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From 22 July 2013, a large group of "AIFMD exempt" European venture capital managers may elect for "EuVECA" status of their venture capital funds. Provided that they comply with certain requirements, substantially less material than those...

The European Securities and Markets Authority (ESMA)'s consolidated Guidelines on ETFs and other UCITS issues (Guidelines)  entered into force on 18 February 2013. On the same day, the Commission de Surveillance du Secteur Financier (CSSF) published...

International regulators have now published a ‘near-final’ policy framework setting minimum standards for margin requirements for uncleared derivatives. “Margin requirements for non-centrally cleared derivatives - Second consultative document”...

On March 4, 2013, the Office of Compliance Inspections and Examinations ("OCIE") of the Securities and Exchange Commission (the "SEC") issued a Risk Alert identifying "significant deficiencies" in compliance with Rule 206(4)-2 (the...

Clifford Chance's International Regulatory Update is a weekly digest of significant regulatory developments affecting banking and investment banking business, drawing on our daily content from our Alerter: Finance Industry service

On 28 December 2012, China announced the amendment of its Securities Investment Funds Law which for the first time, regulates privately-placed securities investment funds.  The Amended Law provides a safe harbour for private placements while also imposes...

It is always exciting to unwrap a Christmas present, even one that is sock-shaped. And after many months of waiting, many will flick through the Commission's Level 2 Alternative Investment Fund Managers Directive (AIFMD) Delegated Regulation, issued on 19...

In line with domestic and international developments in the financial sector the Monetary Authority of Singapore (MAS) has reviewed its resolution regime and proposed certain changes to Monetary Authority of Singapore Act (Cap. 186) (MAS Act).  Such proposals,...

Clifford Chance's International Regulatory Update is a weekly digest of significant regulatory developments affecting banking and investment banking business, drawing on our daily content from our Alerter: Finance Industry service

New Dutch rules prohibiting certain financial institutions from investing in companies that produce, sell or distribute cluster munition have entered into force on 1 January 2013. The prohibition applies to Dutch financial institutions that are banks, fund managers,...