Worldwide: Global Registration Services – Market Update, Q2 2017

Last Updated: 22 August 2017
Article by Emma Conaty and Stephen Reilly



On 24 May 2017, the European Securities and Markets Authority ("ESMA") published an updated Q&A on the application of AIFMD and its implementing measures.  The Q&A contains three new questions which clarify issues relating to the following:

(a) Annex IV Reporting: how AIFMs should report information on the breakdown between retail and professional investors when this information is not available;

(b) AIF Management Passport: where an AIFM intends to manage AIFs domiciled in another EU Member State by way of the AIF management passport, the information it must provide on those AIFs in its programme of operations; and

(c) EMIR: whether an AIF can make use of the exemption for intragroup transactions under Article 4(2) of EMIR where it is subject to the clearing obligation in Article 4(1) of EMIR.

Czech Republic: Q&A on Marketing of EU AIFs

The Czech National Bank ("CNB") published a Q&A on "Marketing of investment in the Czech Republic in EU alternative investment funds" on the procedure for marketing of an EU AIF in the Czech Republic which is managed by an EU AIFM.  The Q&A addresses the rules applicable to "non-public marketing" and "public marketing" of an AIF, both to "qualified investors" and "unqualified investors".  While most of the information relates to marketing by authorised AIFMs, the Q&A also deals with marketing by sub-threshold AIFMs.

Ireland: AIFMD Q&A

As outlined in our Funds Quarterly Update, the Central Bank of Ireland ("CBI") published the 25th edition of its AIFMD Q&A on 15 May 2017 which contains a new question (ID 1123) on how authorised AIFMs and internally managed AIFs submit details of their designated email address to the CBI.

Luxembourg: FAQ on AIFM Law – PRIIPs Regulation

The Commission de Surveillance du Secteur Financier updated its FAQ on the Luxembourg AIFM Law in the context of Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (the "PRIIPs Regulation").  Although the FAQ mostly relates to Luxembourg AIFs, it may have relevance for Irish AIFMs who manage Luxembourg AIFs.

Norway: Notification Forms for Marketing AIFs

On 28 June 2017, the Financial Supervisory Authority of Norway published template application forms for registering an AIF under Section 6-4 of the Norwegian AIFM Act (i.e. implementing Article 36 of AIFMD) and Article 6-5 of that Act (i.e. implementing Article 42 of AIFMD).  These forms are relevant for a EU AIFM wishing to register a non-EU AIF for marketing to professional investors in Norway (i.e. Article 36 of AIFMD) or a non-EU AIFM wishing to register an AIF for marketing to professional investors in Norway (i.e. Article 42 of AIFMD).

UK: Changes to Annex IV Reporting Obligations

As reported in our 1 March 2017 Client Update, the UK Financial Conduct Authority ("FCA") published  amended Annex IV reporting rules on 25 January 2017, which prescribe new reporting requirements applicable to non-EEA AIFMs that have feeder AIFs marketed in the UK under Article 42 of AIFMD.  The new rules apply to such non-EEA AIFMs that have quarterly reporting obligations, and came into effect on 29 June 2017.


Capital Markets Union

ESMA Response to CMU Consultation

On 6 April 2017, ESMA published its response to the Commission Consultation Document on Capital Markets Union ("CMU") Mid-Term Review 2017. ESMA's response is focused on four specific areas, namely supervisory convergence, financial data, SMEs and crowdfunding.

Notification Frameworks and Home-Host Responsibilities under UCITS and AIFMD

On 7 April 2017, ESMA published its final report, which concluded its thematic study on the notification frameworks under UCITS and AIFMD.  The study focused on practical aspects of the management and marketing passports under UCITS and AIFMD, including cooperation between EEA national competent authorities ("NCAs") with the aim of enhancing supervisory convergence amongst NCAs and promoting the smooth operation of the passports.  All 31 NCAs provided ESMA with feedback.  Based on these responses, ESMA did not find any immediate shortcomings, but identified a number of good supervisory practices to enhancing the supervision of cross-border activities pursued by UCITS, their management companies and AIFMs.  The study also exposed a number of other issues concerning the functioning of the passports which did not form part of the assessment, e.g. the potential for different interpretation of legislation, the content of notification documents and risk management of funds operating on a cross-border basis.  ESMA indicated that a further analysis of these issues will follow.

European Commission on Cross-Border Distribution of Funds

On 21 June 2017, the European Commission published an Inception Impact Assessment on "Reducing barriers to cross-border distribution of investment funds", which is available here. It is designed to inform stakeholders about the Commission's work in this area, in order to facilitate effective participation by stakeholders in future consultation activities.

The Commission made reference to a range of national regulatory barriers which reduce the effectiveness of the UCITS and AIFMD marketing passports, and which are due to varying approaches by Member States in how the marketing passports may be exercised.  These barriers were identified in responses to a public consultation on the cross-border distribution of investment funds, and include, among others, differing marketing requirements/practices; requirements to appoint local agents; additional disclosure requirements; as well as differing and non-transparent regulatory fees; which act as a disincentive to distributing funds more widely, ultimately leading to market fragmentation, less competition and less investor choice.

