ESMA

Financial Services – Update on UK and European Regulatory Developments - May 2013

by Richard Frase | Dechert LLP on 5/10/2013

This update summarises current regulatory developments impacting the asset management sector in the UK and throughout the European Union. In this issue: - Part A – Regulation of Financial Markets - Part B –...more

CME Group Applies For Trade Repository License

by Felix Shipkevich | Shipkevich PLLC on 4/23/2013

CME Group, the U.S. based derivatives exchange is in the process of applying for a license to the European Securities and Markets Authority (ESMA) in an effort to become a trade repository in Europe....more

European Securities and Markets Authority Guidelines on Sound Remuneration Policies under the AIFMD

by Jason Butwick, Ed Holmes | Dechert LLP on 4/4/2013

More than seven months after publishing its consultation paper, the European Securities and Markets Authority (ESMA) recently published final guidelines (Guidelines) on sound remuneration policies under the Alternative...more

Financial Services Quarterly Report - First Quarter 2013: The UCITS Agenda

by Barbara Cronin, Declan O’Sullivan | Dechert LLP on 3/30/2013

The first item on the UCITS agenda for 2013 – the ESMA Guidelines on ETFs and Other UCITS Issues (the “Guidelines”) – has gone live. This article provides an update and clarity around the recently finalised Guidelines2 since...more

ESMA Publishes EMIR Q&As

by Tim Aron, Edward Black | Katten Muchin Rosenman LLP on 3/27/2013

On March 20, the European Securities and Markets Authority (ESMA) published Questions & Answers (Q&A) relating to the implementation of the Regulation on OTC Derivatives, Central Counterparties (CCPs) and Trade Repositories...more

ESMA Publishes Draft Standards for Prospectus Supplements

by Gemma Formby, Iain Wright | Morgan Lewis on 3/26/2013

Aim of proposed regulatory technical standards and consultation paper is to clarify the list of events that will trigger the automatic requirement for a supplement....more

Corporate and Financial Weekly Digest - March 22, 2013

by Katten Muchin Rosenman LLP on 3/25/2013

In this issue: - NASDAQ Proposes Internal Audit Function Requirement for Listed Issuers - FINRA’s Frequently Asked Questions on Electronic Blue Sheet Submissions Updated Regarding Order Execution Time -...more

The AIFM Directive Regulatory Reporting Template, and its Comparison to SEC Form PF

by Dechert LLP on 3/22/2013

The Alternative Investment Fund Managers Directive (the “Directive”) will introduce new regulatory reporting requirements for alternative investment fund managers (“AIFMs”) covered by the Directive. These will include all...more

EMSA Publishes Guidance on Recognition of Third Country Central Counterparties (TC-CCPs) under EMIR

by Orrick - Structured Finance Group on 3/21/2013

On March 12, The European Securities and Markets Authority (ESMA) published a guidance on the recognition of TC-CCPs under EMIR (the Regulation on OTC derivatives, CCPs, and trade repositories). ...more

The FSA and ESMA Get Technical on Prospectuses

by Jeremy C. Jennings-Mares, Lewis Gavin Lee | Morrison & Foerster LLP on 3/21/2013

The Prospectus Directive (the “PD”) and the Prospectus Directive Regulation (the “PD Regulation”) were recently amended, in each case with effect from 1 July 2012. These new rules introduced a number of significant changes...more

AIFMD Implementation – What Should Non-EU Private Fund Advisers be doing?

by Andrew Henderson, Katerina Sandford | Ropes & Gray LLP on 3/7/2013

The Alternative Investment Fund Managers Directive (“AIFMD”) has been in the public domain for over two years. However, various legal measures, both at European Union (“EU”) and at individual EU Member State (“Member State”)...more

ESMA Recommends Proxy Advisor Code of Conduct

by Tim Aron, Edward Black | Katten Muchin Rosenman LLP on 2/27/2013

On February 19, the European Securities and Markets Authority (ESMA) published a Feedback Statement on its March 2012 consultation on the role of the proxy advisory industry as service providers to institutional investors...more

