Tag Archives: AIFMD
Ireland and Luxembourg have both made announcements designed to give comfort to their funds that use UK based portfolio managers: The Deputy Governor of the Bank of Ireland said in a speech that it was making good progress in its preparations for a hard Brexit. These will include ensuring that consumers can continue to be […]
The European Commission has published a report showing how the AIFMD has significantly contributed to creating an internal market for AIFs. It says most of its provisions have achieved their intended objectives, although there are some areas that require further analysis. The Commission is due to present a report on the functioning of the legislation […]
MEPs in ECON have voted through the proposals for changes to the rules on cross-border investment fund distribution. As part of the vote, they stipulated that marketing communications should be clearly identified as such and should include a detailed note of risks, investors’ rights and redress mechanisms. On pre-marketing, ECON defined the key point as […]
ESMA has updated its AIFMD FAQs to include questions on how notification requirements apply to AIFMs managing umbrella AIFs on a cross-border basis.
ESMA has responded to some queries EIOPA raised with it on the definition of AIF and leverage in the AIFMD. EIOPA had asked: whether AIFs that use certain borrowing arrangements and derivative instruments under the Solvency II Delegated Regulation considered leveraged for AIFMD purposes. ESMA points out that the AIFMD has no formal definition of […]
ESMA has updated its FAQs on the UCITS Directive and the AIFMD. New questions include those addressing when UCITS invest in UCITS with different investment policies and supervision of branches of UCITS management companies or AIFMs that provide MiFID investment services.
We wrote an article for Compliance Monitor on the EU proposals for changes to the way in which AIFs can be marketed.
The Council of the EU has agreed a negotiating mandate for progressing the Commission’s proposals on cross-border marketing of funds. It has also published compromise texts based on the Commission’s originals to form the basis for negotiations with the European Parliament.
ESMA has published its Risk Assessment Work Programme for 2018, in which it establishes priorities for assessing securities market risks. ESMA will complement ongoing market monitoring through its semi-annual Report on Trends, Risks and Vulnerabilities, and its Quarterly Risk Dashboards, by launching an annual series on EU derivatives markets (based on EMIR data) and an […]
The European Commission is carrying out a survey on how the AIFMD has worked in practice and how it has met its objectives. Anyone can respond to the online survey.
FCA has published updated guidance on reporting Annex IV transparency information under the Alternative Investment Fund Managers Directive (AIFMD). The document details: Transparency reporting requirements (pursuant to both the AIFMD and the FCA Handbook); How this information is submitted to the FCA (via the Gabriel system); The form of report (AIF001 Manager Report and AIF002 Fund Transparency Report); and […]
ESMA has updated its FAQs on the AIFMD and UCITS. The AIFMD additions look are remuneration issues, and updates to both sets of guidance look at periodic reporting under the SFTR.
On 20 July ESMA published its opinion on asset segregation and the application of depositary delegation rules to central securities depositaries (CSDs). In the opinion, ESMA outlines its view on: the optimal approach to asset segregation under the AIFMD and the UCITS Directive frameworks; and how the depositary delegation rules should apply to CSDs. ESMA believes […]
ESMA has updated its FAQs in relation to UCITS and the AIFMD. The additions relate to: on the AIFMD, reporting requirements for loans purchased on the secondary market, conversion of total value of AUM and currency of the net asset value and on UCITS, issuer concentration and group links, independence and cooling off periods.
ESMA has updated its FAQs on the AIFMD and the UCITS Directive. Both address the exemption for intra-group transactions for the purposes of EMIR. The AIFMD set also addresses notifications of AIFs domiciled in another Member State and on reporting to supervisors on the breakdown between retail and professional investors.
ESMA has published a report on notification frameworks and home-host responsibilities under the UCITS and AIFMD regimes. It carried out a study looking at the cross-border management and marketing activities of UCITS and their managers. It found many examples of good practice by supervisors and firms. A similar study looking at the mirroring activities of […]
ESMA has updated its FAQs on AIFMD and UCITS. The additions focus on: clarifying that the AIFMD marketing passport under Article 32 AIFMD can be used only for marketing to professional investors as defined in AIFMD and cannot include any additional categories of investor that individual Member States have introduced (such as “qualifying” or “semi-professional”); and […]
ESMA has published updates to its FAQs on: the AIFMD: this includes questions on whether creating a new share class of an AIF which is to marketed cross-border with existing share classes, constitutes a material change to the original notification and a confirmation that where an AIFM notifies a material change to a notification it […]
ESMA has published its guidelines on remuneration practices under the AIFMD and for UCITS. The guidelines are new for UCITS management companies, and amended for AIFMs to address how to apply the rules in a group context where some group members are banks. The guidelines apply from 1 January 2017.
In early October, ESMA updated its FAQs on the AIFMD in respect of the impact of the SFTR on AIFM reporting, and its FAQs on UCITS in respect of this and other questions including on regulated markets and reinvestment of cash collateral.