ESMA Publishes Final UCITS Remuneration Guidelines
|
|
- Jerome Cain
- 6 years ago
- Views:
Transcription
1 ESMA Publishes Final UCITS Remuneration Guidelines On 31 March 2016, the European Securities and Markets Authority ( ESMA ) published its final report on Guidelines on Sound Remuneration Policies under the UCITS Directive and AIFMD (the Guidelines ). The publication of the report follows a public consultation relating to the Guidelines launched by ESMA in July 2015 (the Consultation ). The Guidelines are intended to provide clarity on the requirements under the UCITS Directive for management companies when establishing and applying a remuneration policy for key staff and will apply to UCITS management companies from 1 January 2017, subject to the transitional provisions stated within the Guidelines (see further below). The most significant change to the draft version of the Guidelines consulted upon in July 2015 is that the final Guidelines do not offer any guidance as to whether the application of the proportionality principle may result in certain specific requirements of the pay-out process being dis-applied in full (that is, the requirements on variable remuneration in instruments, retention, deferral and ex-post incorporation of risk for variable remuneration). This does not mean, however, that ESMA has determined that certain remuneration requirements may not be dis-applied. Alongside the publication of the Guidelines, ESMA has published a letter to the European Commission, European Parliament and the Council of the European Union (the Letter ) making it clear that it believes that the proportionality principle should continue to apply so as to enable management companies to dis-apply specific requirements of the pay-out process and suggesting that legislative change may be necessary to provide clarity in this area. The Proportionality Issue The proportionality provisions in the UCITS Directive and the Alternative Investment Fund Managers Directive ( AIFMD ) require management companies and AIFMs to comply with the remuneration principles in a way and to the extent that is appropriate to their size, internal organisation and the nature, scope and complexity of their activities. In a departure from the earlier draft version of the Guidelines, which was the subject of the July 2015 Consultation, the Guidelines do not provide guidance on the possibility of the proportionality principle operating to dis-apply certain specific requirements of the pay-out process. In drafting the Guidelines, ESMA was required to cooperate closely with the European Banking Authority ( EBA ) in order to ensure consistency with the requirements developed for credit institutions and other financial services sectors and also to align the Guidelines to the extent possible with the equivalent guidelines issued under the AIFMD. The ESMA Consultation had proposed an interpretation of the provisions on proportionality in the UCITS Directive which would permit the disapplication of the requirements on the pay-out process in certain circumstances on an exceptional basis, consistent with the approach adopted under the AIFMD equivalent guidelines.
2 This proposed approach, however, differed to that of the EBA s March 2015 consultation paper on remuneration guidelines under CRD IV and the final version of those guidelines published in December In its March 2015 consultation paper, the EBA stated the preliminary assessment of the EBA is that a full waiver of the application of even a limited set of remuneration principles for smaller and non-complex institutions would not be in line with CRD. The final EBA guidelines are silent on the possibility of dis-applying any of the CRD IV remuneration requirements but were accompanied by an opinion of the EBA suggesting changes to the CRD to clarify that certain provisions on variable remuneration do not apply to certain firms and / or their staff. ESMA s approach in the final Guidelines in not providing guidance regarding the possible dis-application of certain remuneration requirements is therefore consistent with that adopted by the EBA in its final remuneration guidelines under the CRD. However, this does not mean that ESMA believes that entities in the fund management sector should be subject to the same remuneration rules as credit institutions. In the Letter sent by ESMA to the EU law-making institutions on 31 March 2016, ESMA draws particular attention to the differences between the two sectors, noting in particular that: Fund managers operate according to an agency model and do not accept deposits or deal on their own account. As a consequence, fund managers, unlike credit institutions, do not issue liabilities to fund investors. Fund investors have a claim on the investment portfolio which is ring-fenced from the fund manager. Fund managers manage a portfolio of securities on behalf of a fund, in the interest of the investors in such fund, under an investment mandate. Their discretion on how to dispose of the assets in the relevant portfolio is constrained by the investment objectives and specific limits and restrictions set out in the investment management mandate and in specific product regulation (e.g. UCITS concentration limits). ESMA recalls that remuneration rules under the UCITS Directive and the AIFMD are aimed to align the interests of, including the risks taken by, the fund managers with those of the investors of the funds that they manage. Given the nature of activities of fund managers, and the variety of funds they manage and strategies they