ESMA published its 2015 regulatory work programme pointing out that it has been revised due to budget constraints that ESMA will operate under in 2015, as a result of which the deadlines associated with some guidelines have been delayed. Deadlines of note include;

  • AIFMD technical advice on the application of passport to marketing of non-EU AIFs by EU AIFMs in Member States and management and/or marketing of AIFs by non-EU AIFMs in Member States; by 22 July 2015.
  • UCITS V Guidelines and Recommendations on Remuneration (Art 14a(4) and Art 16); deadline N/A. UCITS V must be transposed into national law by Member States by 18 March 2016.
  • UCITS V implementing technical standards (Art 99e(3)) for the procedure and forms to be used by Competent Authorities submitting information to ESMA on penalties and enforcement measures; by 18 September 2015.
  • PRIIPs Regulatory Technical Standards (Art 10) on the review, revision and the provision of the KID; likely to be 12 months after entry into force (c December 2015).
  • PRIIPs Regulatory Technical Standards (Art 10) on the calculation of risk/reward, cost disclosure, and content and format of the KID; likely to be 15 months after entry into force (c March 2016).
  • EuSEF Technical Advice (Arts 3(2), 9(5), 14(4)) on definition of social business, conflicts of interest, social impact measurement and information to investors; April 2015.
  • EuSEF Guidelines and Recommendations (Arts 12 (3) and 16); 31 December 2016.
  • EuVECA Technical Advice on conflicts of interest; by April 2015.
  • ELTIFs, various Regulatory Technical Standards; expected August 2016.
  • MiFID, MIFIR, EMIR, Transparency, Market Abuse, CRR, CDR, CRA 3, Omnibus, Solvency II, CSRD and Take Over Bids Directive; various deliverables with various deadlines.