MiFID II

FCA comments on the extraterritorial effect

PHILIP J. MORGAN, MICHAEL W. MCGRATH and JAMES D. KERR, K&L GATES LLP

In a letter to the Alternative Investment Management Association (AIMA) made available to AIMA members on Monday, August 7, the Financial Conduct Authority (FCA) responded to a request from AIMA seeking interpretation and guidance on MiFID II requirements related to the delegation of certain management functions to non-EU firms, including US subadvisors. The provisions at issue (specifically, Article 31 (outsourcing) of the MiFID II delegated regulation and Article 24 (inducements) of the MiFID...

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