The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published today its final guidance on performance fees in investment funds – applicable to Undertakings for the Collective Investment in Transferable Securities (UCITS) and certain types of Alternative Investment Funds (AIFs). The guidelines provide comprehensive guidance to fund managers when designing performance […]
ESMA News
Final report – Guidelines on performance fees in UCITS and certain types of AIFs
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ESMA Updates Its Public Statement of Consultation Practices
The aim of consultation is to build consensus where possible between all interested and affected parties on what legislation or regulatory action is appropriate and to improve ESMA’s decision-making process. The statement summarises ESMA’s consultation practices, most of which have already been in place since before the amendment of the ESMA Regulation. The key elements […]
ESMA consults on clearing solutions for Pension Scheme Arrangements under EMIR
The aim of the consultation paper The consultation paper sets out the issues PSAs face in clearing their contracts, studies the rationale for the use of derivatives by PSAs and explores the different solutions already envisaged to facilitate PSAs to centrally clear their over-the-counter trades. The consultation aims to gather views and data on potential […]
ESMA updates its risk assessment in light of the COVID-19 pandemic
The pandemic, in combination with existing valuation risks, has led to large equity market corrections since mid-February, driven by a sharp deterioration in the outlook for consumers, businesses and of the economic environment. Corporate bond, government bond markets and a number of investment funds show signs of stress. Market infrastructures have continued to function in […]
ESMA Risk Dashboard Risk up-date
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ESMA publishes 24th extract from its EECS database
The extract includes eight decisions taken by European enforcers in the period between May 2018 and October 2019. The decisions cover a number of topics, including identification of performance obligations, liquidity risk of notes with an early redemption option and deferred tax assets related to a change in accounting policy due to first application of […]
24th Extract from the EECS’s Database of Enforcement
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ESMA publishes 2019 report on enforcement of corporate disclosure
Convergence work on financial and non-financial disclosure In 2019 European enforcers examined around 950 financial statements drawn up under IFRS, covering approximately 17% of issuers listed on EU regulated markets. This led to enforcement actions against 299 issuers in order to address material departures from IFRS, representing an action rate of 33%. Throughout the year, […]
Enforcement and regulatory activities of European enforcers in 2019
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