On December 4, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD).

The new question concerns the apparent conflict between Article 24(2) AIFMD, which requires managers of alternative investment funds (AIFMs) to report results of liquidity stress tests for all of the alternative investment funds (AIFs) that they manage, and Article 16(1) AIFMD, which exempts managers of closed-ended unleveraged AIFs from conducting liquidity stress tests.
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On November 11, the European Securities and Markets Authority (ESMA) published three sets of technical advice on tiering, comparable compliance and fees charged to third-country central counterparties (TC-CCPs). The advice is directed towards the European Commission (EC) and concerns the revised European Market Infrastructure Regulation (EMIR 2.2).

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On October 18, the Financial Conduct Authority (FCA) published a letter giving guidance on the distinction between suspicious activity reports (SARs) and suspicious transaction and order reports (STORs). The letter was sent in response to a request by UK Finance, a trade association, following a meeting of the ‘SARs Collaboration Working Group.’
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On October 7, the Financial Conduct Authority (FCA) published a “Brexit Special” of its monthly Market Watch newsletter, in which it summarized some recent developments and publications in connection with the regulated sector’s preparedness for the forthcoming departure of the UK from the EU on November 1.

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On October 3, the European Securities and Markets Authority (ESMA) published a Consultation Paper (the Paper) on Draft Technical Advice on the provision of clearing services on a fair, reasonable, non-discriminatory and transparent (FRANDT) basis pursuant to the European Market Infrastructure Regulation (EMIR).

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