Italy

Topic: Collective investment schemes

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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

Delegated Regulation clarifying depositaries’ safe-keeping obligations under UCITS published in OJ

On 30 October 2018, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2018/1619 of 12 July 2018 amending Delegated Regulation (EU) 2016/438 as regards safe-keeping duties of depositaries. Delegated Regulation 2016/438 amends the UCITS IV Directive,  further specifying depositaries’ duties with regard to safe-keeping UCITS clients’ assets. The Delegated … Continue Reading

Delegated Regulation clarifying depositaries’ safe-keeping obligations under AIFMD published in OJ

On 30 October 2018, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2018/1618 of 12 July 2018 amending Delegated Regulation (EU) No 231/2013 as regards safe-keeping duties of depositaries. Delegated Regulation 231/2013 supplements the Alternative Investment Fund Managers Directive. The Delegated Regulation will enter into force 20 … Continue Reading

ESMA updates Q&As on application of AIFMD

On 4 October 2018, the European Securities and Markets Authority (ESMA) published updated Q&As on the application of the Alternative Investment Fund Managers Directive (AIFMD). The updated Q&As have inserted the following question on page 29: An AIFM intends to manage an EU umbrella AIF on a cross-border basis by way of the AIF management … Continue Reading

ESMA consults on MMF stress testing guidelines

On 21 March 2018, ESMA published the first set of guidelines establishing common reference parameters for the stress test scenarios to be included in a money market fund’s (MMF) stress tests conducted in accordance with Article 28 of the Money Market Funds Regulation (MMF Regulation). In accordance with Article 28(7) of the MMF Regulation, the … Continue Reading

ECON draft reports on regulatory proposals on cross-border distribution of collective investment funds

On 21 September 2018, the European Committee on Economic and Monetary Affairs (ECON) published two draft reports (the Reports) on European Parliament proposals in relation to the cross-border distribution of collective investment funds: draft report on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC of the European … Continue Reading

Global asset management quarterly – Tenth edition now available

The latest edition of global asset management quarterly is now available online. This issue includes coverage of the following: Europe UK and European Overview UK withholding tax: whether interest arises in the UK PRIIPS – 9 months on Brexit: the UK Government ”no deal” guidance notices Brexit: the UK’s temporary permissions regime Brexit: the UK’s … Continue Reading

Asset Management Regulation knowledge hub

Whilst the global financial crisis may have receded, the asset management industry continues to assimilate significant regulatory change – Brexit, AIFMD review, FCA Asset Management Market Study – to name but a few. We have recently published a new Asset Management Regulation hub that houses all of all knowledge materials in this area including our … Continue Reading

ESMA letter to EIOPA on interpretation of AIFMD

On 7 August 2018, the European Securities and Markets Authority (ESMA) published a letter regarding the interpretation of the Alternative Investment Fund Managers Directive (AIFMD). The letter addresses three queries raised by European Insurance and Occupational Pensions Authority (EIOPA). The first query is broken down into two parts concerning whether: alternative investment funds (AIFs) that … Continue Reading

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
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