implement for those funds, it is appropriate to recognise the possibility to tailor the rules on the pay-out process of variable remuneration when these do not, in the specific circumstances, achieve the goal of aligning the interests of the fund manager s staff. ESMA notes that recent work and legal analysis has called into question the existing understanding that the proportionality provisions set out in the UCITS Directive and the AIFMD may lead to a result where: (a) (b) under specific circumstances, the requirements of the pay-out process are not applied; or it is possible to apply lower thresholds whenever minimum quantitative thresholds are set for the pay-out requirements (for example, the requirement to defer at least 40% of variable remuneration). ESMA states in its Letter that it considers that the scenarios under (a) and (b) should remain possible in certain situations and that further legal clarity on this possibility could be beneficial to all interested parties. ESMA provides a number of examples in the Letter of circumstances in which it believes it should be possible to tailor the rules on the pay-out process and concludes that it would be inappropriate for the following fund managers to be subject in all circumstances to the requirements of the pay-out process: 2
3 smaller fund managers (in terms of balance sheet or size of assets under management); fund managers with simpler internal organisation or nature of activities; or fund managers whose scope and complexity of activities is more limited. The ESMA Letter also states that it would be disproportionate to apply the requirements to relatively small amounts of variable remuneration and to apply certain requirements to certain staff when this would not result in an effective alignment of interests between the staff and the investors in the funds. Application to Delegates ESMA has provided in the Guidelines that the remuneration principles should apply to delegates of the management company. This had been expected, notwithstanding that the provisions in relation to the application to delegates had been included in the recitals to the UCITS V Directive, rather than in the substantive provisions of the Directive. It also reflects that approach which had been taken by ESMA in the context of the AIFMD. However, ESMA goes on to acknowledge in the Letter that there may be cases where the application of the pay-out process rules to the staff of the delegate would not be proportionate and would not achieve the outcome of aligning the delegates staff interests with those of the investors in the UCITS. It also acknowledges the risk that the unwillingness of delegates outside the EEA to be subject to some requirements which they consider disproportionate, could prevent access of EU management companies to certain investment strategies. It remains to be seen whether the additional clarifications on proportionality requested by ESMA in the Letter might extend to delegates but we believe that the factors mentioned by ESMA above should be regarded as relevant for management companies when considering the application of the Guidelines to their delegates. Other Changes to the Draft Guidelines ESMA has introduced the following changes to the draft Guidelines in response to the feedback received on its Consultation: the application date of the Guidelines has been amended from 18 March 2016 to 1 January 2017; transitional provisions have been introduced in respect of the rules on variable remuneration (see below); the wording relating to management companies being part of a group has been amended to clarify that non-ucits or non-aif sectoral prudential supervisors of group entities do not have a discretion to decide which set of sectoral rules should prevail; the guidance relating to payment in instruments has been amended to state that, where it is appropriate to ensure the better alignment of interests with investors, it may be possible to remunerate identified staff with non-cash instruments whose performance is correlated with the performance of the portfolios that they manage, provided that these instruments feature equally effective incentives as any of the instruments referred to in the UCITS Directive (units of the UCITS concerned, equivalent ownership interests, or share-linked instruments); and in relation to the requirement to pay at least 50% of variable remuneration in instruments unless the management of UCITS accounts for less than 50% of the total portfolio managed 3
4 by the management company, the wording has been amended to state that the 50% threshold should be based on the total net asset value of all the UCITS managed by the management company and the total portfolio managed should be the portfolios collectively and individually managed under its authorisation under the UCITS Directive and its authorisation under the AIFMD, if any. Next Steps and Transitional Provisions The Guidelines will now be translated into the official languages of the EU and the final texts will be published on the ESMA website. National competent authorities must inform ESMA within two months of publication of the translations on the ESMA website whether they intend to comply with the Guidelines. We expect the Central Bank of Ireland to comply with the Guidelines. The Guidelines will apply from 1 January The Guidelines state that the guidance on the rules on variable remuneration should apply for the calculation of payments relating to new awards of variable remuneration for identified staff for the first full performance period after 1 January