Tag: ESMA

Brexit: Implications for Shareholders with Threshold Interests

As yet another deadline approaches for the United Kingdom to either leave the European Union with a withdrawal agreement in place or else exit effective immediately in a “no-deal” scenario, it is worth examining how this would affect asset managers subject to the UK regimes for major shareholdings, short selling, and dealing disclosures. First, the … Continued

Will We See Liquidity Risk Management Programs in Europe Soon?

In an article posted by Ignites Europe, the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg declared that it has “stepped up its supervisory focus on the liquidity aspects that are related to the recent developments” of Neil Woodford’s flagship fund and H2O Asset Management, an affiliate of Natixis Asset Management. In the U.S., … Continued

ESMA Updates AIFMD Q&As

The European Securities and Markets Authority (ESMA) has updated its Questions and Answers on the application of the Alternative Investment Fund Managers Directive (AIFMD). Specifically, ESMA has added two new Q&As, providing clarification on the calculation of leverage under AIFMD: The treatment of short-term interest rate futures for the purposes of AIFMD leverage exposure calculations … Continued

An Overview of MMFR – Article 37 Reporting Requirements

The European Union’s Money Market Funds Regulation (MMFR) applies to any Money Market Fund (MMF) that is authorized as a collective investment scheme under either the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS) or the Alternative Investment Fund Managers Directive (AIFMD). Managers subject to UCITS or AIFMD will continue to be regulated … Continued

CSS Solution Silverfinch Welcomes TISA & PIMFA MiFID II Initiative

In late June, PIMFA, the UK wealth management association and TISA, the Tax Investment and Savings association published the “MiFID II Feedback Template,” to be known as the EFT. They also published a “Distributor Reporting Guide” to assist firms with implementation and understanding. The two together are the first steps in defining a reporting standard … Continued


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