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Topic: Collective investment schemes

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ESMA updates Q&As on AIFMD

On 4 December 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the application of the Alternative Investment Fund Managers Directive (AIFMD). The updated Q&As insert a new question and answer into Section III on reporting to national competent authorities under Articles 3, 24 and 42, explaining how … Continue Reading

New Global Asset Management webinar: Europe – Member State domestic regimes

In the second webinar of our global asset management series, our team from the UK, Germany, France, the Netherlands, Italy and Luxembourg provide their insight and views on their domestic regime’s approach to marketing, investors and structure. The webinar can be viewed here. For further information, please visit our Asset Management Regulation hub that houses … Continue Reading

ESMA publishes stress simulation framework for investment funds

On 2 September 2019, the European Securities and Markets Authority (ESMA) published a final report on guidelines on liquidity stress testing in UCITS and AIFs (the Guidelines). In April 2018, the European Systemic Risk Board (ESRB) published a set of recommendations to address liquidity and leverage risk in investment funds. One of the ESRB’s recommendations … Continue Reading

ESMA final guidance on liquidity stress test guidance for investment funds

On 2 September 2019, the European Securities and Markets Authority (ESMA) published its final guidance regarding liquidity stress testing of investment funds – applicable to Alternative Investment Funds (AIFs) and Undertakings for the Collective Investments in Transferable Securities (UCITS). The report follows an earlier consultation in February 2019 (see previous blog post here) on draft … Continue Reading

IOSCO statement on liquidity risk management recommendations

On 18 July 2019, the International Organization of Securities Commissions (IOSCO) published a statement that explains why its 2018 Liquidity Risk Management Recommendations (2018 LRM Recommendations) provide a comprehensive framework for regulators to deal with liquidity risks in investment funds. The statement follows recent media coverage of liquidity problems that have recently affected some investment … Continue Reading

ESMA consults on draft guidelines on performance fees in UCITS

On 16 July 2019, the European Securities and Markets Authority (ESMA) issued a public consultation on draft guidelines on performance fees under the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. The draft guidelines aim to improve harmonisation in the way in which performance fees can be charged to UCITS. This follows a mapping … Continue Reading

Global Asset Management Quarterly

The latest issue of Global Asset Management Quarterly is now available here. In this issue we cover: Sustainable finance is a trend set to stay Brexit: latest developments Luxemburg update Ireland update The proposed Australian corporate collective investment vehicle SFC raises disclosure requirements for Green or ESG funds Mutual recognition of funds: Netherland – Hong … Continue Reading

ESMA updates Q&As on application of AIFMD

On 4 June 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Alternative Investment Fund Managers Directive (AIFMD). Five new Q&As have been inserted under Section VI regarding depositories, namely asking: Under recital 42 of AIFMD, what are ‘supporting tasks that are linked to depositary tasks such … Continue Reading

ESMA updates Q&As on application of UCITS Directive

On 4 June 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. Five new Q&As have been inserted, regarding: the distinction between depositary tasks and mere supporting tasks; depositary tasks entrusted to third parties; performance of depositary functions … Continue Reading

ESMA issues first pan-EU overview of use of supervisory sanctions for UCITS

On 4 April 2019, the European Securities and Markets Authority (ESMA) issued its first annual report on sanctions imposed by Member State competent authorities (NCAs) under the UCITS Directive. The report provides an aggregated overview of the penalties and measures issued under the UCITS Directive for 2016/2017, based on data submitted to ESMA by NCAs.… Continue Reading

ESMA updates Q&As on UCITS, AIFMD and MAR

On 29 March 2019, the European Securities and Markets Authority updated its Q&As on: the UCITS Directive. Specifically, the Q&As clarify the UCITS KIID benchmark and past performance obligations; the Alternative Investment Fund Managers Directive. New Q&As have been added on the calculation of leverage; and the Market Abuse Regulation. New Q&As have been added … Continue Reading

ESMA consults on draft RTS on ELTIF costs disclosure

On 28 March 2019, the European Securities and Markets Authority (ESMA) published a consultation paper on draft regulatory technical standards (RTS) under Article 25 of the European Long-Term Investment Funds Regulation (ELTIF Regulation). Article 25(3) of the ELTIF Regulation provides for ESMA to develop draft RTS to determine the costs disclosure requirements applicable to ELTIF managers. … Continue Reading

