The Netherlands

Topic: Collective investment schemes

Subscribe to Collective investment schemes RSS feed

Official Journal: Regulation amending EuVECA Regulation and EuSEF Regulation

Earlier this year we blogged that the European Commission had reached agreement with the Council of the EU and the European Parliament concerning amendments to the Regulation on European venture capital funds and the Regulation on European social entrepreneurship funds. The objective of the reforms is to improve access to finance for small and growing … Continue Reading

Global Asset Management Quarterly – latest issue

The latest issue of Global Asset Management Quarterly is now available. EU / UK articles Quarterly update European Commission to unveil legislation setting out prudential requirements for investment firms New Commission proposal on screening foreign investments in the EU Brexit and international trade in financial services Asia articles Hong Kong: Bond Connect Hong Kong: Securities … Continue Reading

Council of EU adopts Regulation amending EuVECA and EuSEF Regulations

The Council of the EU has adopted a Regulation that amends both Regulation (EU) No. 345/2013 on European venture capital funds and Regulation (EU) No. 346/2013 on European social entrepreneurship funds. The Regulation is part of the EU’s plan to develop a fully functioning capital markets union. Thomas Toniste, Minister of Finance of Estonia and … Continue Reading

FCA speech considers developments in investment and asset management regulation

The FCA has published a speech by Megan Butler, FCA Executive Director of Supervision – Investment, Wholesale and Specialists at the FCA, entitled Where next for investment and asset management regulation? Points of interest include: the FCA is reviewing the responses to its final report on the asset management market study and is preparing a … Continue Reading

Global Asset Management Quarterly – latest issue

The latest issue of Global Asset Management Quarterly is now available. EU / UK articles Quarterly update Cross-jurisdictional AIFMD guides 2017 FCA publishes asset management market study: not quite an earthquake but beware of the aftershocks The FCA approach to cyber-risk Legally speaking, can Article 50 be revoked? EU/UK Regulatory update Market trends – Luxembourg … Continue Reading

ESMA opinion on asset segregation and applying depositary delegation rules to CSDs

The European Securities and Markets Authority (ESMA) has published an opinion addressed to the European Parliament, the Council of the EU and the European Commission in which it sets out its views on: the optimal approach to asset segregation under the framework of both the Alternative Investment Fund Managers Directive (AIFMD) and the UCITS Directive; … Continue Reading

ESMA updates Q&A on application of AIFMD and UCITS Directive

The European Securities and Markets Authority (ESMA) has published updated Q&As on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities Directive (UCITS Directive). The purpose of the Q&As are to promote common supervisory approaches and practices of both the AIMFD and UCITS Directive and … Continue Reading

IOSCO consults on CIS liquidity risk management recommendations and good practices

The International Organization of Securities Commissions (IOSCO) has published a consultation paper entitled Recommendations for liquidity risk management for collective investment schemes (CIS). The consultation paper builds on the guidance set out in IOSCO’s 2013 report Principles of liquidity risk management for collective investment schemes and seeks to address structural vulnerabilities arising from asset management … Continue Reading

MMF Regulation published in OJ

There has been published in the Official Journal of the European Union (OJ), the Regulation on money market funds (MMF Regulation). The MMF Regulation will enter into force 20 days after its publication in the OJ, that is 20 July 2017. The MMF Regulation will apply from 21 July 2018, with the exception of Articles … Continue Reading

Commission identifies areas for improving the cross-border distribution of funds

On 21 June 2017, the European Commission launched a four-week public consultation on the inception impact assessment of its initiative to reduce barriers to the cross-border distribution of investment funds.… Continue Reading

MiFID II audit tool for asset managers

In six months’ time, MiFID II and MiFIR come into force and will change the way that many asset managers operate. Complying with the new requirements will not be easy and the impact of the new rules will go way beyond simply updating internal policies and client documentation. Asset managers will be coming into scope … Continue Reading

ESMA updates Q&A on application of AIFMD and UCITS Directive

The European Securities and Markets Authority (ESMA) has published updated Q&As on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities Directive (UCITS Directive). The purpose of the Q&As are to promote common supervisory approaches and practices of both the AIFMD and the UCITS Directive … Continue Reading

