ESMA Call for Evidence on AIFMD Passport and Third Country AIFMs
On November 7, the European Securities and Markets Authority (ESMA) published a call for evidence on the EU passport under the Alternative Investment Fund Managers Directive (AIFMD) and third country Alternative Investment Fund Managers (AIFMs).
Under the AIFMD, non-EU AIFMs and non-EU Alternative Investment Funds (AIFs) managed by EU AIFMs are subject to the national private placement regime of each of the member states where the AIFs are marketed or managed. However, the AIFMD makes provision for the passport to be potentially extended in the future.
Responses to the call for evidence from the EU and the non-EU stakeholders (as well as ongoing input ESMA is receiving from national competent authorities) will help ESMA develop the opinion and advice it is required to deliver to the European Commission.
The deadline for responses to the call for evidence is January 8, 2015. ESMA will consider the feedback it receives to the call for evidence in the first quarter of 2015. It is required to deliver the opinion and the advice to the Commission by July 22, 2015. Call for Evidence.
EBA Consults on RTS on Contractual Recognition of Write-Down and Conversion Powers under BRRD
On November 5, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) on the contractual recognition of bail-in under the Bank Recovery and Resolution Directive (BRRD).
Under the BRRD, firms and other entities to whom the BRRD applies are required to include in relevant agreements a contractual term by which the creditor or party to the agreement creating a relevant liability recognizes that the liability may be subject to the write-down and conversion powers specified in the BRRD. In the proposed draft RTS, the EBA seeks to determine the cases in which the requirement to include the contractual term does not apply.
The deadline for responses is February 5, 2015. The EBA is required to submit the draft RTS to the European Commission by July 3, 2015. Consultation Paper.
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