On 30 July 2015, the European Securities and Markets Authority (‘ESMA’) published its advice to the European Parliament, the Council and the Commission on the extension of the marketing passport to non-EU alternative investment managers (‘AIFMs’) and alternative investment funds (‘AIFs’) under the EU Alternative Investment Managers Directive (‘AIFMD’). The marketing passport is currently only
Derivatives Update: Applicability of EU Reporting to US Private Fund Managers
By Craig Stein & Ron Feldman on
As we recently reported, the pan-European regulator ESMA announced that it had approved the first trade repositories to collect and maintain the records of derivatives contracts. The reporting obligations under the European Market Infrastructure Regulations (“EMIR”) with respect to derivative transactions do not apply to non-EU funds managed by US managers. US managers of…
Derivatives Update: ESMA Announces the Approval of Trade Repositories and Central Reporting Obligation Date
By Craig Stein & Ron Feldman on
Posted in EMSA
In a European Securities and Markets Authority (“ESMA”) press release dated 7 November 2013, the pan-European regulator announced that it had approved the first trade repositories. Trade repositories are firms that collect and maintain the records of derivatives contracts. The registrations will take effect on 14 November 2013, with the reporting obligation beginning 90 calendar…
New ESMA Guidance on European Short Selling Rules — Effective 1 November 2012
By Christopher Hilditch & Daniel F. Hunter on
On 10 October 2012 the European Securities and Markets Authority (“ESMA”) published guidance in the form of Questions and Answers (the “Q&A”) on the implementation of the new EU Short Selling Regulation (the “Regulation”). The Regulation places new restrictions on short sales of securities traded in EU markets and EU sovereign debt, including credit default…
CDS Issues in the EU Short Selling Regulation — Update on Disclosures for EU Sovereign Debt
By Schulte Roth & Zabel on
As was anticipated in our previous blog posting on 2 April 2012, clarification on certain aspects of the EU’s new short selling regulation relating to CDS on EU sovereign debt was published by ESMA on 20 April 2012. This final technical advice from ESMA to the European Commission on the new EU short selling rules…
CDS Issues in the EU Short Selling Regulation — When Is a CDS Position Naked or Not?
By Schulte Roth & Zabel on
Credit default swaps on EU sovereign debt are also covered by the EU’s new short selling regulation, which will come into force across the EU on Nov. 1, 2012. The Regulation prohibits uncovered or “naked” shorting of EU listed securities and CDS on EU sovereign debt. However, ESMA recognizes that a wide range of risks…