Welcome to RegZone

The clearer view on financial services regulation

RegZone provides you with expert analysis and daily news from the fast-changing world of European financial institution regulation.  Created by CMS regulatory lawyers for those working in banking and finance, insurance, funds and asset management and securities and derivatives.  Sign up here for events, news digest and alerts (relevant to your areas of interest).

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Latest Reports

  • EU flag

    Top report

    CMS Guide to Passporting (UCITS)

    19.02.2018

    We are pleased to issue our updated Guide to Passporting (UCITS): rules on marketing Undertakings for Collective Investment in Transferable Securities in Europe.

    The UCITS Directive was established to harmonise retail collective investment schemes in the EU through the introduction of a common investment vehicle known as a “UCITS”. One of the key benefits of the UCITS Directive is that UCITS can be established and regulated in one EU member state and offered in others without the need for further authorisation by virtue of passporting rights under the UCITS Directive.

    The purpose of this guide is to assist UCITS managers to understand the process and regulatory costs involved in exercising such passporting rights throughout Europe. To view or download our Guide, please click here

  • Europe from space

    We are pleased to issue our updated Guide to Passporting: Rules on Marketing Alternative Investment Funds in Europe.

    The EU Commission promoted passporting rights as one of the key benefits for hedge, private equity, real estate and other alternative investment fund managers authorised under the Alternative Investment Fund Managers Directive (“AIFMD”).

    However, we are now experiencing impediments to the passporting rights as certain domestic regulators are imposing ‘border controls’, and fund managers need to pay fees and comply with various other requirements in order to market their funds cross-border.

    The diversity of the domestic rules makes it challenging for AIFMD authorised managers to assess the costs and various other requirements for penetrating the EU market. This guide provides a road map, which will hopefully assist managers in understanding the costs and other requirements under AIFMD, other EU directives and domestic regulations.

    To view or download a copy of our Guide, please click here.

  • We are pleased to issue our updated Guide to Private Placement of Funds: Accessing European Investors post-AIFMD.

    When implementing the Alternative Investment Fund Managers Directive (“AIFMD”), some EU States have tightened or severely restricted their private placement regimes, which is important when non-EU managers and funds look to access EU investors.

    Our Guide briefly summarises the latest developments in relation to the private placement regimes of EU States, as well as covering certain non-EU States. Please click here to view or download the Guide.

  • Bank

    The Second Payment Service Directive (“PSD2”) entered into force in January 2016 and applies as of 13 January 2018[1]. The main aims of PSD2 are to increase competition, enhance consumer protections, and create a single market for payments across the EEA. The Directive brings new payments systems in-scope and has ...

  • Sailing race image

    We are pleased to launch the 3rd ed. of “10 Things Every Insurer Should Know”, in which we compare 10 key insurance issues across 29 jurisdictions where the CMS Insurance Sector Group operates.

    To view or download the brochure, please click here.

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RegZone Toolkit

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Future Dates

* Estimated date

  • 23 February 2018

    Date by which EIOPA must submit report on evaluation of structure of insurance intermediaries' markets to the European Commission.

  • 23 March 2018

    Deadline for responses to FCA's consultation CP18/4: the Money Market Funds Regulation.

  • 31 March 2018

    Date on which the European Banking Authority's revised XBRL methodology (remittance of data under the EBA implementing technical standards (ITS) on supervisory reporting) will be used in relation to reference dates.

News Wizard

  • 20/02/2018

    ESMA: MiFIR data reporting

    ESMA: MiFIR data reporting
    News Date:
    20/02/2018
    News Text:
    ESMA has updated its Q&A document.
    Support Information:
  • 20/02/2018

    BoE/FCA: Supervision of financial market infrastructures

    BoE/FCA: Supervision of financial market infrastructures
    News Date:
    20/02/2018
    News Text:
    BoE has published its annual report, covering the period from 23 February 2017-20 February 2018. It includes a section on future developments and supervisory priorities for the coming year. FCA has published a short press release on the operation of its MoU with BoE in relation to market infrastructure, noting that the authori...
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  • 20/02/2018

    EC: Actaeon/ReAssure

    EC: Actaeon/ReAssure
    News Date:
    20/02/2018
    News Text:
    The EC has approved, under the EU Merger Regulation, the acquisition of Actaeon by ReAssure, noting that Actaeon provides life insurance based pensions, savings and investments products in the EU and ReAssure is a company controlled by SwissRe. The ECconcluded that the proposed transaction would raise no competition concerns giv...
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  • 20/02/2018

    FSB: Speech by Dietrich Domanski: Evaluating the effects of the financial regulatory reforms on financing for infrastructure investment

    FSB: Speech by Dietrich Domanski: Evaluating the effects of the financial regulatory reforms on financing for infrastructure investment
    News Date:
    20/02/2018
    News Text:
    Text of this speech, given at an FSB workshop on 20 February 2018 follows, in which Dietrich Domanski highlights the possible effects of the G20 regulatory reforms on infrastructure investment.
    Support Information: