Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles: November 2016 - Issue 9: European Union Legal Developments

by Dechert LLP

Dechert LLP

AIFMD – ESMA amends guidelines on remuneration practices under the AIFMD

ESMA amended its guidelines on remuneration under the AIFMD on 14 October 2016.

The amendment relates to the application of the remuneration rules in a group context. 

Read the final guidelines in full

Read the associated press release in full.

EMIR – European Commission adopts revised rules for reporting to trade repositories under EMIR

The European Commission adopted revised rules for reporting to trade repositories under EMIR on 26 October 2016. The revised rules in this regulation amend the implementing technical standards on the minimum details of the data to be reported to trade repositories.

Red the new rules in full

Read the annex in full.  

Read the associated press release in full

The rules will come into force 9 months after the entry into force of this regulation.

MiFID II – ESMA issues Q&A on transparency topics for systematic internalisers and consults on transparency rules for package orders

ESMA issued new Q&As on 4 November 2016 on certain transparency topics applicable to systematic internalisers under MIFID II.

The Q&As clarify when ESMA will publish the first set of data needed to implement the Systematic Internaliser regime and the date by when firms must comply with the SI regime for the first time.

Read the Q&As in full.

Read the associated press release.

ESMA issued a consultation paper on 10 November 2016 containing draft regulatory technical standards on package orders for which there is a liquid market.

Package transactions are interlinked financial transactions comprising various instruments which firms execute jointly in order to reduce transaction costs and for risk management purposes. ESMA’s draft regulatory technical standards establish a methodology for determining those package orders for which there is a liquid market in the European Union as a whole, and which consequently may not be waived from pre-trade transparency requirements

Read the consultation paper in full

Read the associated press release.

UCITS – ESMA issues final guidelines on remuneration practices under the UCITS Directive, and issues updated Q&A

ESMA published its final guidelines on remuneration under the UCITS Directive on 14 October 2016. 

The guidelines aim to clarify the requirements for management companies when establishing and applying a remuneration policy for key staff.

Read the final guidelines in full

Read the associated press release

ESMA updated its Q&As on 12 October 2016 on the application of the UCITS Directive.

The Q&A includes four new questions and answers on: regulated markets in Member States under the UCITS Directive, translation requirements in relation to the remuneration disclosure, reinvestment of cash collateral, and the commencement of periodical reporting.

Read the new Q&As in full

Read the associated press release.

PRIIPS implementation delayed by one year, with European Commission inviting European Supervisory Authorities to amend PRIIPs rules and develop guidance

On 9 November, as widely anticipated, the European Commission extended the application date of the PRIIPs Regulation by one year. This follows the rejection by the European Parliament of the associated Regulatory Technical Standards (RTS).

The PRIIPs regulation will now come into force on 1 January 2018.

Read the associated press release in full

Read the proposed amendments to the RTS in full.

Written by:

Dechert LLP

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