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Topic: Collective investment schemes

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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

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
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