For example, a management company whose accounting period ends on 31 December 2016 should apply the guidance on the rules on variable remuneration to the calculation of payments relating to the 2017 accounting period. However, a management company whose accounting period ends on 30 November 2016 may be in a position where the provisions in relation to variable remuneration will only apply for the accounting period commencing 1 December This is a welcome clarification given the ambiguity on this issue in ESMA s recent Q&A relating to the update of fund documentation to reflect the UCITS V requirements. Comment While ESMA s views on the application of proportionality as expressed in the Letter are welcome, it is unfortunate that there is no clear guidance on this issue and the current position is somewhat unclear. In the absence of legislative amendment at European level, or clarification at member state level, by 1 January 2017, it may be necessary for the relevant management company to make its own assessment as to application of the proportionality principle. In doing so, we believe it would be appropriate for management companies to have regard to ESMA s views in the Letter regarding the circumstances in which a UCITS management company may rely upon proportionality. The equivalent remuneration guidelines under the AIFMD currently provide that the pay-out process rules may be dis-applied in certain circumstances and ESMA has stated that the AIFMD remuneration guidelines will not be amended to bring them into line with the UCITS Guidelines pending clarification on the application of the proportionality principle. The delay in the application of the Guidelines from March 2016 to 1 January 2017 and the transitional provisions with respect to the application of the guidance on the variable remuneration rules are positive developments. It remains to be seen whether there will be further legislative change, as advocated for by ESMA, to clarify the proportionality issue or whether national regulators will seek to clarify the issue at member state level. We will keep our clients updated regarding further developments. ESMA s final report on the UCITS remuneration guidelines may be accessed here. The ESMA Letter to the EU law-making institutions may be accessed here. Please get in touch with your usual Asset Management and Investment Funds Group contact or any of the contacts listed in this publication should you require further information in relation to the material referred to in this update. 4
5 Full details of the Asset Management and Investment Funds Group, together with further updates, articles and briefing notes written by members of the Asset Management and Investment Funds team, can be accessed at The material is provided for general information purposes only and does not purport to cover every aspect of the themes and subject matter discussed, nor is it intended to provide, and does not constitute, legal or any other advice on any particular matter. The information in this document is provided subject to the Legal Terms and Liability Disclaimer contained on the Matheson website. Copyright Matheson Matheson Publication April
ESMA Publishes Consultation on UCITS Remuneration Guidelines
ESMA Publishes Consultation on UCITS Remuneration Guidelines The European Securities and Markets Authority ( ESMA ) has published on 23 July 2015 a consultation on guidelines on sound remuneration policies
More informationUCITS V: Remuneration Factsheet
UCITS V: Remuneration Factsheet The UCITS V Directive ( UCITS V ) amends the regulatory framework for Undertakings for Collective Investment in Transferable Securities ( UCITS ) to address issues relating
More informationCIG Fund Management Company Limited Remuneration Policy
CIG Fund Management Company Limited Remuneration Policy Contents 1. Background... 3 2. Objective... 3 3. Governance... 3 4. Identified Staff... 3 5. Forms of Remuneration... 4 6. Proportionality... 4 7.
More informationAIFMD Hot Topics: Contractual Discharge, Valuation, Remuneration and Private Equity
AIFMD Hot Topics: Contractual Discharge, Valuation, Remuneration and Private Equity With less than two months remaining until the Alternative Investment Fund Managers Directive ( AIFMD ) transitional period
More informationEFAMA Response to ESMA s Consultation Paper on Guidelines on sound remuneration policies under the AIFMD
EFAMA Response to ESMA s Consultation Paper on Guidelines on sound remuneration policies under the AIFMD EFAMA 1 appreciates the opportunity to provide comments on the ESMA Consultation paper on Guidelines
More informationDMS Investment Management Services (Europe) Limited (the Manco )
DMS Investment Management Services (Europe) Limited (the Manco ) REMUNERATION POLICY I. Introduction Mr. Tim Madigan is the designated person in relation to Remuneration, (the Designated Person ).1 The
More informationINDEPENDENT FRANCHISE PARTNERS VARIABLE CAPITAL COMPANY PLC. (the "Fund") UCITS V Remuneration Policy
INDEPENDENT FRANCHISE PARTNERS VARIABLE CAPITAL COMPANY PLC (the "Fund") UCITS V Remuneration Policy Effective as of 1 January 2017 Reviewed and Updated: April 2018 REMUNERATION POLICY 1 INTRODUCTION The
More informationESMA s Opinion on Supervisory Convergence in Investment Management
ESMA s Opinion on Supervisory Convergence in Investment Management The European Securities and Markets Authority ( ESMA ) has provided further guidance for national competent authorities ( NCAs ) dealing
More informationBridge Fund Management Limited
