The European Securities and Markets Authority (ESMA) has published its final report on guidelines on product governance requirements under the amended Markets in Financial Instruments Directive (MiFID 2). The guidelines will be translated into the official languages of the EU, which will trigger a two-month period during which competent national authorities must notify ESMA […]

On 20 February 2017, the Joint Committee of the European Supervisory Authorities (ESAs) (that is, the EBA, EIOPA and ESMA) published an opinion (JC/2017/07), addressed to the European Commission, on the risks of money laundering and terrorist financing affecting the EU’s financial sector. Read here  The aim of the opinion is to inform the Commission’s […]

ESMA has published its advice to the European Parliament, the Council and the Commission on the application of the AIFMD Passport to non-EU (“third country”) AIFMs and AIFs. The following offers some back ground The ESMA advice is of particular interest to the UK, which may or may not become a “third country” for AIFMD […]

ON the 19th July the JFSC issues a Press Release as follows The Jersey Financial Services Commission (JFSC) welcomes the recommendation that the European Securities and Markets Authority (ESMA) has today made to the European Parliament, Council and Commission, that Jersey should be amongst those ‘third countries’ granted an AIFMD passport. The JFSC has fully […]

The European Securities and Markets Authority (“ESMA”) has published its final guidelines on the remuneration requirements of the UCITS V directive. http://bit.ly/229d2IN The key issue addressed by ESMA is the ability for smaller or less complex managers to disapply certain of the more onerous remuneration requirements (including the “Pay Out Process Rules”) on the basis […]

The European Commission has responded to a request from the European Securities and Markets Authority (“ESMA”) to clarify the definition of “financial instruments” under Directive 2004/39/EC on markets in financial instruments (“MiFID”) which is used in defining  under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (“EMIR”). The lack of clarity […]

Steven Maijoor, Chair, European Securities and Markets Authority (ESMA), has given a speech at the EFAMA Investment Management Forum on the past achievements and future focus of ESMA. While ESMA’s focus in the past had been the single rulebook, its priorities are now changing and becoming more balanced, with direct supervision and supervisory convergence making […]

The European Securities and Markets Authority (ESMA) has published a consultation paper on “Guidelines on reporting obligations under Article 3 and Article 24 of the AIFMD [Alternative Investment Fund Managers Directive]”. The AIFMD Implementing Regulation (Regulation 231/2013) contains details on the reporting obligations to national competent authorities (NCAs) under Articles 3 and 24 of the […]