ESA Issues ESMA and EBA Consultation for Securities and Banking Complaints Handling
On November 6, the Joint Committee of the European Supervisory Authorities (ESAs) issued a consultation paper by the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) concerning draft guidance for the handling of complaints in the securities and banking industries. This guidance aims to:
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clarify expectations on firms' procedures for complaints handling;
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give guidance on the provision of information to complainants and the procedures for answering complaints;
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harmonize the complaint handling arrangements of firms in order to help protect consumers; and
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set a minimum level of supervision for firms' complaint handling arrangements on an EU-wide basis.
The guidance applies to investment firms, UCITS management companies and UCITS investment companies that have not designated a management company, AIFMs providing MiFID services, credit institutions and e-money institutions.
The deadline for responses to the consultation is February 7, 2014, with the final report scheduled to be published in the first quarter of 2014. Consultation Paper.
ESMA Publishes Speech on AIFMD and ETF Initiatives
On November 5, ESMA published a speech given by the Chair of ESMA, Steven Maijoor, at the European Fund and Asset Management Association investment management forum. The speech states that:
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ESMA has finished its work on memoranda of understanding which relate to the AIFMD, although negotiations continue with several non-EU authorities, including those in South Africa, Russia and China.
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ESMA is due to start drafting a report on the extension of the AIFMD passport to non-EU AIFs and AIF managers.
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ESMA is examining why retail exposure to exchange traded funds (ETFs) is relatively low. Speech.
FCA Publishes Statement on Reporting Requirements of AIFMs
On November 4, the FCA published a statement on reporting requirements for managers of AIFs (AIFMs) under the AIFMD.
In certain circumstances, firms already authorized as AIFMs will be required to provide regulatory reports to the FCA in the first quarter of 2014, using the XML v1.0 reporting template, which was published by ESMA in October 2013.
Further details on the reporting mechanism are due to be published on the FCA website in due course. Statement.
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