Guidelines on ETFs and other UCITS issues (ESMA/2014/937).  

Please click here for a copy.

Austria: Tax Reporting Ordinance

On 6 June 2016, the Austrian Tax Reporting Ordinance came into effect. The Ordinance was first published on 24 June 2015 and it provides instructions on the reporting of tax data for domestic and foreign investment funds, real estate funds and AIFs to the OeKB.

The Ordinance standardises the process for the submission of tax figures for annual reporting, under which the tax representative is now required to complete and submit a standardized tax form to the OeKB. The OeKB will then respond with tax figures, which the representative is required to verify. This new process is generally optional for foreign funds.

Please click here for the relevant publication on OeKB's website and the reporting file descriptions in German dated 6 June 2016. There is no English version of the file descriptions to date.

France: New Pre-Marketing Rules

On 4 July 2016, the AMF released a Statement that it has amended the definition of the act of marketing units/shares in UCITS or AIFs in France so as to introduce the concept of pre-marketing.  

Under the new rules, a management company may contact up to a maximum of 50 investors (professionals or individuals whose initial subscription would be a minimum of €100,000) to assess interest prior to the launch of a UCITS or AIF. Such practice would not constitute marketing provided that the investors are not provided with a subscription form and/or documentation with definitive information on the fund's characteristics.  However, any subsequent subscription by the investors would be considered marketing.

Please click here for a copy of the AMF's Statement and here for the updated Guide to Regimes for Marketing UCITS and AIFs in French.  There is no updated English version of the Guide to date.

Italy: Statistical Reporting for Foreign UCITS

On 30 June 2016, the Bank of Italy ("BOI") released a Statement that Part V of Circular no 189 (Manual of Statistical and Regulatory Reporting for Collective investment Schemes) will be repealed with effect from the next reporting date for the 2016 i.e. 25 August 2016. The Circular relates to statistical reporting duties of foreign UCITS marketed in Italy. As a consequence of it being repealed, any arrangements with local paying agents for statistical reporting to the BOI are to cease and no related fees are to be charged going forward.

Please click here for a copy of the Circular in Italian.  No English version is available to date.

Russia: Consultation Document on Changes to Investor Classification Rules

On 30 June 2016, the Bank of Russia released a Consultation Report on its new approach to classify financial market investors. In the Report, the Bank of Russia proposes to classify investors in terms of their level of knowledge and/or experience in the financial market and their existing savings and investments. Under the new approach, there will be three categories of investors, namely non-qualified investors, qualified investors and professional investors.  

The Bank of Russia is of the view that the previous categorisation system which was restricted to qualified and non-qualified investors disregards the level of financial literacy of the population and investors capability to assume risks arising from investments in complicated financial instruments.

Please click here for a copy of the Bank of Russia's Statement and here for a copy of the Consultation Document in Russian.  No English version of the Consultation Document is available to date.

China: FAQ on Beneficial Ownership under new Qualified Foreign Institutional Investors Regime

On 6 May 2016, the CSRC released an FAQ on the Beneficial Ownership under the new Qualified Foreign Institutional Investors ("QFII") regime. Particularly, the FAQ clarifies that the concepts of a "beneficial owner of securities" and "nominee holder" are recognised under existing CSRC regulations. In addition, the FAQ clarifies that the legal relationship between beneficial owners of securities and QFII nominee holders should be governed by the terms of the contracts put in place between both parties.

Please click here for a copy of the FAQ.

Please also see our Q1 2016 Market Update for information on the Amended Measures for Investment in Domestic Securities by QFIIs, which came into force on 3 February 2016.

Hong Kong: Updated Product Key Facts Statement for ETFs

On 29 April 2016, the SFC released an updated Illustrative Template of the product key facts statement for exchange-traded funds.  The updated Template is applicable to both domestic and overseas domiciled ETFs. In addition to illustrative examples, the Template also provides written instructions and guidance to ETFs for the preparation of key facts statements. 

Please click here for a copy of the Illustrative Template.

Hong Kong: New Authorisation Periods for Fund Authorisation Process

As reported in our 2015 Q3 and Q4 Market Updates, the SFC launched a revised process for the inward marketing of foreign UCITS effective from 9 November 2015.  The six month pilot period for the new process ended on 8 May 2016, and the SFC formally adopted the new process on 9 May 2016 by way of its Circular released on 22 April 2016.

The new process introduces new authorisation periods for applications where a prospective fund to be marketed is a sub-fund under an existing SFC-authorised umbrella fund and applications where an umbrella fund makes an initial application for SFC authorisation. Under the revised process, the former category is to be regarded as a "Standard Application" taking an average of one to two months to process, whereas the latter category comprises a "Non-Standard Application" taking an average of two to three months to process.

In its Circular, the SFC reported that the overall implementation of the revamped process during the pilot period has been positive. In particular, the SFC reported that the quality of new fund applications has generally improved, responses from applicants have been timelier and the overall processing time has reduced in line with the target processing timeframe.

Please click here for a copy of the SFC Circular. In addition, the SFC has released the following updated documents all dated 22 April 2016:

(a) New Information Checklist

(b) Guide on Practices and Procedures for Application for Authorisation of Unit Trusts and Mutual Funds

(c) FAQs on Application Procedures for Authorisation of Unit Trusts and Mutual Funds under the Revamped Process

Middle East

Saudi Arabia: Amendments to Qualified Foreign Investors ("QFI") Investment Rules 

On 3 May 2016, the CMA approved new Amendments which relax the rules permitting QFIs to invest in Tadawul-listed companies.  Particular changes implemented include the following:

(a) The reduction of the minimum required value of AuM for QFIs from SAR 3.75 billion to SAR18.75 billion; and

(b) The removal of QFI investment limits under paragraphs (A/1), (A/2), (A/4) and (A/5) of Article 21 of the QFI Regulations.  QFIs will be permitted to individually own up to 10% of Tadawul-listed companies, and resident and non-resident QFIs will be permitted to collectively own up to 49% of Tadawul-listed companies.

The Amendments are expected to come into force during the first half of 2017.

Please click here for a copy of the CMA's press release.

How Maples can help

Maples Global Registration Services ("Maples GRS")supports UCITS 1  and AIFMs in their multi-market distribution strategies by providing an integrated global network of experts coordinated by a dedicated central team supporting all legal and regulatory aspects governing the cross border marketing of investment funds on both a private placement and public offer basis.

Should you require any further information or assistance in this regard, please do not hesitate to contact a member of the Maples GRS team. 


1 Domiciled in Ireland and Luxembourg

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Emma Conaty
Dhivisha Jeena
In association with
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.