Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles: April 2016 - Issue 4: European Legal Developments

by Dechert LLP

AIFMD - Updated Q&A 

ESMA published an updated Q&A on the AIFMD on 5 April 2015. 

The new Q&A address notification requirements relating to additional investment in existing Alternative Investment Funds.

Read the associated press release "ESMA Publishes Updated AIFMD Q&A".

Read the updated AIFMD Q&A in full

EMIR – Updated Q&A and Exemption from the Clearing Obligation for DK Pension Schemes

ESMA published an updated Q&A on EMIR on 4 April 2016. 

The new Q&A address the population of the “Clearing obligation” field in the trade reports. In particular, this Q&A explains how the description of the field should be interpreted, how it should be populated during the frontloading period and how long the counterparties are allowed to report value “X”

Read the associated press release "ESMA Updates its EMIR Q&A"

Read the updated Q&A in full.

ESMA issued it opinion on the application of the EMIR clearing exemption for certain Danish pension scheme on 7 April 2016. These schemes will be exempt from the clearing obligation.

Read the associated press release "ESMA Issues Opinions on DK Pension Schemes to be Exempt From Central Clearing Under EMIR"

Read the opinion in full.

MiFID II - Draft RTS and the "Quick Fix"

ESMA wrote to the European Commission on 21 March 2016 regarding the draft MiFID II regulatory technical standards (“RTS ) in respect of position limits, ancillary activity and non-equity transparency, endorsing the European Commission’s proposed amendments.

On 7 April, the European Parliament’s Economic and Monetary Affairs Committee endorsed the European Commission’s proposal to delay the entry into force of MiFID II by a year (“Quick Fix”).

Read the press release "Statement: vote on MiFID II (“Quick Fix”)" (April 2016).

UCITS – Final Report Guidelines on Remuneration Policies Issued, Updated Q&A and Discussion Paper on UCITS Share Classes Issued

ESMA issued its final report on Guidelines on sound remuneration policies under the UCITS Directive and AIFMD (the “Guidelines”) on 31 March 2016 .

Regarding UCITS remuneration, the Guidelines do not include guidance on the possibility of dis-applying certain specific requirements on the pay-out process rules, and ESMA has written to the European Commission, European Council and European Parliament suggesting that further legal clarity is required.

Read the associated press release "ESMA publishes UCITS remuneration guidelines" (March 2016). 

Read the guidelines in full

Read the letter to European the Commission, European Council and European Parliament

ESMA updated its Q&A on the application of the UCITS Directive on 5 April 2016. The updated Q&A include a new question and answer on UCITS investment in UCITS feeder funds.

Read the associated press release "ESMA Publishes Updated UCITS Q&A".

Read the updated Q&A in full

ESMA published a discussion paper on UCITS share classes on 6 April 2016. The paper describes the nature of share classes, the reasons for their existence and the key elements of share classes.

Read the associated press release "ESMA Publishes Discussion Paper on UCITS Share Classes"

Read the discussion paper in full.

ESMA Opinion on Loan Origination Funds

ESMA published an Opinion on 12 April 2016 addressed to the European Parliament, the Council and the Commission on the components necessary for a common European framework which applies to loan origination by investment funds.

Read the associated press release "ESMA Publishes Opinion on EU Framework for Loan Origination by Investment Funds"

Read the Opinion in full.


Written by:

Dechert LLP

Dechert LLP on:

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