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ESMA review letter to the EU Commission on AIFMD

On August 18th, the European Securities and Markets Authority (ESMA) published a letter that was sent to the European Commission (EC) on recommendations to incorporate in the Alternative Investment Fund Managers Directive (AIFMD).

The ESMA and EU national competent authorities have identified areas of improvement to AIFMD. The review provides the base for their recommendations to be enacted.

The key changes proposed by ESMA in the letter include:

  • harmonisation of the AIFMD and the Undertaking Collective Investments in Transferable Securities (UCITS) regimes (The key difference e.g. diverging requirements for risk management reporting should be addressed.)
  • clarification of permissible business activities, legal uncertainties and consistency in UCITS Directive, AIFMD & MiFID, e.g. whether real estate qualify as financial instrument.
  • clarification of several definitions, e.g. professional investor, semi-professional investor, alternative investment fund (AIF), reverse solicitation, significant influence.
  • increase of digitalised communication.
  • provision of additional Liquidity Management Tools (LMTs).
  • extension of AIFMD supervision to sub-threshold Alternative Investment Fund Managers (AIFMs)

The key changes proposed by ESMA related to regulatory reporting are:

  • amendment of leverage calculation methodologies
  • requirement of Legal Entity Identity (LEI, ISO 17442) for all AIFMs and their AIFs to cross-analyse data between several reporting regimes (EMIR, SFTR, MiFIR)
  • completeness of assets and liabilities (holdings)
  • removal of duplicative information and request data in their operational data structure
  • incorporation of various metrics regarding environmental, social and governmental (ESG) aspects into mandatory reporting

As a SaaS provider for the AIFMD Annex IV reporting, we welcome the recommendations. Our team is ready to incorporate all changes regarding regulatory reporting right from the start.

PhD Christian Engel,

Business Consultant

More news…

Security Information

Over the past few days we have been asked if acarda is affected by the security breaches related to Microsoft Exchange Server security vulnerabilities.

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ESMA published final guidance on Article 25 of AIFMD to monitor Leverage risk in AIFs. Be prepared with acarda.

The European Securities and Markets Authority (ESMA) published the final guidance on leverage risk in AIF under the Article 25 of the AIFMD (Directive 2011/61/EU) on 17 December 2020.

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New PRIIPs RTS confirmed by EIOPA. What to consider now.

After the revised RTS (Regulatory Technical Standards) for PRIIPs have already been adopted by ESMA and EBA, they have now also been confirmed by EIOPA.

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Security Information

Over the past few days we have been asked if acarda is affected by the security breaches related to Microsoft Exchange Server security vulnerabilities.

More

ESMA published final guidance on Article 25 of AIFMD to monitor Leverage risk in AIFs. Be prepared with acarda.

The European Securities and Markets Authority (ESMA) published the final guidance on leverage risk in AIF under the Article 25 of the AIFMD (Directive 2011/61/EU) on 17 December 2020.

More

New PRIIPs RTS confirmed by EIOPA. What to consider now.

After the revised RTS (Regulatory Technical Standards) for PRIIPs have already been adopted by ESMA and EBA, they have now also been confirmed by EIOPA.

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ESA publishes final SFDR RTS: The main changes – Current need for action

On 4 February 2021, the European Supervisory Authorities (ESA) published their final report on the Regulatory Technical Standards (RTS) for SFDR. This results in a number of updates that urgently need to be taken into consideration in the compliance reporting.

To keep you up to date, we have summarised the most important upcoming changes and our recommendations for action.

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SFDR: new MiFID II EMT version 3.1 required by 10/03/2021.

SFDR: new MiFID II EMT version 3.1 required by 10/03/2021.

acarda upgrades its reporting platform with a SFDR module with scoring, classification and the publication functions according to SFDR Level 1 and 2.

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