Verena Ross of ESMA has spoken at FSA’s Asset Management Conference. She spoke about ESMA’s constitution and powers before moving on to discuss developments in OTC derivatives, specifically EMIR and the MiFID Review. She then spoke briefly about short selling before moving on to the AIFMD. She stressed ESMA’s desire for consistency with other Directives, specifically MiFID and UCITS, and then looked at ESMA’s concerns over:
- additional own funds/professional liability insurance;
- liability of depositaries;
- leverage; and
- third countries.