SCANNING 5

AIFMD - ESMA Q&A update on reporting Background The purpose of the ESMA Q&A is to promote com- mon supervisory approach and practices in order to ensure that the AIFMD is applied in a uniform man- ner across the EU. The previous version of the ESMA Q&A was issued on 18 July 2014. What’s in there? On 30 September 2014, ESMA updated its AIFMD Q&A (ESMA/2014/1194) with regard to reporting to national competent authorities and delegation, AS FOLLOWS The updated AIFMD Q&A issued by ESMA is AVAILABLE HERE. What’s next? The AIFMD Q&A is updated by ESMA from time to time. CSDR - European Commission issues Q&A Background Adopted on 23 July 2014 and published in the OJEU on 28 August 2014, Regulation (EU) No 909/2014 ("CSDR") lays down requirements for the settle- ment of financial instruments and the organiza- tion and conduct of central securities depositories ("CSDs"). The CSDR is AVAILABLE HERE . The CSDR entered into force on 17 September 2014. What’s in there? On 6 October 2014, the Commission issued a Q&A on various CSDR topics (the "Q&A"). The 24 ques- tions and answers concern more particularly (i) the timing of the CSDR implementation, (ii) the scope of

EUROPE AIFMD- Reporting IT technical guidance (revision 4) Background On 25 March 2014, ESMA published revised IT technical guidance [ESMA/2013/1358] and XML documents [ESMA/2013/1361] regarding AIFMD reporting. More specifically, the IT technical guidance (2013/1358) contained the following set of documents: « IT technical guidance including the description of changes performed on the technical guidance and/or XSD documents in sheet "change history"; « Excel version of Annex III – "Table of geographical areas"; « Previous version of XSD documents (Version 1.1). What’s in there? On 23 September 2014, ESMA published an up- date of the IT technical guidance regarding AIFMD reporting. This fourth revision contains modifications of the IT technical guidance to take into account the last published version of the Questions and Answers (Q&A) on the application of the AIFMD (2014/868) as well as some clarifications and correction of in- consistencies with XSD documents. Revision 4 of the AIFMD reporting IT technical guid- ance is AVAILABLE HERE . The IT technical guidance regarding AIFMD re- porting [ESMA/2013/1358] and the XML doc- uments [ESMA/2013/1361] may be subject to further revision. Questions regarding technical support may be sent to INFO.IT.AIFMD@ESMA.EUROPA.EU . Each AIFM should contact directly its national com- petent authorities regarding how the filling of the XML reports will be handled at national level. « XML samples for AIFM and AIF reports;

the CSDR and (iii) the position of third country CSDs. The key clarifications provided by the Q&A are the following: TIMING OF IMPLEMENTATION The CSDR entered in force on 17 September 2014. Its provisions are directly applicable in the Member States. Technical standards to be provided by ESMA and EBA by 18 June 2015 should not enter into force before Q4 2015. The dematerialization requirements for transferable securities took effect on 17 September 2014 in re- spect of securities that are the object of a transac- tion taking place on a regulated traded venue and to securities that are transferred following a financial collateral arrangement. Otherwise, this requirement will take effect as from: « 1 January 2023 for transferable securities issued after that date; « 1 January 2025 for all transferable securities. Whereas the general requirement to settle trans- actions in transferable securities, money-market instruments, units in collective investment under- takings and emission allowances apply as from 17 September 2014, the T+2 requirement applying to transactions in transferable securities executed on trading venues applies as from 1 January 2015 (un- less they are settled in a CSD that outsources its activities to a public entity). CSDs will need to apply for authorization within 6 months following the entry into force of the relevant technical standards. Such authorization will trigger compliance with the provisions of Title III ("Central Securities Depositories") and IV ("Provision of bank- ing-type ancillary services for CSD participants") of the CSDR. Member States must put in place national rules lay- ing down sanctions under the CSDR by 18 Septem- ber 2016 at the latest.

page 2 - Scanning - November 2014