ESMA asks for derivative clarification: ESMA has written to the Commission asking it urgently to clarify the definition of derivative under the Markets in Financial Instruments Directive (MiFID) for the purposes of EMIR. It says Member States have implemented the MiFID concept inconsistently and this will cause significant problems in the interpretation of key EMIR provisions. This is particularly so in the case of foreign exchange forwards and physically settled commodity forwards. (Source: ESMA Asks for Derivatives Clarification)

ESMA launches AIFMD Q&A: ESMA has created a Q&A on the application of the Alternative Investment Fund Managers Directive (AIFMD). The content of the document promotes supervisory convergence and provides clarity as to the interpretation of AIFMD. The first questions answered relate to the remuneration rules, reporting and marketing information and notifications. (Source: AIFMD Q&A)