Investment Funds Updatea: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - Issue 4, 2017: European Union Developments

by Dechert LLP
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Dechert LLP

EMIR - ESMA Updates its List of Third Country CCPs and Issues Updated Q&A

On 30 March, ESMA updated its list of third-country central counterparties recognised to offer services and activities in the EU. CCPs in Dubai, India, Japan and the USA have been added.

The list is available

The associated press release is available

On 3 April, ESMA updated its EMIR Q&A and validation rules. The Q&As include an updated question regarding the obligation to report outstanding trades following the entry into force of EMIR (“backloading”).

The validation rules update the content requirements for information following the publication of the revised technical standards on reporting under Article 9 of EMIR.

The new Q&A and rules are available

The associated press release is available

AIFMD and UCITS - ESMA Publishes Updated Q&A

On 6 April, EMSA publishes updated AIFMD and UCITS Q&As.

Both Q&A’s include one new question and answer each on:

  • AIFMD: cross-border marketing of EU AIFs by EU AIFMs under Article 32 of the AIFMD, clarifying that the AIF marketing passport may only be used for marketing to professional investors as defined in the AIFMD; and

  • UCITS: cross-border activities by UCITS management companies, clarifying that a UCITS management company can notify cross-border activities without having to identify a specific UCITS

The ESMA Q&A on the UCITS directive is available

The ESMA Q&A on the AIFMD directive is available

The associated press release is available

MiFID II - ESMA Publishes Q&A on Data Reporting, Investor Protection and Market Structures

On 3 April, ESMA published updated Q&As on MiFIR data reporting regarding senior bonds, inflation Indexed bonds, the transaction reporting obligation and national client identifiers for natural persons

The Q&A is available

The associated press release is available

On 4 April, ESMA published updated Q&As on MiFID II and MiFIR investor protection topics.

The following topics are addressed:

  • Best execution;

  • Suitability;

  • Post sale reporting;

  • Inducements (research);

  • Information on charges and costs; and

  • Underwriting and placement of a financial instrument.

The Q&A is available

The associated press release is available

On 5 April, ESMA published updated Q&As on market structure issues under MiFID II.

ESMA’s Q&As provide clarity on the type of arrangements that qualify as an Organised Trading Facility and the key characteristics of a Systematic Internaliser. Further Q&A were published on commodity derivatives and transparency issues.

The ESMA Q&A on market structures issues is available

The ESMA Q&A on commodity derivatives topics is available

The ESMA Q&A on transparency issues is available

The associated press release is available

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