EUROPE: ESMA announces 2015 work programme

Wednesday February 25 2015

The European Securities and Markets Authority has published a document setting out its Work Programme for 2015.

Among others, ESMA has announced that in 2015 it will publish the following of relevance to investment firms:

• Opinion on the functioning of the passport for EU AIFMs pursuant to Articles 32 and 33 of the AIFMD and on the functioning of the national private placement regimes set out in Articles 36 and 42 of the AIFMD – Q3 2015
• Advice on the application of the passport to third-country AIFMs and AIFs in accordance with the rules set out in Article 35 and Articles 37 to 41 of the AIFMD – Q3 2015
• Guidelines on the standardised procedures and messaging protocols for arrangements put in place by investment firms to limit the number of settlement fails – Q4 2015
• Joint Committee Guidelines on cross-selling – Q4 2015
• MiFID/MiFIR Guidelines, draft RTS and draft ITS – Q4 2015
• Final report on MAR technical advice – Q1 2015
• Draft MAR technical standards (delivery to EU Commission) – Q2 2015
• Securities Financing Transactions Regulation Discussion or Consultation Paper on technical standards – Q4 2015

While there are not set dates for the following, ESMA is expected to be tasked with the development of technical standards on upcoming legislation in the area of investment funds, such as UCITS V, Money Market Funds and European Long-Term Investment Funds (ELTIFs). Those technical standards will help to clarify the Level 1 and 2 requirements. ESMA will also have a role to play in developing technical advice to the European Commission on EU legislation, including the EuVECA and EuSEF Regulations.

Click on the above link for details.