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Topic: Collective Investment Schemes

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ESMA peer review on guidelines on ETFs and UCITS issues

On 30 July 2018, the European Securities and Markets Authority (ESMA) published a final report concerning its peer review on the guidelines on exchange traded funds (ETFs) and other UCITS issues. The peer review assessed six national competent authorities from Estonia (Finantsinspektsioon), France (Autorité des Marchés Financiers), Germany (BaFin), Ireland (Central Bank of Ireland), Luxembourg … Continue Reading

ESMA updates EMIR implementation Q&As

On 12 July 2018, European Securities and Markets Authority updated its Q&As on the implementation of the European Market Infrastructure Regulation. The updated Q&As concern funds and counterparties; LEI changes due to mergers and acquisitions; and reporting transaction scenarios to trade repositories.… Continue Reading

ESMA updates AIFMD and UCITS Q&As

On 23 July 2018, the European Securities and Markets Authority (ESMA) updated its Q&As on the application of the UCITS Directive and the AIFMD. The new UCITS Q&As relates to issuer concentration, UCITS investment, supervisory responsibilities of competent authorities, and depositaries. The new AIFMD Q&As concern the supervisory responsibilities of competent authorities.… Continue Reading

ESMA letter to European Commission on implementation of MMF Regulation

On 20 July 2018, the European Securities and Markets Authority published a letter from its Chair, regarding the implementation of the Money Market Funds (MMF) Regulation, and the compatibility of the reverse distribution mechanism, often referred to as ‘share cancellation’. In the letter, ESMA calls upon the European Commission to make clear to the public, … Continue Reading

ECON draft report on proposed Omnibus Regulation and proposed Regulation amending ESRB Regulation

On 18 July 2018, the European Committee on Economic and Monetary Affairs (ECON) published draft reports on the proposed: Omnibus Regulation; and Regulation amending the European Systemic Risk Board. The draft reports contain draft European Parliament legislative resolutions which provide suggested amendments to their respective instruments.… Continue Reading

Commisison adopts AIFMD and UCITS Delegated Regulations clarifying depositaries’ safe keeping obligations

On 12 July 2018, the European Commission published: Delegated Regulation amending Commission Delegated Regulation (EU) No. 231/2013 with regard to the safekeeping duties of depositaries; and Delegated Regulation amending Commission Delegated Regulation (EU) No. 2016/438 with regard to the safekeeping duties of depositaries. Both Delegated Regulations clarify that assets of UCITS, alternative investment funds and … Continue Reading

Draft Delegated Regulation amending Delegated Regulation 2016/438 as regards safe-keeping duties of depositaries

On 30 May 2018, the European Commission published a draft Delegated Regulation amending Delegated Regulation (EU) No 2016/438 as regards safe-keeping duties of depositaries. The purpose of the draft Delegated Regulation is to modify Delegated Regulation No 2016/438 which supplements the UCITS Directive. Article 16 of the Delegated Regulation has been interpreted by some as … Continue Reading

Draft delegated regulation amending delegated regulation 231/2013 as regards safe-keeping duties of depositaries

On 30 May 2018, the European Commission published a draft Delegated Regulation amending Delegated Regulation (EU) No. 231/2013 as regards safe-keeping duties of depositaries. The purpose of the draft Delegated Regulation is to modify Delegated Regulation (EU) No 231/2013 which supplements the Alternative Investment Fund Managers Directive (AIFMD). Article 99 of the Delegated Regulation has … Continue Reading

ESMA updates UCITS Q&As

On 25 May 2018, the European Securities and Markets Authority updated its Q&As on the UCITS Directive. The Q&As include a new question and answer on the application of remuneration disclosure requirements to staff of the delegate of an UCITS management company to whom investment management functions have been delegated.… Continue Reading

Global asset management quarterly – Ninth edition now available

The latest edition of global asset management quarterly is now available online. This issue includes the following: UK and European overview; UK tax treatment of “loyalty bonuses” paid to investors; Omnibus Regulation; FCA asset management market study; Ireland update; Luxembourg update; Asset management in South Africa – ten things to know; Hong Kong regulators turn … Continue Reading

MMF ITS published in OJ

On 15 May 2018, there was published in the Official Journal of the EU (OJ) Commission Implementing Regulation (EU) 2018/708 of 17 April 2018 laying down implementing technical standards with regard to the template to be used by managers of money market funds when reporting to competent authorities as stipulated by Article 37 of the … Continue Reading