Bridge Fund Management Limited Remuneration Policy ISSUED: 1 ST MAY 2017 1 Bridge Fund Management Limited Remuneration Policy 1. Background In accordance with its obligations under the European Union (Alternative
More informationKBA Consulting Management Limited (the Company)
KBA Consulting Management Limited (the Company) Remuneration Policy The Company has designed and implemented a remuneration policy (the Policy) in line with the provisions of S.I. 257 of 2013 European
More informationOn behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY
On behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY September 27, 2012 To Re ESMA Response to ESMA Consultation Paper: Guidelines on sound remuneration
More information1. Introduction and interpretation. 2
Finalised guidance General guidance on the AIFM Remuneration Code (SYSC 19B) January 2014 Table of Contents 1. Introduction and interpretation. 2 2. Guidance to firms as to when the AIFM Remuneration Code
More informationALTERNATIVE INVESTMENT FUND MANAGEMENT DIRECTIVE (AIFMD)
ALTERNATIVE INVESTMENT FUND MANAGEMENT DIRECTIVE (AIFMD) CURRENT CHALLENGES DECEMBER 2014 1 AIFMD CURRENT CHALLENGES The AIFMD goes back to April 2009 when the European Commission proposed a Directive
More informationAIFMD Factsheet: Private Placement Post-AIFMD
AIFMD Factsheet: Private Placement Post-AIFMD What is the AIFMD? The Alternative Investment Fund Managers Directive ( AIFMD ) introduced a new passport system for the marketing of alternative investment
More informationResponse to ESMA Consultation Paper: Guidelines on sound remuneration policies under the UCITS Directive and AIFMD
23 October 2015 On behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY Response to ESMA Consultation Paper: Guidelines on sound remuneration policies
More informationBrussels, 23 rd September 2013
CEGBPI/BANK/06/2013 Minutes of the 2 nd meeting of the Expert Group on Banking, Payments and Insurance (Banking section) Brussels, 23 rd September 2013 INTRODUCTION BY CHAIRMAN Mr. Mario Nava, Acting Director
More informationRemuneration Policy. Version No 6 Total Pages No 19. Author: Compliance Function Issue date: December, / v4
Remuneration Policy Version No 6 Total Pages No 19 Author: Compliance Function Issue date: December, 2016 CONTENTS Definitions... 2 1. Purpose... 4 2. Adoption and Review... 4 3. Framework... 4 4. Firm
More informationLEGAL OPINION on an issue raised by the implementation of the proportionality principle within the EU
LEGAL OPINION on an issue raised by the implementation of the proportionality principle within the EU Paris, June 18, 2015 9 rue de Valois 75001 Paris - Tél.: 33 (0)1 42 92 20 00 - hautcomite@hcjp.fr -
More informationRegulatory news alert ESMA publishes draft guidelines on sound remuneration policies under UCITS V
Regulatory news alert ESMA publishes draft guidelines on sound remuneration policies under UCITS V Overview The European Securities and Markets Authority (ESMA) has launched a consultation on proposed
More informationThe Alternative Investment Fund Managers Directive What you need to know
The Alternative Investment Fund Managers Directive What you need to know The below is intended to be a high level summary of key areas as the precise implications of the AIFMD may differ for each firm.
More informationGuidance. Notes The Alternative Investment Fund Managers ("AIFM") Gibraltar Remuneration Code
Guidance Notes The Alternative Investment Fund Managers ("AIFM") Gibraltar Remuneration Code Issued : 21 November 2014 Table of Contents PART I... 4 Introduction... 4 Who does the code apply to?... 4 AIFM
More informationThe Irish Funds Industry Association responds to UCITS VI Consultation
Legal and Regulatory Update The Irish Funds Industry Association responds to UCITS VI Consultation The Irish Funds Industry Association ( IFIA ) has made a detailed submission in response to the European
More informationQuestions and Answers Application of the EuSEF and EuVECA Regulations
Questions and Answers Application of the EuSEF and EuVECA Regulations 31 May 2016 ESMA/2016/774 Table of Contents 1 Background... 2 2 Purpose... 2 3 Status... 2 4 Questions and answers... 3 Question 1:
More informationEBA proposals for higher capital requirements, and changes to pay regulation and other prudential rules, for MiFID firms
EBA proposals for higher capital requirements, and changes to pay regulation and other prudential rules, for MiFID firms On 29 September 2017, the European Banking Authority made recommendations to the
More informationCall for Evidence: AIFMD Passport and Third Country AIFMs
Via ESMA Website European Securities and Markets Authority 103 Rue de Grenelle 75007 Paris France Re: Call for Evidence: AIFMD Passport and Third Country AIFMs Dear Sir or Madam: Managed Funds Association
More informationAMF Position Frequently asked questions on the transposition of the AIFM Directive into French law
AMF Position 2013-22 Frequently asked questions on the transposition of the AIFM Directive into Reference texts: Article 33 of Order 2013-676 of 25 July 2013 amending the framework for asset management,
More informationEuropean Banking Authority
European Banking Authority E-mail: EBA-CP-2013-11@eba.europa.eu 12 August 2013 European Banking Authority Consultation Paper 2013-11: Draft Regulatory Technical Standards on criteria to identify categories
More informationGUIDELINES ON SOUND REMUNERATION POLICIES UNDER THE AIFMD RESPONSE TO PUBLIC CONSULTATION
Via ESMA Website European Securities and Markets Authority 103 Rue de Grenelle 75007 Paris France Re: GUIDELINES ON SOUND REMUNERATION POLICIES UNDER THE AIFMD RESPONSE TO PUBLIC CONSULTATION Dear Sir
