Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - October 2016 - Issue 8: European Legal Developments

by Dechert LLP
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AIFMD – Updated ESMA Advice and New Q&A on the Application of AIFMD

ESMA updated its advice to the European Parliament, the Council and the Commission on 12 September 2016, on the application of the AIFMD passport to non-EU AIFMs and AIFs, specifically in relation to the position of the Isle of Man.

Read the article in full

ESMA updated its Q&As on the application of the AIFMD on 6 October 2016. 

The new Q&As address one new question and answer on the commencement of periodical reporting pursuant to Article 13 of the Securities Financing Transactions Regulation for AIFMs. 

Read the new Q&As in full.  

Read the press release relating to the updated Q&As.

EMIR – Revised List of CCPs and New Rules to Mitigate Risks in Non-Cleared OTC Derivative Transactions

ESMA updated its list on 29 September 2016 of third-country central counterparties recognised to offer services and activities in the EU.

View the updated list in full

Read the press release relating to the updated list.  

The European Commission issued a new delegated regulation on 4 October 2016 setting out new rules to mitigate risks in non-cleared OTC derivative transactions.

The regulation and annexes are available here:

Read the regulation.  

Read the annexes to the regulation

Read the relevant press release.

MiFID II – ESMA Guidance on Transaction Reporting, Order Record Keeping and Clock Synchronisation

ESMA released “Level 3” guidelines on 10 October 2016, on transaction reporting, order record keeping and clock synchronisation under MiFID II and its associated report.

These Guidelines include:

  • General principles to apply to transaction reporting and order record keeping.
     
  • Reporting and record keeping scenarios for the various trading scenarios that may occur.
     
  • Reporting specific financial instruments: most examples are focused on derivatives given that these financial instruments have a more complex reporting pattern.
     
  • Clock synchronisation clarifications: the Guidelines provide further guidance on specific legislative provisions, e.g. the concepts of “reportable events” and “gateway-to-gateway latency”. 

Read the guidelines in full.

Read the final report in full

Read the relevant press release.

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