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|04/06/2020||ESMA71-99-1339||ESMA promotes convergence in the supervision of costs in UCITS and AIFs||Fund Management, Supervisory convergence||Press Release||PDF
|15/04/2020||ESMA71-99-1318||ESMA issues positive opinions on short selling bans by 5 jurisdictions||COVID-19, Market Integrity, Press Releases, Short Selling||Press Release||PDF
|06/04/2020||ESMA71-99-1301||ESMA report stresses impact of costs on retail investor benefits||Press Release||PDF
|27/03/2020||ESMA34-39-967||ESMA consults on guidance to address leverage risk in the AIF sector||Fund Management||Press Release||PDF
|16/03/2020||ESMA71-99-1291||ESMA requires net short position holders to report positions of 0.1% and above||COVID-19, Market Integrity, Press Releases, Short Selling||Press Release||PDF
|10/01/2020||ESMA71-99-1270||ESMA report values EU Alternative Investment Funds at €5.8 trillion||Fund Management, Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors||Press Release||PDF
|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
|02/07/2019||ESMA71-99-1158||MWT Reclaim Schemes Release||Market Integrity, Press Releases||Press Release||PDF
|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
|06/12/2017||ESMA50-164-1173||Press Release MiFID/MAR Transitional Transparency Calculations||Market Abuse, Market Integrity, MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC, Press Releases||Press Release||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
|19/07/2016||2016/1138||ESMA advises on extension of funds passport to 12 non-EU countries||Fund Management||Press Release||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.
|15/02/2016||2016/291||ESMA consults on implementation of the Benchmarks Regulation||Market Integrity, Press Releases, Benchmarks||Press Release||PDF
The European Securities and Markets Authority (ESMA) has today published a Discussion Paper (DP) regarding the technical implementation of the incoming Benchmarks Regulation (BR). ESMA is seeking stakeholder’s input to inform its future proposals on draft Regulatory Technical Standards (RTS) and Technical Advice (TA) to the European Commission.
Benchmarks are used in financial markets as a reference to price financial instruments and to measure performance of investment funds, as well as being an important element of many financial contracts and their integrity is critical to financial markets and to investors in particular. The BR’s objective is to improve the governance and control over the benchmark process, thereby ensuring their reliability and protecting users. The changes aim to:
Steven Maijoor, ESMA Chair, said:
“The Benchmark Regulation, once implemented, will ensure the accuracy, robustness and integrity of benchmarks and the benchmark setting process by clarifying the behaviours and standards expected of administrators and contributors. These requirements will ensure that benchmarks are produced in a transparent and reliable manner and so contribute to well-functioning and stable markets, and investor protection.
“ESMA, in preparing for its work on regulatory technical standards and technical advice, is keen to ensure that all affected stakeholders have their views heard on this important topic and we hope that all interested parties will take this opportunity to contribute.”
The DP is seeking stakeholder’s feedback in the following areas:
The exact date when the Benchmarks Regulation will enter into force is still unknown as it has not yet been published in the Official Journal of the EU.
ESMA will hold an open hearing on the DP on 29 February 2016 in Paris. It will use the responses to its DP to develop detailed implementing measures on which it will publish a follow-up consultation in Q3 2016.