More informationEstablishment of an ICAV
Establishment of an ICAV General Introduction and Background The eagerly awaited legislation introducing the Irish Collective Asset-management Vehicle ( ICAV ) was published by the Department of Finance
More informationDirective 2011/61/EU on Alternative Investment Fund Managers
The following is a summary of certain relevant provisions of the (the Directive) of June 8, 2011 along with ESMA s Final report to the Commission on possible implementing measures of the Directive as of
More informationALTERNATIVE! INVESTMENT LAW
A BNA, INC. ALTERNATIVE! INVESTMENT LAW REPORT Investment Advisers The New E.U. Directive On Alternative Investment Fund Managers BY LEONARD NG, OF SIDLEY AUSTIN LLP, LONDON. Introduction O n November
More informationConsultation paper - Guidelines on sound remuneration policies under the AIFMD ESMA / 2012 / 406
27 September 2012 European Securities and Markets Authority Dear Sirs, Consultation paper - Guidelines on sound remuneration policies under the AIFMD ESMA / 2012 / 406 The BBA is pleased to respond to
More informationCOMMISSION DELEGATED REGULATION (EU) No /.. of
EUROPEAN COMMISSION Brussels, 17.12.2013 C(2013) 9098 final COMMISSION DELEGATED REGULATION (EU) No /.. of 17.12.2013 supplementing Directive 2011/61/EU of the European Parliament and of the Council with
More informationOpinion of the European Supervisory Authorities
ESAs 2016 62 8 September 2016 Opinion of the European Supervisory Authorities On the European Commission s amendments of the final draft Regulatory Technical Standards on risk mitigation techniques for
More informationAlternative Investment Management Association
Alternative Investment Management Association EUROPEAN SECURITIES AND MARKETS AUTHORITY 103 Rue de Grenelle Paris 75007 France Submitted via the ESMA website 27 September 2012 Dear Sirs, AIMA s response
More informationEuropean Commission proposes framework for new prudential regime for investment firms
EU update European Commission proposes framework for new prudential regime for investment firms On 21 December 2017, the European Commission (the Commission ) published its proposed framework for a new
More informationESMA s Brexit Reminder
June 1, 2017 ESMA s Brexit Reminder Although most Brexit related media coverage of the financial services sector has focused to date on banking, on insurance and on market infrastructure issues post-divorce,
More informationCountdown to MiFID II: Final rules for trading venues, participants and investment firms
Countdown to MiFID II: Final rules for trading venues, participants and investment firms On 31 March 2017, the Financial Conduct Authority (FCA) published its first policy statement (PS 17/5) on the implementation
More informationThe Central Bank Consults on Amendments to AIF Rulebook
January 2016 The Central Bank Consults on Amendments to AIF Rulebook The Central Bank of Ireland ( Central Bank ) AIF Rulebook was introduced with effect from 22 July, 2013 to coincide with the implementation
More informationA Guide to the Implications of the Alternative Investment Fund Managers Directive (AIFMD) for Annual Reports of Alternative Investment Funds (AIFs)
A Guide to the Implications of the Alternative Investment Fund Managers Directive (AIFMD) for Annual Reports of Alternative Investment Funds (AIFs) Alternative Investment Fund Managers Directive For Annual
More informationJoint Technical Advice
JC 2017 43 28 July 2017 Joint Technical Advice on the procedures used to establish whether a PRIIP targets specific environmental or social objectives pursuant to Article 8 (4) of Regulation (EU) No 1286/2014
More informationEU Commission s Proposed Prudential Regime for Investment Firms
EU Commission s Proposed Prudential Regime for Investment Firms 18 April 2018 London Welcome Agenda Welcome and Opening Remarks Andrew Lowin, Duff & Phelps New Prudential Regime for MiFID Investment Firms
More informationAugust Proposal for EMIR Reform targeted changes with important consequences for AIFs, AIFMs and UCITS Management Companies
August 2017 Proposal for EMIR Reform targeted changes with important consequences for AIFs, AIFMs and UCITS Management Companies Background to EMIR Reform On 4 May 2017, the European Commission (the Commission
More informationAPPENDIX 1 PRA 2015/92
Powers exercised PRA RULEBOOK: FINANCIAL CONGLOMERATES INSTRUMENT 2015 A. The Prudential Regulation Authority ( PRA ) makes this instrument in the exercise of the following powers and related provisions
More informationBeresford Funds plc Remuneration Policy. Version:
Beresford Funds plc Remuneration Policy Document Owner: Version: Maintenance Cycle: ILIM Compliance V2 Annually Review Date: October 2016 The Company Beresford Funds plc (the Company) is an open-ended
More informationIntroduction and legal basis. EBA/Op/2014/ October 2014
EBA OPINION TO THE COMMISSION S CALLS FOR ADVICE UNDER ARTICLES 508 (1) CRR AND 161(4) CRD EBA/Op/2014/11 29 October 2014 Opinion of the European Banking Authority on the application of Articles 108 and
More informationImplementation of AIFMD in the Netherlands
Implementation of AIFMD in the Netherlands June 2013 This newsletter contains an update on the implementation status and current developments concerning the Alternative Investment Fund Management Directive
More informationAlternative Investment Management Association
Alternative Investment Management Association European Banking Authority 18th Floor Tower 42 25 Old Broad Street London EC2N 1HQ Submitted via email to: EBA-CP-2013-11@eba.europa.eu 21 August 2013 Dear
