The European Council (Council) and the European Parliament (Parliament) announced on 30 June 2022 that they had reached a provisional agreement on the proposal for regulation on markets in cryptoassets (MiCA). The text of...more
10/6/2023
/ Cross-Border ,
Cryptoassets ,
Disclosure Requirements ,
E-money tokens ,
European Banking Authority (EBA) ,
European Council ,
European Parliament ,
European Securities and Markets Authority (ESMA) ,
Financial Instruments ,
Financial Services Industry ,
MiFID ,
Public Disclosure ,
Recordkeeping Requirements ,
Sustainability ,
Transparency ,
UK ,
Utility Tokens
This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more
9/22/2022
/ Alternative Reference Rates Committee (ARRC) ,
AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
CFTC ,
China ,
Climate Change ,
Commission Delegated Regulation ,
Coronavirus/COVID-19 ,
Cryptoassets ,
Custody Rule ,
Cybersecurity ,
Digital Currency ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Economic Sanctions ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EONIA ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Act ,
Form PF ,
FSOC ,
Fund Managers ,
Hedge Funds ,
Hong Kong ,
ICE Benchmark Administration (IBA) ,
Investors ,
Libor ,
MiFID ,
MiFID II ,
Non-Fungible Tokens (NFTs) ,
Private Funds ,
Proposed Amendments ,
Regulatory Standards ,
REIT ,
Rulemaking Process ,
Russia ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
SFDR ,
Supply Chain ,
Temporary Permissions Regime (TPR) ,
UCITS ,
UK ,
UK Brexit ,
Ukraine
On 25 November 2021, the European Commission (the Commission) adopted a package of measures aimed to deliver on several key commitments in the 2020 Capital Markets Union (CMU) action plan. The package includes four...more
11/30/2021
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Markets Union ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
MiFIR ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
UCITS
The outbreak of the COVID-19 coronavirus is causing business disruption on an unprecedented scale. After more than a decade of sustained economic growth, market volatility and central bank intervention has...more
4/1/2020
/ Business Continuity Plans ,
Business Interruption ,
Capital Markets ,
Closed-End Funds ,
Contract Terms ,
Coronavirus/COVID-19 ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Force Majeure Clause ,
Form ADV ,
Fund Managers ,
ISDA ,
Liquidity ,
Margin Requirements ,
Nonperformance ,
Open-Ended Fund Companies (OFCs) ,
Private Equity ,
Real Estate Investments ,
Securities and Exchange Commission (SEC) ,
Short Selling ,
Trading Policies ,
UK ,
United States
MiFID II – ESMA issues statement regarding the impact of a no-deal Brexit on the impact of the "share trading" obligation under Article 23 of MiFIR -
ESMA issued a statement on 19 March 2019 regarding the impact of Brexit...more
4/17/2019
/ Asset Management ,
EMIR ,
EU ,
EU Benchmark Regulation ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
MiFID II ,
MiFIR ,
No-Deal Brexit ,
Trade Repositories
AIFMD – ESMA issues draft guidelines on liquidity stress testing in UCITS and AIFs -
On February 5, ESMA issued a consultation paper on issuing liquidity stress test guidance for investment funds. The draft guidelines aim...more
3/18/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
EMIR ,
EU ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
Memorandum of Understanding ,
MiFID II ,
MiFIR ,
No-Deal Brexit ,
Transparency ,
UK Brexit
MiFID II – updated Q&As on MiFID II and MiFIR transparency topics and obligations on disclosure of information to clients in the context of Brexit -
ESMA updated its Q&As on 4 January on MiFID II and MiFIR transparency...more
2/12/2019
/ Anti-Money Laundering ,
Asset Management ,
Cryptoassets ,
Derivatives ,
EMIR ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Initial Coin Offering (ICOs) ,
International Regulatory Standards ,
Investment Funds ,
MiFID II ,
MiFIR ,
RegTech ,
Transparency ,
UK ,
UK Brexit
MiFID II – updated Q&A on market structures and transparency and supervisory briefing -
ESMA updated its Q&As on market structures and transparency topics on 14 November. The new Q&As provide clarification on the following...more
AIFMD – updated ESMA Q&A -
ESMA published updated Q&As on the application of the AIFMD on October 4. ESMA has added a new Q&A clarifying the application of the AIFMD notification requirements with regard to AIFMs managing...more
11/16/2018
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Commodities ,
Derivatives ,
EU ,
European Securities and Markets Authority (ESMA) ,
Intermediaries ,
Investment Funds ,
Investor Protection ,
MiFID II ,
MiFIR ,
Transparency ,
UCITS ,
UK Brexit
AIFMD – further memoranda of understanding ("MoUs") signed -
On 11 September, ESMA updated its table of MoUs signed by the EU authorities. Croatia and Slovenia have still to sign an MoU....more
AIFMD - ESMA updates AIFMD Memoranda of Understanding ("MoUs") -
ESMA updated its list of MoUs on 17 July 2018, singed the EU regulatory authorities (17 July 2018) – Croatia and Slovenia are still to sign MoUs....more
8/10/2018
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
CFD Trading ,
EMIR ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
Memorandum of Understanding ,
MiFID II ,
MiFIR ,
Pension Schemes ,
UK Brexit
MIFID II – end of “no LEI” exemption for transaction reporting; ESMA takes stock of MiFID II achievements -
ESMA confirmed on 20 June that the current exemption from using Legal Entity Identifiers for certain transactions...more
7/12/2018
/ Anti-Money Laundering ,
Asset Management ,
CCPs ,
CFD Trading ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
Legal Entity Identifiers ,
MiFID II ,
Money Market Funds ,
Reporting Requirements ,
UCITS
European Commission Publishes Legislative Proposals on Sustainable Finance Which Impacts Asset Managers
The EU Commission presented a package of measures on 24 May 2018, as a follow-up to its action plan on financing...more
6/13/2018
/ Asset Management ,
EMIR ,
EU ,
EU Benchmark Regulation ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Institutional Investors ,
Investment Funds ,
Investor Protection ,
MiFID II ,
MiFIR ,
Popular ,
Short Selling ,
Sustainable Business Practices ,
UCITS
MIFID II – EMSA updates Q&As on commodity derivatives topics and asks European Commission to clarify “ancillary activity” test under MiFID II -
ESMA updated its Q&As on 27 March 2018 on commodity derivatives topics...more
5/16/2018
/ Asset Management ,
CFD Trading ,
Clearing Agencies ,
Commodities ,
Derivatives ,
EMIR ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
MiFID II ,
MiFIR ,
Retail Investors
AIFMD - Updated MoUs -
ESMA updated its table of EEA regulators on 15 March with who has signed MoUs with non-EEA regulators, for the purposes of cross-border marketing of AIFs. Slovenia and Croatia are still to sign up...more
4/9/2018
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Cross-Border Transactions ,
EMIR ,
EU ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
Memorandum of Understanding ,
Pension Funds ,
Proposed Amendments ,
Risk Mitigation ,
UCITS
Frequent subscribers of this blog may remember MiFID I coming into force on 1 November 2007, fundamentally revising the existing rules applicable to, amongst others, European firms providing portfolio management and broker...more
After a year-long transitional period, the European Alternative Investment Fund Managers Directive (AIFMD) is now in force, in all but six EEA Member States. This article examines the methods now available to market private...more