RegBrief summarises key recent legal and regulatory developments of relevance to our financial regulatory clients.
Application of AIFMD passport: On 19 January 2016, ESMA published a letter from the European Commission dated 17 December 2015 in relation to ESMA’s advice of 30 July 2015 on the application of the AIFMD passport to non-EU AIFMs and AIFs, and ESMA’s opinion on the functioning of the passport for EU AIFMs and the national private placement regimes. For further detail, read the Client Briefing issued by our Asset Management and Investment Funds Group.
Irish Consultation: The Department of Finance has published a Consultation Paper (in conjunction with the Department of Justice and Equality) on Member State discretions contained in the Fourth Money Laundering Directive (MLD4) and the Wire Transfer Regulation. The consultation closes on 4 March 2016. Key aspects of the consultation relate to whether gambling services should be exempt on proof of low risk, whether entities should be permitted not to apply certain customer due diligence measures…