New Market Abuse Regime
The Central Bank of Ireland has issued revised Market Abuse Rules and Guidance on "Market Abuse Regulatory Framework", updated to align with MAR and the implementation of the new Market Abuse Regime throughout the EU from 3 July 2016. This new Market Abuse Regime has a number of implications for investment funds listed on the Main Securities Market and the Global Exchange Market of the Irish Stock Exchange. Listed investment funds will need to review and update their existing internal policies and procedures, insider list templates and PDMR disclosure templates etc. to comply with the updated requirements.
UCITS V Regulation
On 26 July 2016, the European Commission Implementing Regulation (EU) 2016/1212 laying down implementing technical standards (ITS) for the standard procedures and forms for competent authorities to use when reporting on penalties and measures to ESMA (in accordance with Article 99e of the UCITS Directive) was published in the Official Journal of the EU.
ESMA published its Advice in relation to the application of the AIFMD passport to non-EU AIFMs and AIFs in twelve countries: Australia, Bermuda, Canada, Cayman Islands, Guernsey, Hong Kong, Japan, Jersey, Isle of Man, Singapore, Switzerland and the United States. This Advice will now be considered by the European Commission, Parliament and Council.
ESMA work on Asset Segregation and Custody Services under AIFMD and the UCITS Directive
ESMA issued a Call for Evidence on Asset Segregation and Custody Services under AIFMD and the UCITS Directive.
ESMA Q&A on the application of AIFMD
On 19 July 2016, ESMA published an updated version of its Q&A paper on the application of the AIFMD. The Q&As have been amended to include a new Q&A relating to the impact of EMIR on the AIFMD framework, regarding the valuation of centrally cleared OTC derivatives.
ESMA Q&A on application of UCITS Directive
On 19 July 2016, ESMA published an updated version of its Q&A paper on the application of the UCITS Directive. The Q&As have been amended to include a new Q&A relating to the impact of EMIR on the UCITS framework, regarding the valuation of centrally cleared OTC derivatives.
EuVECA Regulation and EuSEF Regulation amendments
On 14 July 2016, the European Commission published a legislative proposal for a Regulation amending the European Venture Capital Funds Regulation (EuVECA Regulation) and the European Social Entrepreneurship Funds Regulation (EuSEF Regulation).