The European Commission will explore legislative and non-legislative initiatives, to address these barriers, including harmonisation of national marketing requirements and practices; prohibition of or imposition of conditions surrounding requirements to appoint local agents and introducing a principle of proportionality between the regulatory fees and the supervisory work undertaken.


On 24 May 2017, ESMA published an updated Q&A on the application of UCITS and its implementing measures.  The Q&A features a new question on whether a UCITS can make use of the exemption for intragroup transactions under Article 4(2) of EMIR where it is subject to the clearing obligation in Article 4(1) of EMIR.

Belgium: FSMA FAQ on Approval of Advertising Material

The FSMA has updated its FAQ on the approval of advertising material.  The updates relate to the use of a template for certain advertising materials relating to the public offer of UCITS or AIFs.  The FAQ is available here.

Ireland: UCITS Q&A

On 28 June 2017, the CBI published the 18th edition of its UCITS Q&A which contains two new questions (ID 1077 and ID 1078) on compliance with ESMA's Opinion on Share Classes of 30 January 2017.

As outlined in our Funds Quarterly Update, the CBI published the 17th edition of its UCITS Q&A on 15 May 2017, with a new question (ID 1076) on how UCITS management companies and UCITS self-managed investment companies submit details of their designated email address to the CBI.

Asia Pacific

Australia: Temporary Reinstatement of Relief for Foreign Entities with Limited Connection to Australia

The Australian Securities & Investments Commission ("ASIC") has extended the application of Class Order 03/824 in its existing form until 27 September 2018.  Class Order 03/824 provides relief to foreign entities from the need to hold an Australian financial services ("AFS") licence where they only deal with wholesale clients.  As reported in our Q4 2016 Market Update, this Class Order was due to expire on 1 April 2017, as ASIC were of the view that it was no longer necessary in light of the licensing exemption contained in section 911A(2E) of the Corporations Act 2001.  Owing to strong support for the continuation of Class Order 03/824 from industry stakeholders in submissions on Consultation Paper 268 on Licensing relief for foreign financial services providers with a limited connection to Australia ("CP 268"), ASIC arranged for its temporary continuation through the ASIC Corporations (Foreign Financial Service Providers – Limited Connection) Instrument 2017/182.  ASIC accepted that section 911A(2E) is not a complete replacement for Class Order 03/824 as its scope is limited to only certain types of financial products.

ASIC have requested further information from industry stakeholders on a number of specific points concerning Class Order 03/824 during the extension period, failing which the Class Order is likely to be repealed.  The extension period is aligned with the extension period granted for certain class orders applicable to regulated foreign financial service providers ("FFSPs") from the UK, the US, Singapore, Hong Kong and Germany, as reported in our Q4 2016 Market Update.  This will allow ASIC to conduct a complete review of all reliefs and exemptions available for foreign entities that provide services to wholesale clients in Australia in order to facilitate an informed decision about whether those reliefs should continue in the long term.

Hong Kong: Licensing Handbook

On 21 April 2017, the Securities and Futures Commission ("SFC") published a licensing handbook on licensing and registration matters administered by the SFC under the Securities and Futures Ordinance ("SFO").  It provides an overview of regulated activities which require a licence or registration, as well as the requirements and process for obtaining such licence or registration.  As well as expanding and updating the information which was previously available from the SFC through the licensing information booklet, FAQs and circulars, the licensing handbook centralises the information in a more readily accessible form.

Hong Kong: Revamped Post-Authorisation Process

The SFC has published a Circular and FAQ  concerning the pilot launch of a revamped process for post-authorisation applications (the "Revamped Process").  Under the Revamped Process, the SFC aims to enhance the processing of applications for approval of post-authorisation changes, e.g. authorisation of revised offering documents, termination or merger of funds and withdrawal of authorisation.  The Revamped Process took effect on 1 August 2017 as part of a pilot period which will end on 31 January 2018.  The SFC will review the Revamped Process during the pilot period and may introduce further changes.

Singapore: Guidelines on Standards of Conduct for Marketing and Distribution Activities by Financial Institutions

On 1 April 2017, the Guidelines on Standards of Conduct for Marketing and Distribution Activities came into effect in Singapore. Issued by the Monetary Authority of Singapore ("MAS"), they set out safeguards which should be adhered to by financial institutions and their representatives who conduct marketing and distribution activities that target retail customers.  While the safeguards are primarily designed to address risks arising from marketing at retail outlets and in public places, the MAS also expect financial institutions to apply the guidelines to all other activities used to market their financial products and services to retail customers, e.g. holding seminars.

How Maples Can Help

Maples Global Registration Services ("Maples GRS") supports UCITS[i] 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 any member of the Maples GRS team. 


 [i] 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
In association with
Related Topics
Related Articles
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

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 or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq 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 of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions