Macfarlanes

The first step of any EU merger control analysis is to assess whether or not a transaction falls within the jurisdiction of the EU Merger Regulation, which only applies to concentrations with an 'EU dimension’. To assess whether there is an EU dimension, it is necessary to consider the turnover (or revenue) of the parties to a transaction, and there are specific rules relevant to the calculation of turnover. This Practice Note looks at how turnover is calculated, with reference to the EU Merger Regulation (Regulation 139/2004) and the European Commission’s Consolidated Jurisdictional Notice.

This essentials note discusses the EU environmental social governance (ESG) (also referred to as sustainability) integration measures, which amend delegated acts under the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD), the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive 2009/65/EC and the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II), including impact on the industry and new concepts.

This Practice Note provides an overview of the organisational and valuation requirements under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD), as supplemented by the EU AIFMD Level 2 Regulation. It explains key provisions in relation to systems and controls, asset valuation, rules and procedures on net asset value (NAV) calculations as well as provisions relating to delegation, such as prior notification requirements and parameters around sub-delegation.

This essentials Practice Note discusses the EU environmental social governance (ESG) (also referred to as sustainability) integration measures, which amend delegated acts under the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD), the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive 2009/65/EC and the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II), including impact on the industry and new concepts.

This Practice Note considers the role of depositaries under the EU Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) regime. It examines the requirements for a depositary under the AIFMD, the functions of depositaries, delegation, liability, the depositary agreement and the EU legislative background to AIFMD depositaries.

This Practice Note considers the role of depositories of undertakings for collective investment in transferable securities (UCITS) funds (ie open-ended collective investment schemes (CIS) which are undertakings for collective investment in transferable securities) and the provisions of Directive 2009/65/EC (the UCITS Directive) as amended by Directive 2014/91/EU (UCITS V) and supplementing delegated regulations. It examines the obligations and requirements of a depositary, who can act as a depositary, liability, and delegation restrictions.

This Practice Note considers the role of depositories of Undertakings for Collective Investment in Transferable Securities (UCITS) funds (ie. open-ended collective investment schemes (CIS) which are undertakings for collective investment in transferable securities) and the provisions of Directive 2009/65/EC (the UCITS Directive) as amended by Directive 2014/91/EU (UCITS V), supplementing delegated regulations and UK implementing measures (such as those in the Financial Conduct Authority (FCA) Handbook) and retention measures following the end of the Brexit transition period. It examines the obligations and requirements of a depositary, who can act as a depositary, liability, and delegation restrictions.