More informationFinal report. Guidelines on key concepts of the AIFMD. 24 May 2013 ESMA/2013/600
Final report Guidelines on key concepts of the AIFMD 24 May 2013 ESMA/2013/600 Date: 24 May 2013 ESMA/2013/600 Table of Contents I. Executive Summary 4 II. Feedback Statement 5 Annex I: Annex II: Annex
More informationPolicy Statement PS3/17 The implementation of ring-fencing: reporting and residual matters responses to CP25/16 and Chapter 5 of CP36/16
Policy Statement PS3/17 The implementation of ring-fencing: reporting and residual matters responses to CP25/16 and Chapter 5 of CP36/16 February 2017 Prudential Regulation Authority 20 Moorgate London
More informationMarch 23, ESMA Discussion Paper Key concepts of the Alternative Investment Fund Managers Directive and types of AIFM (23 February 2012)
Via ESMA Website European Securities and Markets Authority 103 Rue de Grenelle 75007 Paris France Re: ESMA Discussion Paper Key concepts of the Alternative Investment Fund Managers Directive and types
More informationFeedback statement. Responses to the public consultation on a draft Guideline and Recommendation of the European Central Bank
Feedback statement Responses to the public consultation on a draft Guideline and Recommendation of the European Central Bank On the exercise of options and discretions available in Union law for less significant
More informationLetter. Dear Mr Stobo and Mr Boidard,
EUROPEAN ASSOCIATION FOR INVESTORS IN NON-LISTED REAL ESTATE VEHICLES EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) MR. RICHARD STOBO, SENIOR OFFICER MR. CLÉMENT BOIDARD, OFFICER WTC AMSTERDAM, TOWER
More informationJC /07/2018. Final report
JC 2018 35 31/07/2018 Final report on the application of the existing Joint Committee Guidelines on complaints-handling to authorities competent for supervising the new institutions under PSD2 and/or the
More informationFrankfurt am Main, 23 March BVI s response to the ESA s consultation on EOS PRIIPs. General Comments
Frankfurt am Main, 23 March 2017 BVI s response to the ESA s consultation on EOS PRIIPs General Comments It is decisive that the rules for EOS PRIIPs ensure meaningful transparency for investors without
More information1. CRD IV as portfolio management entities managing assets on a discretionary basis in line with
EFAMA s comments on the EBA s Consultation Paper on Draft Guidelines on sound remuneration policies under Article 74(3) and 75(2) of Directive 2013/36/EU and disclosures under Article 450 of Regulation
More informationConsultation paper. Guidelines on key concepts of the AIFMD. 19 December 2012 ESMA/2012/845
Consultation paper Guidelines on key concepts of the AIFMD 19 December 2012 ESMA/2012/845 Date: 19 December 2012 ESMA/2012/845 Responding to this paper ESMA invites comments on all matters in this paper
More informationDoes the definition of AIF in Article 4(1)(a) include REITs or real estate companies?
Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009
More informationFinal Report. Implementing Technical Standards
EBA/ITS/2016/05 22 September 2016 Final Report Implementing Technical Standards on common procedures, forms and templates for the consultation process between the relevant competent authorities for proposed
More informationFinal Draft Regulatory Technical Standards
JC 2018 77 12 December 2018 Final Draft Regulatory Technical Standards Amending Delegated Regulation (EU) 2016/2251 on risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty
More informationEBA FINAL draft Regulatory Technical Standards
EBA/Draft/RTS/2012/01 26 September 2012 EBA FINAL draft Regulatory Technical Standards on Capital Requirements for Central Counterparties under Regulation (EU) No 648/2012 EBA FINAL draft Regulatory Technical
More informationQuestions and Answers. On the Market Abuse Regulation (MAR)
Questions and Answers On the Market Abuse Regulation (MAR) ESMA70-145-111 Version 10 Last updated on 14 December 2017 Table of Contents 1. Purpose and status... 3 2. Legislative references and abbreviations...
More information27/03/2018 EBA/CP/2018/02. Consultation Paper
27/03/2018 EBA/CP/2018/02 Consultation Paper on the application of the existing Joint Committee Guidelines on complaints-handling to authorities competent for supervising the new institutions under MCD
More informationResponse to the KPMG survey for the European Commission on the Alternative Investment Fund Managers Directive
Luxembourg, 29 March 2018 Response to the KPMG survey for the European Commission on the Alternative Investment Fund Managers Directive Introduction The Association of the Luxembourg Fund Industry (ALFI)
More informationBrexit and Financial Services: The Final Countdown
Brexit and Financial Services: The Final Countdown Grania Baird and Kya Fear 05 November 2018 With less than five months before the UK leaves the EU there is no final consensus on a withdrawal agreement,
More informationAFG s response to the European Commission s questionnaire on cross border distribution of investment funds
CT Réglementation européenne et internationale 28.06.2017 AFG s response to the European Commission s questionnaire on cross border distribution of investment funds Industry questionnaire As a preliminary
More informationFinal report. Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD ESMA/2013/1339 (revised)
Final report Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD 15.11.2013 ESMA/2013/1339 (revised) Date: 15 November 2013 ESMA/2013/1339 Table of Contents I.
