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Topic: Collective Investment Schemes

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European Parliament draft report on proposal for a directive amending the AIFMD and UCITS IV Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds

On 16 May 2022, the European Parliament published a draft report concerning the proposal for a directive amending the Alternative Investment Fund Managers Directive (AIFMD) and UCITS IV Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds. The draft report sets … Continue Reading

ESMA guidelines on stress test scenarios under the MMF Regulation

On 4 May 2022, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on stress test scenarios under the Regulation on money market funds (MMF Regulation). The guidelines apply in relation to Article 28 of the MMF Regulation and establish common reference parameters for the stress test scenarios to be … Continue Reading

Commission targeted consultation on MMFs

On 12 April 2022, the European Commission launched a targeted public consultation intended to evaluate the Regulation on money market funds (MMF Regulation). The objective of the consultation is to seek feedback on the functioning of the regulatory framework and to collect data, in particular economic data, on the use of MMFs. The deadline for … Continue Reading

IOSCO seeks feedback on market liquidity issues affecting corporate bond markets under stress and good practices concerning ETFs

On 6 April 2022, the International Organisation of Securities Commissions (IOSCO) published a report, Corporate bond markets – drivers of liquidity during COVID-19 induced market stresses. The report analyses the work of the IOSCO working group on corporate bond market liquidity, which was tasked with analysing the corporate bond market microstructure, resilience and liquidity provision … Continue Reading

ESMA and NCAs find room for improvement in funds’ liquidity stress testing

On 30 March 2022, the European Securities and Markets Authority (ESMA) announced that following a supervisory engagement with investment funds and Member State national competent authorities (NCAs) it had found some room for improvement in funds’ liquidity stress testing. This year the ESMA will facilitate further discussion among NCAs on the application of its liquidity … Continue Reading

ESMA speech on key priorities for the asset management industry in 2022

On 30 March 2022, the European Securities and Markets Authority (ESMA) published a speech given by Natasha Cazenave, Executive Director at the ICI Investment Management Conference. The speech is entitled Key priorities for the asset management industry in 2022: sustainable finance and systemic risk and focusses on: Developing a framework for the asset management industry … Continue Reading

ESRB publishes letters to the Council Working Party and the European Parliament on AIFMD

On 23 March 2022, the European Systematic Risk Board (ESRB) published a letter to the Council Working Party and the European Parliament on the Directive on Alternative Investment Fund Managers (AIFMD) Review. The European Commission’s proposal reflects most of the considerations presented by the ESRB; they particularly welcome the proposal to increase the availability of … Continue Reading

ECA special report on the single market for investment funds

On 21 February 2022, the European Court of Auditors (ECA) published a special report concerning its findings following an audit during the period 2016 to July 2021 which examined how the EU set up a single market for investment funds. The special report concludes that EU actions have enabled a single market for investment funds … Continue Reading

ESMA proposes reforms to improve resilience of MMFs

On 16 February 2022, the European Securities and Markets Authority (ESMA) issued a final report containing an opinion setting out proposed reforms to the regulatory framework for money market funds (MMFs).  The final report is the outcome of the work that ESMA conducted on the reforms of the EU MMF regulatory framework in light of … Continue Reading

ESMA final report on guidelines on stress test scenarios under the MMF Regulation

On 14 February 2022, the European Securities and Markets Authority (ESMA) issued a final report containing updated guidelines that apply in relation to Article 28 of the Regulation on money market funds and establish common reference parameters for the stress test scenarios to be included in the stress tests conducted by money market funds (MMFs) … Continue Reading

ESRB policy recommendation increasing the resilience of MMFs

On 25 January 2022, the European Systematic Risk Board (ESRB) published a policy recommendation intended to contribute to the European Commission’s forthcoming 2022 review of the Regulation on money market funds (MMF Regulation) to address persisting systemic vulnerabilities in certain sub-sectors of private debt MMFs. The Recommendation reflects the aim of an earlier ESRB recommendation … Continue Reading

