On 20 March 2023, there was published in the Official Journal of the European Union (OJ) Regulation (EU) 2023/606 of the European Parliament and of the Council of 15 March 2023 amending Regulation (EU) 2015/760 as regards the requirements of pertaining to the investment policies and operating conditions of European long-term investment funds and the … Continue Reading
On 3 February 2023, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&As) on the application of the UCITS Directive. The Q&As have been updated to include a new Q&A in Question 5: Issuer concentration. The new Q&A is as follows: Question: Article 52(1)(b) of the UCITS Directive requires a UCITS … Continue Reading
On 31 January 2023, the European Securities and Markets Authority (ESMA) issued a consultation on the review of the methodology included in the guidelines on stress test scenarios under the Money Market Fund Regulation. The proposed changes concern amendments to the liquidity scenario which is intended to take into account the interaction between liquidity and … Continue Reading
On 27 January 2023, the European Securities and Markets Authority (ESMA) issued 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
On 14 December 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published amendments to the Further Regulation on Conduct of Business Supervision of Financial Undertakings AFS (Nadere Regeling gedragstoezicht financiële ondernemingen Wft, the Further Regulation). The amendments concern the (1) Key Information Document (KID) for Packaged Retail and Insurance-based Investment … Continue Reading
As of 1 January 2023, the reporting obligation for third country alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) will start to apply. Non-EU AIFMs and AIFs will be required to report to the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) on their funds and management activities. This reporting obligation … Continue Reading
On 30 November 2022, the European Systemic Risk Board (ESRB) announced the adverse scenario for the European Securities and Markets Authority’s (ESMA) money market fund (MMF) stress testing guidelines in 2022. ESMA, in cooperation with the ESRB are required by legislation to conduct stress tests to assess the resilience of financial institutions or market participants … Continue Reading
On 30 November 2022, the European Securities and Markets Authority (ESMA)published a final report on guidelines on stress test scenarios under the Money Market Funds Regulation (MMF Regulation). Article 28 of the MMF Regulation provides that ESMA shall develop guidelines with a view to establishing common reference parameters of the stress test scenarios to be … Continue Reading
On 10 November 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of an investigation it conducted on the status of compliance of financial undertakings with the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088, SFDR) and the related Taxonomy Regulation (Regulation (EU) 2020/852). The report covers its findings into … Continue Reading
On 1 November 2022, the Implementation Act concerning the registration of beneficial owners of trusts and similar legal arrangements (Implementatiewet registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies, the Implementation Act) entered into force. The Implementation Act implements Article 31 of the Fifth Anti-Money Laundering Directive and introduces a central beneficial ownership register for trusts and … Continue Reading
On 19 October 2022, the Council of the EU announced that provisional agreement had been reached on the review of the regulation on European long-term investment funds (ELTIF) in order to make these investment funds more attractive. In their alignment, the co-legislators intend to overcome a number of supply-side and demand-side limitations. They clarified in … Continue Reading
On 9 August 2022, the European Central Bank (ECB) published an opinion on a proposal for a directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds. The proposal forms part of a package of legal acts in support of the Capital … Continue Reading
On 1 July 2022, the European Parliament published a report on the proposed Regulation amending the European Long Term Investment Funds Regulation as regards 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, investment policies … Continue Reading
On 21 June 2022, the Council of the European Union published the Presidency’s final compromise text for the draft Directive amending the Alternative Investment Funds Managers Directive and the UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds.… Continue Reading
On 20 June 2022, the European Parliament issued an announcement stating that its Economic and Monetary Committee had adopted new rules for long-term investment funds. Lead MEP, Michiel Hoogeveen has said on the matter, ‘While the legislative framework for European long-term investment funds (ELTIFs) was adopted in 2015, so far their market remains small…The Parliament … Continue Reading
On 25 November 2021, the European Commission proposed a number of legislative amendments to the Alternative Investment Funds Manager Directive (AIFMD), the UCITS Directive and the Regulation on European long term investment funds, namely the “AIFMD 2 Proposal”. The AIFMD Proposal aims to improve the integration of asset management markets in Europe, while modernising the … Continue Reading
On 31 May 2022, the European Securities and Markets Authority (ESMA) published a speech by its chair, Verena Ross, entitled ‘Key priorities for EU retail fund investors’. The speech focuses on the ESMA’s key priorities for European retail fund investors and key points include: In early May, the ESMA and the other European Supervisory Authorities … Continue Reading
On 31 May 2022, the European Securities and Markets Authority (ESMA) issued a report on the common supervisory action (CSA) on costs and fees for investment funds. The CSA was carried out with Member State competent authorities (NCAs) during 2021. The CSA’s aim was to assess, foster and enforce the compliance of supervised entities with … Continue Reading
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
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
On 2 May 2022, the Implementation decree concerning the registration of beneficial owners of trusts and similar legal arrangements (Implementatiebesluit registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies, the Implementation Decree) was published in the Dutch Government Gazette (Staatsblad). The Implementation Decree, together with the Implementation act concerning the registration of beneficial owners of trusts and … Continue Reading
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
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
