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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|05/09/2019||ESMA71-99-1205||ESMA publishes stress simulation framework for investment funds||Fund Management, Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors||Press Release||PDF
|19/07/2019||ESMA71-99-1204||MMF stress testing and reporting guidelines release||Fund Management||Press Release||PDF
|13/05/2019||ESMA34-45-704||Keynote speech Evert van Walsum Swedish Fund Association's Annual Conference||Fund Management||Speech||PDF
|03/04/2019||ESMA71-319-93||Steven Maijoor Keynote speech- BETTER FINANCE 10th Anniversary 2019||Fund Management, MiFID - Investor Protection, Risk Analysis & Economics - Markets Infrastructure Investors, Speeches||Speech||PDF
|06/03/2019||ESMA35-43-1740||Keynote by ESMA Chair Maijoor at ALFI Asset Management Conference||Brexit, Fund Management||Speech||PDF
|13/02/2019||ESMA71-319-91||Brexit – the regulatory challenges||Brexit, Fund Management, MiFID - Secondary Markets, Post Trading, Speeches, Supervisory convergence||Speech||PDF
Steven Maijoor keynote at the European Financial Forum in Dublin
|12/02/2019||ESMA34-45-634||Keynote Address by Verena Ross- 7th Annual Cross-Border Distribution Conference||Fund Management||Speech||PDF
Keynote address delivered at the 7th Cross-Border Distribution Conference in Luxembourg.
|05/02/2019||ESMA71-99-1106||Press release- ESMA consults on liquidity stress test guidance for investment funds||Fund Management||Press Release||PDF
|01/02/2019||ESMA71-99-1096||ESMA and EU securities regulators MoUs with FCA||Board of Supervisors, Brexit, Credit Rating Agencies, Fund Management, Press Releases, Trade Repositories||Press Release||PDF
|19/12/2018||ESMA71-99-1085||Press release- ESMA consults on measures to promote sustainability in EU capital markets||Credit Rating Agencies, Fund Management, MiFID - Investor Protection||Press Release||PDF
|28/09/2018||ESMA71-99-1043||Press release- ESMA consults on stress testing rules for money market funds||Fund Management||Press Release||PDF
|21/03/2018||ESMA71-99-964||CMU, Brexit and ESA review – What’s next? Steven Maijoor BVI Keynote||Fund Management, MiFID - Investor Protection, Speeches||Speech||PDF
|24/05/2017||ESMA71-99-468||ESMA consults on Money Market Funds rules||Fund Management, Press Releases||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published a Consultation Paper (CP) on the Money Market Funds Regulation (MMFR). The CP contains proposals on draft technical advice (TA), draft implementing technical standards (ITS), and guidelines under the MMFR. The key proposals relate to asset liquidity and credit quality, the establishment of a reporting template and stress test scenarios.
|30/01/2017||ESMA71-844457584-331||Opinion on UCITS Share Classes||Fund Management||Press Release||PDF
|16/11/2016||2016-1579||ESMA Chair speaks on improving outcomes for investors in investment funds||Fund Management, Speeches||Speech||PDF
|11/10/2016||2016-1459||ECON Hearing AIFMD passport Steven Maijoor Opening Statement||Fund Management||Speech||DOCX
|19/07/2016||2016/1138||ESMA advises on extension of funds passport to 12 non-EU countries||Fund Management||Press Release||PDF
|26/05/2016||2016/735||Speech for the AIMA Global Policy and Regulatory Forum – Verena Ross, 18 May 2016, London||Fund Management, Speeches||Speech||PDF
|07/04/2016||JC/2016/21 PR||Joint Press Release draft RTS on PRIIPs||Fund Management, Joint Committee, Press Releases||Press Release||PDF
|31/03/2016||2016/472||ESMA publishes UCITS remuneration guidelines||Fund Management, Press Releases||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published its final Guidelines on sound remuneration policies under the UCITS Directive and AIFMD. ESMA has also written to the European Commission, European Council and European Parliament on the proportionality principle and remuneration rules in the financial sector.
UCITS Remuneration Guidelines
The UCITS Remuneration Guidelines provide clarity on the requirements under the UCITS Directive for management companies when establishing and applying a remuneration policy for key staff. The Guidelines will ensure a convergent application of these provisions and provide guidance on the governance of remuneration, requirements on risk alignment and disclosure. The Guidelines will apply to UCITS management companies and national competent authorities from 1 January 2017.
ESMA, while finalising its UCITS Remuneration Guidelines, had to balance the alignment with the AIFMD Remuneration Guidelines and the obligation to closely cooperate with the European Banking Authority (EBA) in order to ensure consistency with requirements developed for other financial services sectors, in particular credit institutions and investment firms.
The UCITS Directive prescribes that proportionality shall apply to the full set of remuneration principles set out under this Directive. However, the Guidelines do not include guidance on the possibility of dis-applying certain specific requirements on the pay-out process. This follows recent work and legal analysis, including the EBA’s Guidelines under CRD IV, which have called into question the existing understanding that the proportionality provisions as set out under the UCITS Directive and AIFMD may lead to a result:
ESMA considers that these scenarios should remain possible in certain situations and, in its letter to the European institutions, suggests that further legal clarity on this possibility could be beneficial to all the interested parties. Legislative changes in the relevant asset management legislation could be one way to further clarify the applicable regulatory framework.
ESMA believes that it would be inappropriate for the following fund managers to be subject in all circumstances to the requirements on the pay-out process:
ESMA also considers 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.
AIFMD Remuneration Guidelines
The amended AIFMD guidelines will come into force on 1 January 2017. The amendment to the AIFMD guidelines relates to the section of these guidelines dealing with the application of the remuneration rules in a group context and is intended to acknowledge the potential outreach of the CRD rules in a banking group.
The current AIFMD Guidelines will not be amended to bring them into line with the UCITS Guidelines pending clarification on the application of the proportionality principle.
The Guidelines in Annexes III and IV will be translated into the official languages of the European Union and the final texts published on the ESMA website. The deadline for compliance notifications will be two months after the publication of the translations.