The European Commission published a revised methodology for identifying high-risk third countries on 7 May 2020.
Its key new elements are an increased interaction with the Financial Action Task Force (FATF) listing process; an enhanced engagement with the third countries; and reinforced consultation of Member States and the European Parliament.
The updated list refers to the following: Afghanistan, Bahamas, Barbados, Botswana, Cambodia, Ghana, Iraq, Jamaica, Mauritius, Mongolia, Myanmar/Burma, Nicaragua, Pakistan, Panama, Syria, Trinidad and Tobago, Uganda, Vanuatu, Yemen, Zimbabwe.
You are hereby informed that the Association has obtained a positive legal opinion from a Law Firm in Russia according of which CIFs are allowed to provide investment and ancillary services and/or perform investment activities inter alia to clients located in the Russian Federation, without the need of authorisation by the competent supervisory authorities of the country.
A certified copy of the legal opinion is available from the Association for its Members at the price of €500+19%vat and for non-Members at the price of €700+19%vat.
For any additional questions or clarification please contact us via phone (22 815725) or via e-mail:
In an effort to assist not only its Members, the Association has obtain an offer by a competent professional, for the preparation of the legal agreement "Portfolio Agreement of an AIF" in English.
For more information please press the button below
The International Organization of Securities Commissions (IOSCO) has identified, amongst other things, five priority issues for 2020, namely:
(a) cryptoassets: By the end of the month, IOSCO will publish its final report on issues, risks and regulatory considerations relating to crypto-asset. The Board will also finalise a regulatory risk review around investment funds with exposures to crypto-assets due to be completed in early 2020. Ongoing work in relation to ‘Global Stablecoins’ will continue throughout 2020 with a report expected early 2020;
(b) market fragmentation: IOSCO will analyse potentially harmful market fragmentation and will work to identify good practices that can assist regulators when they establish processes for deference and deepening supervisory cooperation;
(c) artificial intelligence & machine learning: During 2020, IOSCO will consult on the use of artificial intelligence and machine learning by market intermediaries and asset managers and expects to publish a final report by the end of the year;
(d) passive investing and index providers: IOSCO is developing a thematic analysis of the impact of the growth of passive investing on equity capital markets. Additionally, IOSCO has also launched a review of conduct-related issues in relation to index providers. The findings of this work will be delivered in a report to the IOSCO board in late 2020; and
(e) retail distribution and digitalisation: In 2020, IOSCO will build on its recent work on over-the-counter leveraged products and intends to develop a toolkit of policy measures to address and mitigate the risks posed by online cross-border marketing and distribution. The toolkit will also contain guidance on enforcement approaches.
From 1 February 2020, the UK’s FCA is no longer a member of ESMA’s Board of Supervisors or participate in any of ESMA’s other governance bodies, as set out in the terms of the Withdrawal Agreement.
ESMA reminds firms that EU law will continue to apply to the UK, as if it were a member state, during the transition period / implementation period up until 31 December 2020.
This means that the rights and obligations for UK entities will continue to apply such as reporting and notification obligations under the revised Markets in Financial Instruments Directive, the Markets in Financial Instruments Regulation, the European Markets Infrastructure Regulation, the Central Securities Depositories Regulation and the Alternative Investment Fund Managers Directive.
ESMA will also continue to directly supervise registered credit rating agencies, trade agencies, trade repositories and securitisation repositories established in the UK.