Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - January 2017 - Issue 1: European Union Legal Developments

by Dechert LLP
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Dechert LLP

AIFMD - ESMA Updates Q&As on the Application of the AIFMD

ESMA updated its Q&As on 16 December on the application of the AIFMD.

The revised Q&As include one updated question and answer on reporting obligations by non-EU AIFMs under Article 42 of the AIFMD, clarifying the circumstances under which information on EU master AIFs should be reported to regulators.

The revised Q&As are available 

The relevant press release is available

EMIR - New CCP Recognition, RTS for Uncleared Trades and New Equivalence Decisions

ESMA updated its list of third-country central counterparties (“CCPs”) recognised to offer services and activities in the EU to include ICE Clear US Inc on 14 December.

The full list of recognised CCPs is available

The relevant press release is available

Commission Delegated Regulation (EU) 2016/2251 to EMIR setting out regulatory technical standards for risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty came into force on 15 December

The delegated regulation is available here

ESMA launched a consultation paper on 16 December extending disclosure of aggregated trade repository data.

The consultation is available

The relevant press release is available 

The European Commission issued favourable decisions on 16 December on the equivalence of the regulatory regime for CCPs and trading venues in various non-EU jurisdictions.

The first set of decisions confirms that non-EU CCPs in India, Brazil, New Zealand, Japan Commodities, UAE and Dubai DIFC meet the EU's regulatory standards.

The Commission has also adopted equivalence decisions in relation to Australia, Canada, Japan and Singapore determining that the rules governing trading venues in those countries can be deemed equivalent to those in the EU.

The relevant press release is available

MiFID II - New Q&A on Investor Protection, Commodity Derivatives and Data Reporting

ESMA updated its Q&As on 16 December on MiFID II and MiFIR investor protection topics. The new Q&As provide clarifications on the following topics:

  • Best execution
  • Suitability
  • Post sale reporting
  • Inducements (research)
  • Information on charges and costs
  • Underwriting and placement of a financial instrument

The Q&As are avaialble

The relevant press release is available 

ESMA issued a new Q&A on MiFID II and MiFIR commodity derivatives topics on 19 December. The Q&A clarifies a number of points relating to the position limits and ancillary activities requirements.

The Q&A are available

The relevant press release is available

ESMA issued new Q&As on data reporting on 20 December. The new Q&As provide responses to questions on:

  • Legal Entity Identifiers (LEI) of issuers; and
  • Date and time of the request of admission and admission

The Q&A are available

The press release is available

Other Regulatory Updates - Market Abuse Regulation

ESMA published on 20 December updated Q&A on the Market Abuse Regulation. The new Q&A include new detailed answers on:

  • the notification of managers’ transactions; and
  • how to handle investment recommendations

The new Q&A are available

The relevant press release is available

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