The European Securities Management Authority updates its Q&As on AIFMD, MiFID and MiFIR

At the beginning of October 2018 the European Securities Management Authority (‘ESMA’) published several new Question and Answer (‘Q&A’) documents which will be of interest to those in the funds industry.

What is ESMA?

ESMA is an independent European Union Authority that contributes to keeping the European Union's financial system stable by enhancing the protection of investors and promoting stable and orderly financial markets.

Why are ESMA’s Q&As important?

Although its Q&As are not legally binding, the Q&As are a form of guidance from ESMA on those acts within its remit. They are adopted by its Board of Supervisors and the guidance includes the results of consultations with the Securities and Markets Stakeholder Group and the relevant Standing Committees’ Consultative Working Group. ESMA makes it clear that they and national competent authorities will rigorously supervise their application as they provide practical steps to achieving a level-playing field.

What are the new Q&As?

ESMA published Q&As on The application of the AIFMD (the Alternative Investment Fund Managers Directive) (4 October). It also published the following Q&As on MiFID ii and MiFIR:

• MiFID II and MiFIR market structures topics (4 October)
• MiFID II and MiFIR transparency topics (4 October)
• MiFID II and MiFIR investor protection and intermediaries topics (3 October 2018)
• MiFID II and MiFIR commodity derivatives topics (2 October)
• MiFIR data reporting (28 September)

Where can I find the rest of the Q&As?

ESMA publishes a list of its Q&As with more information on its Q&As generally here.

Where can I find other information on ESMA guidelines and decisions?

ESMA has a searchable library of its published decisions, guidelines and other documents. Please click here.

So what else is new?

On 4 October 2018, ESMA published a full set of its current Guidelines. Other recent documents of interest are the latest list of AIFMD Memoranda of Understanding signed by European Union Authorities as at 28 September 2018.