ESMA consults on draft technical advice, ITS and guidelines under MMF Regulation

On 7 December 2016, the Council of the EU confirmed its agreement on the final text of the draft Regulation on money market funds (MMF Regulation). The European Parliament subsequently agreed the text of the MMF Regulation in plenary session on 5 April 2017.  The publication of the MMF Regulation in the Official Journal of … Continue Reading

Money market fund rules adopted

The Council of the EU has adopted the proposed Regulation on money market funds. There are currently two kinds of money market funds (MMFs) in the EU that are used for short-term financing for companies and government entities: those that offer a variable net asset value (VNAV) that mainly depends on market fluctuations; and those … Continue Reading

Findings of ESMA thematic study on operation of home and host responsibilities under AIFMD and UCITS

In 2016 the European Securities and Markets Authority (ESMA) conducted a study on the operation of home and host responsibilities under the Alternative Investment Fund Directive (AIFMD) and the Undertakings for Collective Investments in Transferable Schemes Directive (UCITS Directive) with a view to promoting smooth operation of the EU passports for marketing and management, looking … Continue Reading

ESMA updates Q&A on application of AIFMD and UCITS Directive: April 2017

The European Securities and Markets Authority (ESMA) has published updated Q&A documents on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Instrument in Transferable Securities Directive (UCITS Directive). The purpose of the Q&A documents is to promote common supervisory approaches and practices of both the AIFMD and the … Continue Reading

European Parliament adopts MMF Regulation

The European Parliament has announced that it has voted in plenary session to adopt the proposed Regulation on Money Market Funds (MMF Regulation). A provisional edition of the adopted text has also been published. The European Parliament proposed a new category of money market fund (MMF) – the Low Volatility Net Asset Value MMF (LVNAV … Continue Reading

Latest issue of Asset Management Quarterly

The fifth issue of our Global Asset Management Quarterly is now available. This publication highlights key developments that will be of interest to, and affect, our asset management clients, including market trends and developments in tax and buy-side regulation globally.… Continue Reading

IOSCO concludes that at this stage further work on loan funds is not merited

The International Organization of Securities Commissions (IOSCO) has published its final report setting out its findings following a survey on loan funds.  There are two types of loan funds: a loan originating fund whose strategy allows it to grant, restructure and acquire loans; and a loan participating fund that can acquire and restructure partially or … Continue Reading

FSB recommendations to address structural vulnerabilities from asset management activities

The Financial Stability Board (FSB) has published a report containing policy recommendations to address structural vulnerabilities from asset management activities. The recommendations follow an earlier consultation which was blogged here. The FSB has identified 14 policy recommendations to address the following structural vulnerabilities: liquidity mismatch between fund investments and redemption terms and conditions for open-ended … Continue Reading

Council of EU agrees position on Regulation amending EuVECA Regulation and EuSEF Regulation

The Council of the EU has announced that it has agreed its negotiating stance on amendments to EU rules on the proposed Regulation amending the European Venture Capital Funds Regulation and the European Social Entrepreneurship Fund Regulation. The press release indicates that the Council’s Permanent Representatives Committee has asked the incoming Presidency to start negotiations … Continue Reading

ESMA updates AIFMD Q&A

The European Securities and Markets Authority (ESMA) has updated its Q&As on the application of the Alternative Investment Fund Managers Directive (AIFMD). The updated Q&As include one updated question and answer on reporting obligations by non-EU alternative investment fund managers under Article 42 of the AIFMD, clarifying the circumstances under which information on EU master … Continue Reading

Global Asset Management Quarterly – issue 4

The fourth issue of our Global Asset Management Quarterly is now available. This publication highlights key developments that will be of interest to and affect asset managers, including market trends and developments in tax and buy-side regulation globally. The fourth edition can be found here… Continue Reading

Council of EU confirms agreement with European Parliament on MMF Regulation

The Council of EU (Council) has announced that its Permanent Representatives Committee has approved, on the Council’s behalf, the political agreement reached with the European Parliament (EP) on the text of the proposed Regulation on Money Market Funds (MMF Regulation). In terms of next steps, it is expected that the MMF Regulation will be approved … Continue Reading
LexBlog