The European Securities and Markets Authority has published on January 30 a consultation paper proposing future guidelines for exchange-traded funds established as Undertakings for Collective Investment in Transferable Securities and other issues related to the Ucits regime. The Esma proposals cover both physical ETFs,…
Investment Management
3 February 2012
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27 January 2012
Esma advice increases certainty on third-country AIFM Directive questions
The European Securities and Market Authority’s 500 pages of technical advice to the European Commission on Level 2 measures implementing the Alternative Investment Fund Managers Directive have helped to bring greater certainty to the global fund industry on what it can expect in July 2013 and thereafter. Nevertheless,…
17 November 2011
Esma finalises advice to European Commission on AIFMD Level 2 measures
The European Securities and Markets Authority has published on November 16 its final advice to the European Commission on the detailed rules underlying and implementing the Alternative Investment Fund Managers Directive. The Commission is expected to issue the rules in the form of subsidiary legislation and regulation…
13 October 2011
Esma proposes measures to handle problems arising from non-implementation of Ucits IV
Esma proposes measures to handle problems arising from non-implementation of Ucits IV The European Securities and Markets Authority (Esma) has published proposals on October 13 to deal with the fact that the majority of European Union member states have not yet approved legislation implementing the Ucits IV directive,…
7 September 2011
Adapting the SIF law for the AIFM Directive era
Four and a half years after Luxembourg introduced the law creating the Specialist Investment Fund regime for alternative vehicles, the grand duchy’s government has drafted legislation amending the SIF rules. The new legislation, which was placed before the Chamber of Deputies (Parliament) on August 12 and which is expected…
25 August 2011
Esma issues proposals on treatment of third country entities under AIFMD
The European Securities and Markets Authority (Esma) has published a consultation paper on August 23 setting out its proposals for the detailed Level 2 rules on supervision and third-country entities underlying the Alternative Investment Fund Managers Directive. According to Esma, the proposed rules have been drafted to…
18 July 2011
Esma’s consultation paper of July 13, 2011 on AIFM Directive proposals
The European Securities and Markets Authority has issued a consultation paper setting out draft technical advice to the European Commission on the detailed Level 2 rules that will underlie the Alternative Investment Fund Managers Directive. Esma is asking for feedback from industry members by September 13, allowing it…
1 July 2011
AIFM Directive to come into force on July 21
The European Union’s Directive on Alternative Investment Fund Managers will come into force on July 21 following its publication in the Official Journal of the European Union on July 1. The directive received formal approval by the EU Council at a meeting of transport, telecommunications and energy ministers on May 27.…
30 May 2011
AIFM Directive set to come into force following approval by EU Council
The European Union’s Directive on Alternative Investment Fund Managers is set to come into force next month following formal approval by the EU Council at a meeting of transport, telecommunications and energy ministers on May 27, 2011. The finalisation of the legislation has taken at least three months longer than originally…
4 May 2011
Use of Luxembourg management companies to access the AIFMD passport
The European Union’s Directive on Alternative Investment Fund Managers is expected to be formally adopted in the coming weeks and to take effect from around June 2013. The directive will have extensive implications for managers based outside the EU. They will not be able to benefit from the directive’s passporting…
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