Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - Issue 9 2018: European Union Developments

Dechert LLP
Contact

Dechert LLP

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 umbrella AIFs on a cross-border basis.

Read: The updated Q&As

Read: The associated press release

MiFID II – updated ESMA Q&A on market structure and transparency topics, investor protection and intermediaries and commodity derivatives

ESMA published updated Q&As on MiFID II on market structure and transparency topics on October 4. The updated Q&As address the following topics:

  • Classification of derivatives on derivatives for transparency purposes
  • Default liquidity status of bonds (amendment to an existing Q&A)
  • Scope of the pre-trade transparency waiver provided under Article 9(1)(c) of MiFIR
  • Market Making activities and incentives to be provided during stressed market conditions
  • Treatment of bulk quotes for the calculation of the Order to Trade Ratio
  • Scope of Article 17(6) of MiFID II and Chapter IV (Articles 24-27) of Delegated Regulation (EU) 2017/589 (RTS 6)
  • Arranging of transactions that are ultimately formalised on another trading venue
  • Registration of a segment of an MTF as an SME growth market
  • Maker Taker schemes

Read: The updated Q&As here  and here

Read: The associated press release

ESMA published updated Q&As on MiFIR investor protection and intermediaries on October 3. The updated Q&As address: 

  • Best execution – Reporting for firms using a venue’s RFQ system to agree a trade 
  • Investment advice on an independent basis – Use of a “look-through” approach.

Read: The updated Q&As

Read: The associated press release

ESMA published updated Q&As on MiFID II and MiFIR commodity derivatives topics on October 3. The updated Q&As provide clarification on issues related to the MiFID II/MiFIR regime for commodity derivatives, including on position limits, position reporting and ancillary activity.

Read: The updated Q&As

Read: The associated press release

Other – ESMA’s view on Brexit preparation

ESMA Chair, Steven Maijoor gave a speech on the state of implementation of MiFID II and preparing for Brexit on October 3. The speech highlighted that ESMA’s objective is to have Memoranda of Understanding in place between the FCA and other EU regulators (as required to permit delegated portfolio management under UCITS and AIFMD) “in place sufficiently on time before the end of March 2019.”

Read: The speech

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Dechert LLP | Attorney Advertising

Written by:

Dechert LLP
Contact
more
less

Dechert LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.