ESMA published a speech by Steven Maijoor, ESMA Chair. Points of interest in the speech include:

  • the treatment of inducements under the MiFID II Directive.
  • the current focus for ESMA in respect of UCITS is ensuring that the UCITS framework is implemented correctly and that national regulators are applying it in a convergent manner.
  • noting that that the AIFMD has now been transposed in nearly all member states, the current focus for ESMA in respect of AIFMD is solving issues of divergent interpretation of the requirements (such as the reporting obligations and the depositary rules) and the opinion and advice to the Commission on whether to extend the passport to non-EU alternative investment fund managers and alternative investment funds.
  • ESMA is close to finalising the first two peer reviews under its new methodology for assessing national supervisory practices and will publish the results of these shortly. Mr Maijoor commented that the results clearly show that there is still a lot of convergence work ahead.