ESMA publishes AIFMD reporting and passporting advice: ESMA has published its technical advice to the Commission on the possible content of a Delegated Act setting out the information competent authorities should provide to ESMA under the Alternative Investment Fund Managers Directive (AIFMD). The paper addresses the functioning of the AIFMD passport for EU alternative investment fund managers (AIFMs) and also how it might apply to third country AIFMs and funds. (Source: ESMA Publishes AIFMD Reporting and Passporting Advice)

ESMA publishes product governance opinion: ESMA has published an opinion on good practices for product governance arrangements for structured retail products. The opinion sets out ESMA's recommendations for governance arrangements covering:

  • general organisation of product governance arrangements;
  • product design;
  • product testing;
  • target market;
  • distribution strategy;
  • value at date of issuance and transparency of costs;
  • secondary market and redemption; and
  • review process.

For each element, it suggests questions that could be used to assess the quality of the governance. (Source: ESMA Publishes Product Governance Opinion)

ESMA publishes TR supervision work plan 2014: ESMA has published a summary of its work plan for supervising TRs during 2014. ESMA will adopt a risk-based approach, using desk-based ongoing supervision and its investigatory powers. The latter include requests for information, general investigations and on-site inspections and could be used particularly to perform thematic reviews. During the first period, until the reporting obligation started to apply, ESMA focused on supervising the on-boarding of clients and authorities, inter-TR data reconciliation and transparency of TRs' pricing policies. (Source: TR Supervision Work Plan 2014)