Corporate and Financial Weekly Digest - February 22, 2013

by Katten Muchin Rosenman LLP on 2/25/2013

In this issue: - International Regulators Publish “Near-Final” Draft of Uncleared Swap Margin Rules - CFTC and IOSCO to Host Roundtable on IOSCO Financial Benchmarks Report - SDNY Favors the SEC in Foreign...more

AIFMD: ESMA Final Guidelines on Sound Remuneration Policies

by Orrick - Structured Finance Group on 2/21/2013

On February 11, the European Securities and Markets Authority (ESMA) published its final report in relation to sound remuneration policies under the Alternative Investment Fund Managers Directive (AIFMD). ...more

Short Selling Regulation: ESMA Call for Evidence

by Orrick - Structured Finance Group on 2/21/2013

On February 12, the European Securities and Markets Authority (ESMA) published a call for evidence in order to evaluate the effects of the Short Selling Regulation. The call for evidence was published in response to the...more

ESMA Issues AIFM Remuneration Guidelines

by Tim Aron, Edward Black | Katten Muchin Rosenman LLP on 2/20/2013

On February 11, the European Securities and Markets Authority (ESMA) published final guidelines (Guidelines) on remuneration of alternative investment fund managers (AIFMs). The Guidelines follow from, and add detail to, the...more

Orrick's Financial Industry Week In Review - February 19, 2013

by Orrick, Herrington & Sutcliffe LLP on 2/19/2013

In This Issue: - Financial Industry Developments •CFPB Implementation Plan for Mortgage Rules •FDIC Proposed Rule on Insured Deposits at Foreign Branches of U.S. Banks •CFPB Bulletin on Servicers'...more

Preparing for AIFMD: Some Practical Tips, Part 1

by Alice Bell, Sean Donovan-Smith, Philip Morgan | K&L Gates LLP on 2/19/2013

In This issue: - A general round-up of key provisions in the AIFMD level 2 implementing regulations - Scope of the AIFMD - Timetable and transitional relief - Cross-border marketing - Delegation and...more

Corporate and Financial Weekly Digest - February 15, 2013

by Katten Muchin Rosenman LLP on 2/18/2013

In this issue: - FINRA Proposes Rule Change that Would Require Reporting OTC Equity Transactions Within 10 Seconds - FINRA Offers Changes to Proposed Rules Governing Markups, Commissions and Fees - CFTC Permits...more

ESMA Publishes Final AIFMD Remuneration Guidelines

by Proskauer Rose LLP on 2/15/2013

On 11 February 2013, the European Securities and Markets Authority (ESMA) published its final Guidelines on remuneration of alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive...more

ESMA Publishes Further Update of Short Selling Regulation Questions and Answers

by Tim Aron, Edward Black | Katten Muchin Rosenman LLP on 2/8/2013

On January 30, the European Securities and Markets Authority (ESMA) published a second updated version of its questions and answers EU Regulation on Short Selling and Certain Aspects of Credit Default Swaps (EU236/2012) (the...more

ESMA Questions and Answers on Short Selling

by Orrick - Structured Finance Group on 2/5/2013

On January 30, the European Securities and Markets Association (ESMA) published the second update to its questions and answers on the implementation of the Short Selling Regulation (the SSR)....more

Orrick's Financial Industry Week in Review - February 4, 2013

by Orrick, Herrington & Sutcliffe LLP on 2/5/2013

In This Issue: *Financial Industry Developments - SEC Extends Exemptions for Security-Based Swaps - Fed Announces Release Dates for Results of Supervisory Stress Tests and CCAR - Rating Agency Developments...more

Group Issues Report To Harmonize U.S. And E.U. Swaps Clearing

by Elan Mendel | Shipkevich PLLC on 2/4/2013

The Committee on Capital Markets Regulation (CCMR) issued a letter to derivatives regulators for the European Securities and Markets Authority (ESMA), the European Commission, and the Commodity Futures Trading Commission...more

ESMA Provides Confirmation, Relief For Fears Of Front-Margin For Swaps

by Felix Shipkevich | Shipkevich PLLC on 1/25/2013

The European Securities and Markets Authority (ESMA) has said that a new regulatory regime will not impose swaps margin requirements retroactively. The prospect of changing margin costs for enduring trades came to be know...more

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