OMIClear authorised under EMIR: OMIClear - C.C.,S.A., a Portuguese CCP received on 31 October authorisation to offer services and activities in the EU under EMIR. (Source: List of CCPs Authorised Under EMIR)

ESMA speaks on regulatory challenges for asset managers: Steven Maijoor spoke to the European Fund and Asset Management Association (EFAMA) on regulatory challenges for asset managers. He looked at risks and opportunities for the sector and then focused on legislative developments. He spoke mainly on MiFID 2 and the inducement rules, in particular the treatment of investment research and the quality enhancement test. He reminded delegates of ESMA's suggested view as to what research could provide a minor non-monetary benefit and said many respondents consider its views too strict. ESMA is now preparing revised technical advice. On quality enhancement, ESMA had proposed a negative list (things that would not enhance quality) and also given some positive examples. On the whole, respondents did not like the negative list. Many claimed it went beyond the Level 1 measures and would unduly restrict access to advice for all but wealthy clients. He spoke also on UCITS, explaining ESMA's work on UCITS V and saying he thought many of the previously pressing issues that may have led to UCITS VI were being addressed elsewhere, and calling for calm while UCITS V is embedded properly. He moved on to discuss packaged products (PRIIPs) and the work of the Joint Committee. Finally, he spoke on the Alternative Investment Fund Managers Directive (AIFMD) and ESMA's next deliverable, which is advice to the Commission on whether to extend the passport for managers and funds to non-EU entities. ESMA will shortly launch a call for evidence to help it assess potentially relevant criteria for making a decision - but there will be no blanket passport. (Source: ESMA Speaks on Regulatory Challenges)