Global Trustee and Fiduciary Services News and Views

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Global Trustee and Fiduciary Services News and Views | Issue 47 | 2017 3
More broadly, asset managers will also be keen to review our articles on topics that will no doubt
be taking priority in their regulatory implementation plans for this year and over the next couple of
years, specifically the GDPR, 4AMLD, SM&CR and potentially the UK’s Financial Conduct Authority’s
Asset Management Market Study.
In this edition, we also consider questions or topics arising from the Central Bank of Ireland’s
strategic plan, bonus caps for Dutch AIFMs and UCITS managers, the separation of enforcement
from UK regulators, a new corporate fund in Sweden and Company Reform Law in Luxembourg.
Of course, regulation does not stand still, as demonstrated by Europe’s proposals, made
on 21 December 2016, for a fifth anti-money laundering directive (due to come into effect
at the same time as the fourth) and an associated proposal that aims to counter money
laundering by criminal law.
Nor are the findings of national competent authorities mutually exclusive, with BaFIN and Sweden’s
Finansinspektionen being the latest regulators to raise concerns over active funds with a low active
share (i.e. closet trackers), following the FCA’s Thematic Review on Meeting investors’ expectations
— all of which were prompted by ESMA’s supervisory work on closet indexing early in 2016. We will
continue to monitor developments as they unfold.
We would like to thank all our external contributors for their time and insights: we are grateful to
them for sharing their knowledge and experience with us and our readership.
In keeping with previous editions, we hope you continue to enjoy Global Trustee and Fiduciary
Services News & Views, and invite you to contact our Regulatory Services team (see contact
details at the back) with any questions you might have or interests to learn more about
any regulatory matters not covered in this edition.
Asset management focus . . . Other topics covered in this edition . . .
What’s the Central Bank of Ireland’s
Strategic Plan for 2016-2018?
Will there be a bonus cap for Dutch
AIFMs and UCITS managers?
Should enforcement be seperated from
the UK’s financial regulators?
What’s the latest on a new kind of
Corporate Fund in Sweden and on
Company Law Reform in Luxembourg?
How do they
figure in your
implementation
plans?
4th EU
Anti-Money
Laundering
Directive
Senior
Managers and
Certification
Regime
FCA Asset
Management
Market Study:
Interim Report
General Data
Protection
Regulation