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Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

ESMA Q&A on Application of AIFMD

On February 17, the European Securities and Markets Authority (ESMA) published a questions and answers paper (Q&A) on the application of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive or...more

FCA Issues Final Remuneration Guidance for AIF Managers

The UK Financial Conduct Authority’s new guidance on AIFMD remuneration requirements has now provided some clarity for EU and non-EU managers, including relief from many of the requirements for small UK managers....more

Orrick's Financial Industry Week in Review - February 24, 2014

ESMA Q&A on Application of AIFMD - On February 17, the European Securities and Markets Authority (ESMA) published a questions and answers paper (Q&A) on the application of the Alternative Investment Fund Managers...more

The Alternative Investment Fund Managers Directive—a guide for US managers

The EU Alternative Investment Fund Managers Directive (AIFMD) has now been in force for some six months. This overview note is aimed at US managers who have not yet had to get to grips with the AIFMD but will need to raise...more

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...more

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...more

Orrick's Financial Industry Week In Review - November 12, 2013

CFTC Proposed Rule on Commodity Pools - On November 5, the CFTC issued a proposed rule that would require that all registered introducing brokers (IBs), commodity pool operators (CPOs) and commodity trading advisors...more

Financial Conduct Authority Guidance on AIFM Directive Remuneration Provisions

The UK Financial Conduct Authority (FCA) released proposed guidance on 6 September 2013 on its implementation of the remuneration provisions in the AIFM Directive (the AIFM Remuneration Code) for UK alternative investment...more

ESMA Produces Guideline on AIFMD Reporting Obligations

On October 1, the European Securities and Markets Authority (ESMA) published guidelines on reporting obligations under Articles 3 and 24 of the Alternative Investment Fund Managers Directive (AIFMD) in Annex II of its final...more

AIFMD Reporting Obligations – ESMA Issues Its Final Report

The European Securities and Markets Authority (ESMA) published its long-awaited final report (the Report) on 1 October 2013, setting out detailed guidelines relating to (i) the reporting obligations under Articles 3(3)(d) and...more

Orrick's Financial Industry Week in Review - August 26, 2013

European Banking Authority Publishes Responses to Consultation Paper on the Definition of Material Risk Takers for Remuneration Purposes - The European Banking Authority (EBA) published a list of responses received to...more

Final ESMA Guidelines on Key Concepts of the AIFMD Published

On August 13, the European Securities and Markets Authority (ESMA) published the final version of its guidelines on key concepts of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) (ESMA/2013/611)....more

ESMA Publishes Opinion on Late Transposition of AIFMD

On August 1, the European Securities and Markets Association (ESMA), published an Opinion (ESMA/2013/1072) containing practical arrangements to address the issue of late transposition of the Alternative Investment Fund...more

ESMA Finalises Cooperation Agreements for Alternative Investment Funds

On July 18, the European Securities and Markets Association (ESMA) published a press release stating that it has approved seven Memoranda of Understanding (MoUs) between EU securities regulators and non-EU authorities...more

Addressing Remuneration Requirements for the EU Fund Management Industry

Increasing regulation of remuneration is being introduced across the European Union, including the possibility of limits on the amounts of bonuses that may be paid by certain firms....more

U.K.’s Financial Conduct Authority Publishes Final Rules On AIFMD Implementation

The U.K.’s Financial Conduct Authority (FCA) has published today, a policy statement that sets out its responses to the various consultations that have been undertaken in respect of the rules to be adopted by the FCA to...more

"UK Provides Marketing Grace Period for Alternative Fund Managers"

The U.K. Treasury recently published its response to its January 2013 consultation on transposing the EU Alternative Investment Fund Managers Directive (AIFMD). A revised draft version of the Alternative Investment Fund...more

Draft Alternative Investment Fund Manages Regulations 2013 Published

On June 12, the Draft Investment Fund Managers Regulations 2013, together with an explanatory memorandum, were published. The Regulations come into force on July 22....more

Financial Regulatory Update - June 2013

This newsletter provides an overview of some of the main financial services regulatory developments in the UK and EU from the period 1 January 2013 to 1 June 2013. Banking and Prudential Supervision Basel 3/Capital...more

The credit rating market for structured finance instruments: new requirements for issuers, originators and sponsors

On 31 May 2013, Regulation (EU) No 462/2013 (the “Amendment Regulation”) that further amends Regulation (EC) No 1060/2009 on credit rating agencies was published in the Official Journal. This was accompanied by a short...more

ESMA Approves Global Supervisory Cooperation Agreements Relating to AIFM Directive

On May 30, the European Securities and Markets Authority (ESMA) published a press release relating to global supervisory cooperation on alternative funds....more

ESMA Approves Co-Operation Agreements With 34 non-EEA Jurisdictions

The European Securities and Markets Authority (ESMA) has approved co-operation arrangements that can now be entered into between European Economic Area (EEA) financial services regulators and 34 non-EEA jurisdictions where...more

Update on the Alternative Investment Fund Managers Directive

Harneys’ reaction to the Press Release from the European Securities and Markets Authority (ESMA) dated 30 May 2013 - Introduction - It has been announced today that ESMA has approved co-operation arrangements...more

Orrick's Financial Industry Week In Review - May 20, 2013

In This Issue: April Housing Scorecard; Rating Agency Developments; New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred; New York State Court Allows Trustee Lawsuit Against DB Structured Products...more

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