The following Delegated Regulation has been published in the Official Journal of the EU:
The Delegated Regulation will enter into force on 6 February 2018.
MONEY MARKET FUND REGULATION: European Commission calls for feedback on roadmap on delegated act on liquidity requirements
The European Commission has published a roadmap relating to a delegated act under the Regulation on money market funds (MMF Regulation), which specifies quantitative and qualitative liquidity requirements for assets received under a reverse repurchase agreement and credit quality assessment.
The MMF Regulation empowers the Commission to adopt three pieces of level two legislation. These are to be enacted as a single delegated act following technical advice from ESMA. They will introduce detailed requirements for credit risk assessment and specify the relationship between the MMF Regulation and the Securitisation Regulation.
ESMA published its final report setting out its technical advice, implementing technical standards and guidelines for this purpose in November 2017.
The Commission has now launched a four week consultation period to receive any additional feedback closing on 12 February 2018. The Commission is not consulting separately on the delegated act.
TRANSPARENCY DIRECTIVE: ESMA publishes a jurisdictional guide to notifications of major holdings
ESMA has published a guide summarising the main rules and practices across the European Economic Area relating to notifications of major holdings under the Transparency Directive. Part 1 of the guide summarises the rules and practices while Part 2 presents key data on notification thresholds, triggering events, deadlines for learning of triggering events and making a notification, as well as permitted channels and the format for filings and the deadline for publishing a notification.
The guide will be updated on an on-going basis.
Read the guide »
Fund distribution resources
Dechert maintains two services designed to assist managers with global fund distribution and registration.
World Compass - A global web-based service offering investment firms 24/7 access to detailed information on fund marketing, separate accounts and beneficial ownership reporting
World Passport - An outsourced solution for fund registration globally for both UCITS and AIFs