On 2 February 2022, the new ESMA guidelines on marketing communications under the Regulation on cross-border distribution of funds (EU) 2019/1156) (“Guidelines”) will start to apply....more
SCOPE - On 2 August 2021, The European Securities and Markets Authority (“ESMA”) published the Guidelines on Marketing Communications (the Guidelines) under the regulation on cross-border distribution of funds, which...more
UCITS funds: HM Treasury announces extension of PRIIPs exemption - HM Treasury has announced that the current exemption for Undertakings for the Collective Investment in Transferable Securities (UCITS) funds from the...more
EU cross-border distribution of funds: ESMA guidelines on marketing communications - Following its consultation in November 2020, the European Securities and Markets Authority (ESMA) has published a final report on...more
Liquidity management in UK open-ended funds: BoE and FCA report - The Bank of England (BoE) and the Financial Conduct Authority (FCA) have published a report on liquidity management in UK open-ended funds. The report...more
In its Report, ESMA stressed the lack of harmonisation between member states of the European Union with respect to performance fee structures, as well as the circumstances under which performance fees may be paid by...more
ESMA guidelines on liquidity stress testing in UCITS and AIFs: FCA comment - Among other things covered in its latest Regulation round-up, the UK Financial Conduct Authority (FCA) comments on the European Securities and...more
The European Securities and Markets Authority has published a report containing its final guidelines on liquidity stress testing in Alternative Investment Funds and Undertakings for Collective Investment in Transferable...more
The Central Bank of Ireland (the “Central Bank”) on 18 July 2019 published a ‘Dear Chair’ letter to the industry (the “Industry Letter”) highlighting the key supervisory issues identified in a thematic review of Irish...more
Currently in the European Union, no level playing field exists for asset management and rating agency activities when it comes to ensuring sustainability. The European Securities and Market Authority ("ESMA") is proposing...more
As part of its work on creating a European Capital Markets Union, the European Commission has published a legislative package of amendments, comprising a proposed Regulation and a proposed Directive....more
On January 12, 2017, the ESMA published an opinion on the impact of exclusion of fund management from the entire scope of MiFIR (Markets in Financial Instruments Regulation) (Regulation 600/2014). Although, under...more
ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more
On July 30, the European Securities and Markets Authority (ESMA) provided its advice and opinion to the European Commission, Council and Parliament with respect to the extension of the EU’s Alternative Investment Fund...more
The European Market Infrastructure Regulation (Regulation No. 648/2012), known as “EMIR”, requires entities that transact derivatives to report prescribed details of any financial derivative instruments (“FDIs”) they conclude...more