Global Asset Management Quarterly

The latest issue of Global Asset Management Quarterly is now available here. In this issue we cover: UK and European overview Brexit: Financial Services Contracts Regime Brexit: EU Level 3 measures London financial services team client briefing: buy-side focus FCA Asset Management Market Study: FCA tightens the rules further VAT: Apportionment of a single supply … Continue Reading

Political agreement reached on Regulation and Directive on cross-border distribution of collective investment funds

On 5 February 2019, the Council of the EU announced that political agreement on simpler and quicker cross-border distribution of investment funds had been reached between the Council of the EU and the European Parliament. The proposal, which consists of a draft Regulation and draft Directive, is designed to improve transparency and harmonises diverging national … Continue Reading

ESMA consultation on liquidity stress test guidance for investment funds

On 5 February 2019, the European Securities and Markets Authority (ESMA) issued a consultation paper on draft guidelines regarding liquidity stress tests of investment funds – applicable to alternative investment funds and Undertakings for the Collective Investment in Transferable Securities (UCITS). The consultation has been produced in response to a recommendation by the European Systemic … Continue Reading

Commission adopts Delegated Regulation supplementing EuSEF Regulation

On 1 February 2019, the European Commission adopted a Delegated Regulation supplementing the Regulation on European social entrepreneurship funds (the EuSEF Regulation). The Delegated Regulation: provides for a list of types of conflicts of interest in the context of qualifying social entrepreneurship funds. It covers situations that involve a manager of the qualifying social entrepreneurship … Continue Reading

Italy announces a temporary regime for Italian-UK provision of banking, financial and insurance services

On 24 January 2019, the Ministry of Economic and Finance issued a press release to inform the market that the Italian Government is preparing the necessary measures to ensure the continuity of markets and intermediary business should a hard Brexit occur (i.e. exit with no deal). The press release is available at this link (in … Continue Reading

Erratum to ECON report on proposed Regulation on facilitating cross-border distribution of collective investment funds

On 22 January 2019, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published an erratum to the report on the proposal for a Regulation of the European Parliament and of the Council on facilitating cross-border distribution of collective investment funds and amending Regulations (EU) No 345/2013 and (EU) No 346/2013. The erratum amends … Continue Reading

Commission report on the operation of AIFMD

On 10 January 2019, the European Commission released a report on the operation of the Alternative Investment Fund Managers Directive (AIFMD). The report confirms that current rules in the AIFMD have significantly contributed to creating a single market for alternative investment funds by establishing a harmonised regulatory and supervisory framework. Most of the AIFMD provisions … Continue Reading

ECON votes on the regulation of cross-border distribution of collective investment funds

On 5 November 2018, the European Parliament published a press release announcing that its Economic and Monetary Affairs Committee (ECON) had voted on provisions for the proposed Regulation and Directive of cross-border distribution of collective investment funds. The new provisions concern cross border distribution of the EU-regulated alternative investment funds (AIFs) and undertakings for collective … Continue Reading

AIFMD guides: The marketing passport and the requirements for fund managers across the EU

We have just updated two guides on the AIFMD, which has now been in force for approximately five years.  Both guides, which are now in their fourth iteration, cover 15 EU jurisdictions – Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden and the UK – with input provided by … Continue Reading

IOSCO issue consultation on leverage

On 15 November 2018, the International Organization of Securities Commissions (IOSCO) published a consultation paper on the use of leverage by investment funds (the Consultation). The Consultation responds to recommendation 10 of the Financial Stability Board’s (FSB) report ‘‘Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities” in which the IOSCO was requested to: … Continue Reading

ESMA consults on draft guidelines for report under the MMF regulation

On 13 November 2018, the European Securities and Markets Authority (ESMA) published a consultation paper on draft guidelines on the reporting to Member State competent authorities (NCAs) under Article 37 of the Money Market Funds (MMF) Regulation. Article 37 of the MMF Regulation obliges the manager of the MMF, for each MMF managed, to report … Continue Reading

Commission responds to ESMA letter on share cancellation under MMF Regulation

On 31 October 2018, there was published a letter from the President of the European Commission (the Letter) to the Chair of the European Securities and Markets Authority (ESMA) on the implementation of the Money Market Funds (MMF) Regulation. The letter responds to ESMA’s Letter on the same topic of 20 July 2018 (see our … Continue Reading
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