Square Peg Round Hole: Reforms Needed to Revive Italian Project Finance
The recent placement of project bonds to finance Belgium's A11 motorway made Italian lawyers wonder when it will be possible to structure a similar transaction under Italy's national project bond laws. The asset class was introduced in Italy two years ago, with the aim of financing infrastructures and public interest services through bond markets rather relying solely on bank lending. Please click here for the full article released by IFLR.
Council of the EU Agrees General Approach on Long-Term Investment Funds Regulation
On June 25, the Council of the EU published a press release announcing that it has agreed to a general approach on the proposed Regulation on European Long-Term Investment Funds (ELTIF Regulation). The incoming Italian Presidency of the Council has been invited to start negotiating with the European Parliament, on the basis of the general approach, to enable adoption of the ELTIF Regulation at first reading. Press release.
European Trade Associations Call for Urgent Action to Incorporate ESA Regulations in EEA Agreement
The European Banking Federation (EBF) has published joint letters (dated June 6, 2014) to be sent to the European Commission and to the European Free Trade Association (EFTA) signed by the EBF, the European Fund Management Association (EFAMA), the European Savings and Retail Banking Group (ESBG), the Federation of European Securities Exchanges (FESE) and Insurance Europe.
The trade associations call on the Commission and EFTA to find an urgent solution to ensure that the ESA Regulations are included in the EEA Agreement and warn of potential disruption to the single market in financial services. The trade associations suggest that there is a risk that EEA member states will be transformed into third countries for the purpose of EU financial services legislation, which will impose new regulatory and organizational requirements for companies that have established branches in EEA member states.
The letter summarizes concerns that were raised in a position paper published in April 2014 by Finance Norway, which analyzed the potential risks of delaying the inclusion of the ESA Regulation in the EEA Agreement. Position Paper.
ESMA Updates Q&A on EMIR Implementation
On June 23, the European Securities and Markets Authority (ESMA) published an updated version of its Q&A on the implementation of EMIR. The updated Q&A includes updates on the reporting of collateral, reporting of valuations and OTC derivatives novations. Q&A.
ESMA Publishes Table Showing Compliance with its Guidelines Relating to Global Supervisory Co-Operation on AIFs
On June 20, ESMA published a table showing which competent authorities comply or intend to comply with its guidelines on the model MoU concerning consultation, cooperation and the exchange of information related to the supervision of the Alternative Investment Fund Managers Directive (AIFMD).
The table indicates that all member states have complied or intend to comply with the guidelines, with the exception of Slovenia (the guidelines are not applicable to Slovenia). Table.