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
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
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
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
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
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
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
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
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
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
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
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
On 10 October 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published the following forms in relation to the Money Market Funds Regulation (MMFR) in its Digital Portal: an application form to be used by managers of alternative investment funds (AIFs) and undertakings for collective investment in transferable securities (UCITS) to … Continue Reading
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
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
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
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
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
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
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
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
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
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
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
