AIFMD – updated ESMA Q&A
ESMA published updated Q&As on the application of the AIFMD on October 4. ESMA has added a new Q&A clarifying the application of the AIFMD notification requirements with regard to AIFMs managing umbrella AIFs on a cross-border basis.
Read: The updated Q&As
Read: The associated press release
MiFID II – updated ESMA Q&A on market structure and transparency topics, investor protection and intermediaries and commodity derivatives
ESMA published updated Q&As on MiFID II on market structure and transparency topics on October 4. The updated Q&As address the following topics:
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Classification of derivatives on derivatives for transparency purposes
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Default liquidity status of bonds (amendment to an existing Q&A)
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Scope of the pre-trade transparency waiver provided under Article 9(1)(c) of MiFIR
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Market Making activities and incentives to be provided during stressed market conditions
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Treatment of bulk quotes for the calculation of the Order to Trade Ratio
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Scope of Article 17(6) of MiFID II and Chapter IV (Articles 24-27) of Delegated Regulation (EU) 2017/589 (RTS 6)
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Arranging of transactions that are ultimately formalised on another trading venue
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Registration of a segment of an MTF as an SME growth market
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Maker Taker schemes
Read: The updated Q&As here and here
Read: The associated press release
ESMA published updated Q&As on MiFIR investor protection and intermediaries on October 3. The updated Q&As address:
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Best execution – Reporting for firms using a venue’s RFQ system to agree a trade
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Investment advice on an independent basis – Use of a “look-through” approach.
Read: The updated Q&As
Read: The associated press release
ESMA published updated Q&As on MiFID II and MiFIR commodity derivatives topics on October 3. The updated Q&As provide clarification on issues related to the MiFID II/MiFIR regime for commodity derivatives, including on position limits, position reporting and ancillary activity.
Read: The updated Q&As
Read: The associated press release
Other – ESMA’s view on Brexit preparation
ESMA Chair, Steven Maijoor gave a speech on the state of implementation of MiFID II and preparing for Brexit on October 3. The speech highlighted that ESMA’s objective is to have Memoranda of Understanding in place between the FCA and other EU regulators (as required to permit delegated portfolio management under UCITS and AIFMD) “in place sufficiently on time before the end of March 2019.”
Read: The speech