ESMA CSA on the valuation of UCITS and open-ended AIFs across the EU

On 20 January 2022, the European Securities and Markets Authority (ESMA) announced that it was launching a Common Supervisory Action (CSA) with Member State competent authorities on the valuation of UCITS and open-ended Alternative Investment Funds (AIFs) across the EU. Throughout 2022 the CSA will focus on authorised managers of UCITS and open-ended AIFs investing … Continue Reading

New online briefing note – European Commission’s AIFMD legislative proposal: Focus on delegation

We have published a new online briefing note on the European Commission’s AIFMD legislative proposal focussing on delegation.… Continue Reading

Commission proposal to amend ELTIF Regulation

On 25 November 2021, the European Commission published a proposal for a Regulation amending the Regulation on European long-term investment funds (ELTIFs). The changes relate to the scope of eligible assets and investments, the portfolio composition and diversification requirements, the borrowing of cash and other fund rules and as regards requirements pertaining to the authorisation, … Continue Reading

Commission proposal regarding delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by AIFs

On 25 November 2021, the European Commission published a proposal for a Directive that would amend the Alternative Investment Funds Managers Directive (AIFMD) and UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds. Pages 11 to 16 of the proposal … Continue Reading

nvestment Association/Norton Rose Fulbright: Model Discretionary Investment Management Agreement (V 3.0)

On 4 November 2021, the Investment Association published version 3.0 of its model discretional investment management agreement, in co-operation with Norton Rose Fulbright. The model agreement is a template agreement relating to the appointment of a discretionary investment manager by a client that has been categorised by the manager as a professional client. The model … Continue Reading

European Parliament draft reports

On 18 October 2021, the European Parliament published the following reports: Draft Report on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities (UCITS) (PE697.633v01-00) (dated 14 October 2021). … Continue Reading

Commission consultation on amendments to UCITS Directive on PRIIPs KID exemption

On 5 August 2021, the European Commission issued for consultation a draft Directive amending the UCITS Directive as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities. The draft Directive inserts a new Article 82a in the UCITS Directive. The Article provides that where a key … Continue Reading

ESMA publishes official translations of guidelines for funds’ marketing communications

On 2 August 2021, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines for funds’ marketing communications under Article 4 of the Regulation on the cross-border distribution of collective investment undertakings. The guidelines will apply from six months after the date of the publication of the translations.… Continue Reading

Draft Directive amending UCITS IV Directive as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities

On 16 July 2021, the European Commission adopted a Directive that amends the UCITS IV Directive as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities (UCITS). Article 32 of Regulation No 1286/2014 on key information documents for packaged retail and insurance-based investment products provides for … Continue Reading

ESMA publishes first overview of national rules governing fund marketing

On 1 July 2021, the European Securities and Markets Authority (ESMA) published its first report on national rules governing the marketing of investment funds under the Regulation on cross-border distribution of funds. Specifically, the report presents an overview of marketing requirements referred to in Article 5(1) of the Regulation in all Member States and contains … Continue Reading

FSB consults on MMF resilience

On 30 June 2021, the Financial Stability Board issued a consultation report setting out policy proposals to enhance money market fund (MMF) resilience, including with respect to the appropriate structure of the sector and of underlying short-term funding markets. The report considers the likely effects of a broad range of policy options to address MMF … Continue Reading

Guidelines on stress test scenarios under the MMF Regulation

On 29 June 2021, the European Securities and Markets Authority (ESMA) published guidelines that apply in relation to Article 28 of the Money Market Funds Regulation and establish common reference parameters for the stress test scenarios to be included in the stress tests conducted by money market funds (MMFs) or managers of MMFs in accordance … Continue Reading

ESMA guidelines under Article 25 AIFMD

On 23 June 2021, the European Securities and Markets Authority’s guidelines on Article 25 of the Alternative Investment Fund Managers Directive were translated into the official EU languages. The guidelines apply from 23 August 2021.… Continue Reading
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