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ESMA publishes signed AIFMD cooperation agreements
18 October 2013
View on the ESMA website
ESMA publishes final guidelines
Guidelines on reporting obligations for alternative investment fund managers
1 October 2013
These guidelines provide clarification on the information that AIFMs should report to the authorities as well as indications as to the timing of reporting. ESMA also published some technical supporting material (a consolidated reporting template, detailed IT guidance for filing of the XML and the XSD schema) that will facilitate the reporting by AIFMs to regulators. In addition to the guidelines ESMA published an Opinion providing details on a set of supplementary information that, in its view, the national authorities should require of AIFMs for the monitoring of systemic risk. This includes information on the number of transactions and their values carried out using high frequency algorithmic trading and information on the VaR of the AIFs. The relevant ESMA documents are available here.
AIFMD Questions and Answers
30 September 2013
Download Central Bank Report here (PDF, 823KB).
FCA’s publishes proposal for implementing the AIFMD’s Remuneration Code
6 September 2013
The FCA published its consultation paper (‘CP 13/9’) which includes, in Chapter 14, its proposals and draft guidance setting out how it intends to amend the FCA’s AIFM Remuneration Code (SYSC 19B) to implement key elements of ESMA’s final guidelines on AIFM remuneration. Chapter 14 of FCA’s CP 13/9 (361 pages) is available here
ESMA publishes formal opinion to European Commission
21 August 2013
ESMA has published its formal opinion to the European Commission, in response to the letter received on 8 July from the Commission, which rejected ESMA’s draft Regulatory Technical Standards on the types of AIFMs. The opinion can be found via this link
In the opinion ESMA makes it clear, that it stands behind its original interpretation of the AIFMD Level 1 text and disagrees with the view of DG Markt, but has prepared an amended draft to ensure timely implementation of the AIFMD:
“ESMA does not consider that the solution proposed by DG MARKT in the Letter is the only reasonable way of interpreting the AIFMD provisions. In this respect, ESMA would like to stress that draft RTS submitted by ESMA should be made subject to amendments by the Commission only in very restricted and extraordinary circumstances.
However, in order to ensure a timely implementation of the AIFMD provisions and move the process forward with the Commission, ESMA decided to submit an amended version of the draft RTS for the Commission’s consideration.
ESMA believes that these revised RTS fully address the concerns expressed in the Letter, while retaining some more flexibility to take account of existing market practice. Indeed, the key element for the identification of an open-ended AIF on the basis of the revised RTS is the existence of repurchases or redemptions of the AIF’s shares or units prior to the commencement of its liquidation phase or wind-down, provided that the repurchases or redemptions happen at the investors’ request.
At the same time, the revised draft clarifies that certain decreases in the capital of the AIF do not qualify as repurchases or redemptions for the purpose of the definition
Final Guidelines on key concepts of the AIFMD
13 August 2013
ESMA has published its final Guidelines on key concepts of the AIFMD.
The guidelines can be found on the ESMA website: http://www.esma.europa.eu/content/Key-concepts-AIFMD
The guidelines have been translated into the official languages of the EU and they apply from two months after the date of publication.
In accordance with Article 16(3) of the ESMA Regulation, competent authorities and financial market participants must make every effort to comply with the guidelines. Competent authorities to whom the guidelines apply should comply by incorporating them into their supervisory practices.
Competent authorities to which these guidelines apply must notify ESMA whether they comply or intend to comply with the guidelines, with reasons for non-compliance, within two months of the date of publication by ESMA.
Opinion on Practical Arrangements
1 August 2013
ESMA issues an Opinion on practical arrangements for the late transposition of the AIFMD
ESMA believes that the late transposition should not be an impediment to the use of the AIFM marketing or management passport. The passages concerned are as follows:
- Notification of marketing of EU AIFs when the host MS of the AIFM has not transposed the Directive (Articles 31 and 32 of the Directive)
- Management passport (Article 33 of the Directive)
Find the complete version of the Opinion by ESMA (PDF, 97KB)
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