Alternative investment fund managers - 09/04/2013
Alternative investment fund managers
Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision - OJ L 83 of 22 March 2013
The AIFMD level 2 measures have been published in Official Journal of 22 March. The text published on 19 December 2012 has not been amended. We refer to our Deloitte Regulatory News Alert of 20 December 2012: “AIFMD: The level 2 regulation for Christmas” and to our Deloitte Regulatory News Alert of 3 April 2013: “Regulatory News Alert - AIFMD: European Commission releases Q&A document”.
Draft Law 6471 on alternative investment fund managers - Chambre des Députés (French only at this stage)
Two opinions on the draft Law 6471 implementing Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 have been issued in March:
- The opinion 6471/01 of the Chambre de Commerce on 4 March, and
- The opinion 6471/02 of the Conseil d’Etat on 22 March.
For further background, we refer to Deloitte Regulatory News Alert of 28 August 2012: “AIFMD: Draft law submitted to the Luxembourg Parliament”.
European market infrastructure Regulation
Questions and Answers on EMIR implementation – ESMA 20/03/2013
Practical guidance for the recognition of Third Country CCPs by ESMA – ESMA 12/03/2013
In March, ESMA published a set of documents related to European Market Infrastructure Regulation (EMIR):
- A set of Questions and Answers providing responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of EMIR. The content is aimed at competent authorities to ensure that their supervisory activities are converging along the lines set out in ESMA’s responses. It should also help investors and other market participants by providing clarity on EMIR’s requirements.
- Guidelines and Recommendations for establishing consistent, efficient and effective assessments of interoperability arrangements setting out ESMA’s view of how Union law should be applied in a particular area, or of appropriate supervisory practices within the European System of Financial Supervision. ESMA expects all relevant national competent authorities to comply with these Guidelines and Recommendations which will become effective one month after their publication by ESMA on its website in the EU official languages.
- A practical guidance for the recognition of Third Country CCPs by ESMA providing information on the recognition by ESMA of Third Country Central Counterparties under Chapter 4 of Title III of EMIR and Chapter II of Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 with regard to regulatory technical standards on requirements for central counterparties.
Circular Letter 13/5 amending Circular Letter 09/2 on the separate report to be issued by the réviseur d’entreprises of reinsurance undertakings – Commissariat aux Assurances 04/03/2013 (French only at this stage)
Circular Letter 13/4 amending Circular Letter 99/6 relating to the annual return of reinsurance undertakings, as amended – Commissariat aux Assurances 04/03/2013 (French only at this stage)
On 4 March, the Commissariat aux Assurances issued two Circulars updating requirements for reinsurance undertakings.
The key amendment provided by Circular Letter 13/5 is the insertion of a point 13 regarding anti-money laundering and terrorism financing requirements for branches « Credit/Caution ». The provisions of this circular shall apply for the first time to the separate report for the fiscal year 2012.
The aim of Circular Letter 13/4 is to provide a complete calculation of the solvency position along “Solvency 2” system and the introduction of a report on governance. This Circular supersedes the provisions of Circular Letter 12/7 and applies for the first time accounts for the fiscal year 2012.
Discover the other topics of this newsletter in the attached PDF.
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