ESMA published a speech given by Verena Ross, ESMA Executive Director, on the capital markets union, supervisory convergence and asset management which referenced the following ESMA workstreams on AIFMD:
- Asset segregation: Following ESMA's 2014 consultation on guidelines on asset segregation under the AIFMD, ESMA is considering the merits of the different segregation models. This is in light of the extent to which the AIFMD permits the use of omnibus accounts and the rules on segregation in other legislation, such as the Central Securities Depositories Regulation. ESMA intends to publish a document on this issue by the end of 2016, although it has not yet decided on the most appropriate instrument (possibly guidelines, an opinion to national regulators or a recommendation to the EU institutions on legislative change).
- Leverage: ESMA will develop more detailed guidance on powers to limit leverage under the AIFMD. It will update its AIFMD Q&A on issues concerning reporting of data by AIFMs, including information on leverage. When ESMA has confidence in the information in its database, it will use the data to identify possible trends and risks in the alternative investment fund sector.
- Passporting: As part of its work on the application of the AIFMD passport to non-EU AIFMs and AIFs, ESMA is currently assessing Australia, Japan, Canada, Cayman Islands, Bermuda and the Isle of Man (as requested by the European Commission in December 2015). ESMA is also working to finalise its views on Hong Kong, Singapore and the US. Ms Ross notes that ESMA is relying as far as possible on assessments carried out by the International Monetary Fund for the purposes of its Financial Sector Assessment Program.