MMF Delegated Regulation on investment requirements

On 10 April 2018, the European Commission adopted a Delegated Regulation on simple, transparent and standardised securitisations and asset-backed commercial papers, requirements for assets received as part of reverse repurchase agreements and credit quality assessment methodologies under the Regulation on money market funds. The Council of the EU and the European Parliament will consider the … Continue Reading

RTS to ELTIF Regulation published in OJ

On 23 March 2018, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2018/480 of 4 December 2017 supplementing Regulation (EU) 2015/760 of the European Parliament and of the Council with regard to regulatory technical standards on financial derivative instruments solely serving hedging purposes, sufficient length of the life … Continue Reading

ESMA publishes translations for guidelines on stress tests scenarios under Art. 28 MMF Regulation

On 21 March 2018, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on stress test scenarios under Article 28 of the Money Markets Funds Regulation. Member State national competent authorities must notify ESMA whether they comply or intend to comply with the guidelines within two months of the date … Continue Reading

Capital Markets Union: covered bonds, cross-border distribution of investment funds and cross-border transactions in claims and securities

Introduction On 12 March 2018, the European Commission published legislative proposals that are linked to the Capital Markets Union (CMU). The proposals are intended to boost the cross-border market for investment funds, promote the EU market for covered bonds as a source of long-term finance and ensure greater certainty for investors when dealing in cross-border … Continue Reading

ESRB recommendation on leverage and liquidity in investment funds

The European Systemic Risk Board (ESRB) has published a recommendation on action to address systemic risks related to liquidity mismatches and the use of leverage in investment funds. … Continue Reading

Commission survey on functioning of the AIFMD

The European Commission has contracted a firm to carry out research on how the Alternative Investment Fund Managers Directive (AIFMD) has worked in practice and to what extent its objectives have been met. The survey aims to gather stakeholders’ views on: the AIFMD’s requirements; their experience in applying them; and the market impacts of the … Continue Reading

Commission Roadmap – Delegated Act on MMF Regulation

European Commission Roadmaps and inception impact assessments describe the scope, purpose and timing of new law and policies. They also set out plans for evaluations of existing laws or ‘fitness checks’ of multiple laws. The Commission has now published a Roadmap on the Delegated Act on the Money Market Funds Regulation (MMF Regulation) specifying quantitative … Continue Reading

Commission adopts Delegated Regulation supplementing ELTIF Regulation

The European Commission has adopted a Delegated Regulation supplementing the Regulation on European long-term investment funds (ELTIF Regulation). The Delegated Regulation contains regulatory technical standards specifying: the criteria for establishing the circumstances in which the use of financial derivative instruments solely serves hedging purposes under Article 9(3) of the ELTIF Regulation; the circumstances in which … Continue Reading

IOSCO reports on fourth hedge fund survey

The International Organization of Securities Commissions (IOSCO) has published its latest biannual Hedge Fund Survey report.  The report uses data that was collected by the following authorities: AMF (France), BaFin (Germany), Central Bank of Ireland, CSSF (Luxembourg), FCA (UK), MAS (Singapore), SEC (United States) and SFC (Hong Kong) and with input from the Cayman Islands … Continue Reading

IOSCO final report on good practices for termination of investment funds

The International Organization of Securities Commissions (IOSCO) has published a report on good practices for the termination of investment funds. The report sets out good practices on the voluntary termination of collective investment schemes and other fund structures such as commodity, real estate and hedge funds. In its report, IOSCO highlights the importance for investment … Continue Reading

ESMA keynote speech on priorities for 2018

The European Securities and Markets Authority (ESMA) has published a keynote speech given by its chairman, Steven Maijoor. The speech covers ESMA’s priorities for 2018 and focuses on ESMA’s work in the area of investment management: costs and charges, stress testing and supervisory convergence in the context of Brexit. In relation to costs and charges … Continue Reading

ESMA final report on MMF Regulation

Article 15(7) of the Money Market Funds Regulation (MMF Regulation) empowers the European Commission (Commission) to adopt delegated acts specifying the liquidity and credit quality requirements applicable to assets received as part of a reverse repurchase agreement. Article 22 of the MMF Regulation empowers the Commission to adopt a delegated act specifying: the criteria for … Continue Reading

Official Journal: Regulation amending EuVECA Regulation and EuSEF Regulation

Earlier this year we blogged that the European Commission had reached agreement with the Council of the EU and the European Parliament concerning amendments to the Regulation on European venture capital funds and the Regulation on European social entrepreneurship funds. The objective of the reforms is to improve access to finance for small and growing … Continue Reading
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