More informationAIFMD Questions and Answers. 28 th Edition 2 January 2018
2018 AIFMD Questions and Answers 28 th Edition 2 January 2018 AIFMD Questions and Answers This document sets out answers to queries likely to arise in relation to the implementation of the AIFMD. It is
More informationInformation page Alternative Investment Fund Managers Directive Operating conditions - General
Information page Alternative Investment Fund Managers Directive Issued : 19 March 2013 Table of Contents 1. Introduction... 3 2. General operating principles... 3 3. Duty to act in best interests of the
More informationDraft regulatory technical standards
FINAL REPORT ON AMENDING THE REQUIREMENTS FOR RISK-MITIGATION TECHNIQUES FOR OTC-DERIVATIVE CONTRACTS NOT CLEARED BY A CCP WITH REGARD TO PHYSICALLY SETTLED FOREIGN EXCHANGE FORWARDS JC/2017/79 18/12/2017
More informationAIFM toolbox. AIFM toolbox - May Updated version
AIFM toolbox AIFM toolbox - May 2013 Updated version AIFM toolbox The AlFM toolbox aims to provide reader-friendly access to the EU legislation relating to the AIFMD level 1 measures (Directive 2011/61/EU
More informationFWU INVEST S.A. Remuneration Policy
FWU INVEST S.A. Remuneration Policy CONTENTS 1 GENERAL DISPOSITIONS... 3 1.1 Principles and philosophy... 3 1.1.1 Circular CSSF 11/505... 3 1.1.2 ESMA guidelines 2016/575... 4 1.1.3 Neutralization of requirements...
More informationOn behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY
On behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY February 1, 2013 To Re ESMA Response to ESMA Consultation paper: Draft regulatory technical standards
More informationDirective 2011/61/EU on Alternative Investment Fund Managers
The following is a summary of certain relevant provisions of the (the Directive) of June 8, 2011 along with ESMA s draft technical advice to the Commission on possible implementing measures of the Directive
More informationADVISORY Financial Services: Executive Compensation
ADVISORY Financial Services: Executive Compensation FINANCIAL SECTOR PAY GOVERNANCE December 2, 2010 Excessive and imprudent risk-taking in the banking sector has led to the failure of individual financial
More informationThe Role of the Depositary under the AIFMD
The Role of the Depositary under the AIFMD One of the primary stated aims of the Alternative Investment Fund Managers Directive 1 (the AIFMD ) was to increase investor protection 2. A key step in this
More informationRe: ESMA s Discussion Paper on Key Concepts of the Alternative Investment Fund Managers Directive and Types of AIFM
UBS AG P.O. Box 8098 Zürich Public Policy EMEA Group Governmental Affairs Dr. Gabriele C. Holstein Bahnhofstrasse 45 P.O. Box 8098 Zürich Tel. +41-44-234 44 86 Fax +41-44-234 32 45 gabriele.holstein@ubs.com
More informationAIFMD transparency rules Impact on the annual report of AIFs
AIFMD transparency rules Impact on the annual report of AIFs The Alternative Investment Fund Managers Directive (AIFMD) includes transparency requirements which are applicable to AIFMs marketing and or/managing
More informationPolicy Statement PS12/18 Algorithmic trading. June 2018
Policy Statement PS12/18 Algorithmic trading June 2018 Policy Statement PS12/18 Algorithmic trading June 2018 Bank of England 2018 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Contents 1
More informationESMA s 2019 Regulatory Work Programme
4 February 2019 ESMA20-95-1105 ESMA s 2019 Regulatory Work Programme The Regulatory Work Programme (RWP) provides an overview of ESMA s Single Rulebook work. It lists all the technical standards and technical
More informationEMIR : Regulation on OTC derivatives, Central Counterparties and Trade Repositories
EMIR : Regulation on OTC derivatives, Central Counterparties and Trade Repositories Contents EMIR : Regulation on OTC derivatives, Central Counterparties and Trade Repositories Background Page 2 Scope
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 29.9.2017 C(2017) 6469 final COMMISSION DELEGATED REGULATION (EU) /... of 29.9.2017 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council with
More informationEBA FINAL draft regulatory technical standards
EBA/RTS/2013/08 13 December 2013 EBA FINAL draft regulatory technical standards on passport notifications under Articles 35, 36 and 39 of Directive 2013/36/EU EBA FINAL draft regulatory technical standards
More informationConsultation Paper. Clearing Obligation under EMIR (no. 6) 11 July 2018 ESMA
Consultation Paper Clearing Obligation under EMIR (no. 6) 11 July 2018 ESMA70-151-1530 Date: 11 July 2018 ESMA70-151-1530 Responding to this paper The European Securities and Markets Authority (ESMA) invites
