AIFMD - Updated MoUs

ESMA updated its table of EEA regulators on 15 March with who has signed MoUs with non-EEA regulators, for the purposes of cross-border marketing of AIFs. Slovenia and Croatia are still to sign up with any non-EU regulators, making marketing of non-EU funds under the AIFMD problematic in these countries.

View the table of AIFMD MoUs signed by the EU authorities.

EMIR - Date for Exemption from Clearing Obligation for Pension Funds

ESMA updated its webpage the Clearing obligation and Risk mitigation techniques under EMIR on 28 February.

The updated webpage confirmed the date of exemption for central clearing for pension funds terminates on 15 August 2018.

View the updated webpage.

Proposed Revisions to AIFMD and UCITS

The European Commission issued a propose Regulation on 12 March 2018 and a Directive amending the AIFMD and the UCITS Directive.

  1. The proposed Regulation improves transparency by aligning national marketing requirements and regulatory fees. It introduces more consistency in the way these regulatory fees are determined. It also harmonises the process and requirements for the verification of marketing material by national competent authorities. The Regulation enables ESMA to better monitor investment funds.
  2. The proposed Directive harmonises the conditions under which investment funds may exit a national market. It creates the possibility for asset managers to stop marketing an investment fund in defined cases in one or several host Member States. It also allows European asset managers to test the appetite of potential professional investors for new investment strategies through pre-marketing activities

Read the proposed Regulation.

Read the proposed Directive.

Read the European Commission’s FAQs on this topic.

ESMA Chair Delivers Keynote Speech

Steven Maijoor, Chair of ESMA gave ESMA’s latest positions on the CMU, Brexit and its European Securities Agency review on 21 March.

In summary, ESMA “is not looking to question, undermine or put in doubt the delegation model”, and hopes to mitigate the risks of ESA’s taking divergent positions post-Brexit.

Read Steven Maijoor's keynote address.