More informationQuestions and Answers Application of the AIFMD
Questions and Answers Application of the AIFMD 5 October 2017 ESMA34-32-352 Date: 5 October 2017 ESMA34-32-352 Contents Section I: Remuneration...5 Section II: Notifications of AIFs...9 Section III: Reporting
More informationAIFMD Investment Funds Briefing
Page 1 AIFMD Investment Funds Briefing 25 March 2013 Are you AIFMD ready? The Alternative Investment Fund Managers Directive (AIFMD) is due to be transposed into UK law on 22 July 2013. It heralds a period
More informationEMIR 1.5. July (Regulation EU 648/2012) 2 See the Regulatory Technical Standards and the Annexes published on 4 th October 2016
EMIR 1.5 July 2017 Just as the dust had settled on implementation of the EMIR 1 margin requirements 2, the European Commission recently published a proposal for a new regulation with the aim of simplifying
More informationEFAMA s comments on ESMA s Consultation Paper Guidelines on certain aspects of the MiFID II suitability requirements [ESMA ]
EFAMA s comments on ESMA s Consultation Paper Guidelines on certain aspects of the MiFID II suitability requirements [ESMA35-43-748] General Comments EFAMA 1 welcomes provision by ESMA of guidelines on
More informationESMA's draft technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive
Response to ESMA's draft technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive For the most part, the AIFM directive is well
More informationThe Role of the Depositary under the AIFMD and the AIF Rulebook
The Role of the Depositary under the AIFMD and the AIF Rulebook One of the primary stated aims of the Alternative Investment Fund Managers Directive 1 (AIFMD) was to increase investor protection 2. A key
More informationPolicy Statement PS19/17 Responses to CP2/17 Occasional Consultation Paper. July 2017
Policy Statement PS19/17 Responses to CP2/17 Occasional Consultation Paper July 2017 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Policy Statement PS19/17 Responses to CP2/17 Occasional
More informationCONSULTATION DOCUMENT CMU ACTION ON CROSS-BORDER DISTRIBUTION OF FUNDS (UCITS, AIF, ELTIF, EUVECA AND EUSEF) ACROSS THE EU
EUROPEAN COMMISSION Directorate-General for Financial Stability, Financial Services and Capital Markets Union FINANCIAL MARKETS Asset management CONSULTATION DOCUMENT CMU ACTION ON CROSS-BORDER DISTRIBUTION
More informationConsultation on Integrating sustainability risks and factors in the UCITS Directive and AIFMD
European Securities and Markets Authority 103 Rue de Grenelle 75345 Paris France Submitted online at www.esma.europa.eu 19 February 2019 RE: Consultation on Integrating sustainability risks and factors
More informationJC FINAL draft Regulatory Technical Standards
26.07.2013 JC-RTS-2013 01 JC FINAL draft Regulatory Technical Standards on the consistent application of the calculation methods under Article 6(2) of the Financial Conglomerates Directive under Regulation
More informationAIFMD: What it is and what to do.
AIFMD: What it is and what to do. AIFMD: What it is and what to do. 1 What is the AIFMD? The AIFMD is an EU directive aimed at introducing a harmonised regulatory framework across the EU for EU-established
More informationBrexit: what might change Investment Management
1 Brexit: what might change Investment Management Introduction On 23 June 2016 the UK population voted for the UK s exit from the European Union (EU). The applicable exit procedure and certain possible
More informationALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE FREQUENTLY ASKED QUESTIONS
ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE FREQUENTLY ASKED QUESTIONS List of Topics APPLICABLE EU LEGISLATION AND GUIDANCE... 3 INVESTMENT SERVICES ACT (EXEMPTIONS) REGULATIONS... 5 APPLICABILITY
More informationEBA final draft implementing technical standards
EBA ITS 2017 02 4 May 2017 EBA final draft implementing technical standards Amending Commission Implementing Regulation (EU) 2016/2070 laying down implementing technical standards with regard to benchmarking
More informationOn behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY
On behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY February 1, 2013 To Re ESMA Response to ESMA Consultation paper on Guidelines on key concepts
More informationAsset Management and Investment Funds Update
Asset Management and Investment Funds Update October 2018 Central Bank Announces Self-Certification Regime for UCITS Financial Indices, Depositary Agreements and other changes In a letter addressed to
More information