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What’s next? ESMA will examine the questions and answers in order to identify if there is a need to convert some of the material into ESMA guidelines. In that case, the procedures provided for by Article 16 of the ESMA Regulation will be applied (“Guidelines and Recom- mendations”). EMIR - ESMA Q&A on implementation of the Regulation (EU) No 648/2012 Background Adopted on 4 July 2012 by the European Parliament and the Council, Regulation (EU) No 648/2012 en- tered into force on 16 August 2012 and lays down requirements on OTC derivatives, central counter- parties and trade repositories ("EMIR"). Most of the obligations under this regulation needed further specification by means of regulatory techni- cal standards developed by ESMA. They were pub- lished in the Official Journal of the European Union ("OJEU") on 23 February 2013 and entered into force on 15 March 2013. What’s in there? On 24 October 2014, ESMA issued an updated Q&A on the implementation of EMIR (the "Q&A"). Amendments were made only in the section TR - Trade Repositories: « No 4: Reporting of outstanding positions following the entry into force of EMIR (Backloading);

EUROPE AIFMD - ESMA “Call for evidence” on AIFMD passport and third country AIFMs Background In accordance with Articles 36 and 42 of the Direc- tive 2011/61/EU on Alternative Investment Fund Managers (“AIFMD”), non-EU AIFMs and non-EU AIFs managed by EU AIFMs are subject to the na- tional private placement regime of each of the Member States where the AIFs are marketed or managed. However, the AIFMD makes provision for the passport to be potentially extended in future. Within three months of receipt of positive advice and an opinion from ESMA and taking into account the criteria of Article 67(2) and the objectives of the AIFMD, the Commission should adopt a delegated act specifying the date when the rules set out in Ar- ticle 35 and Articles 37 to 41 of the AIFMD become applicable in all Member States. As a consequence, the EU passport would be extended to non-EU AIFs and non-EU AIFMs. What’s in there? On 7 November 2014, the European Securities and Markets Authority (“ESMA”) has launched a call for evidence on the AIFMD. In addition to the input that ESMA receives from the EU national competent au- thorities (“NCAs”), ESMA has launched this call for evidence in order to receive information from the EU and the non-EU stakeholders about the issues mentioned in Article 67 of the AIFMD.

In order to issue a positive advice, ESMA should be convinced that “no significant obstacle regarding investor protection, market disruption, competition and the monitoring of systemic risk” impede the ap- plication of the passport to the extended marketing. Against this background, ESMA assesses aspects such as investor protection, risk of market disrup- tion and distortion of competition as well as mon- itoring of systemic risk in the non-EU country. The advice will distinguish between non-EU countries, applying the criteria set out in Article 67 (4) of the AIFMD on a case-by-case basis. THE CALL FOR EVIDENCE IS AVAILABLE HERE What’s next? ESMA will consider all responses received by 8 Jan- uary 2015 and expects to deliver the opinion and the advice to the Commission by 22 July 2015. AIFMD - ESMA publishes updates to Q&A on the AIFMD reporting Regulation Background The Alternative Fund Managers Directive (“AIFMD”) imposes harmonised conditions and requirements on the structure and operation of Alternative Invest- ment Fund Managers (“AIFMs”), in return for which authorised AIFMs can, for the first time, avail of a passport to market alternative investment funds (“AIFs”) to professional investors across the EU, and to manage AIFs domiciled in Member States other than the AIFM’s home Member State. What’s in there? On 11 November 2014, ESMA published its sixth Q&A (ESMA/2014/1357) on the AIFMD. The latest version provides a brief update on the reporting obligations to national competent authorities under Articles 3, 24 and 42 (Section III). It also adds a new section on the calculation of the total value of assets under management (Section VIII). THE Q&A DOCUMENT IS AVAILABLE HERE.

No 10: Codes;

«

« No 19: Reporting to TRs: UTI generation; « No 20: Reporting to TRs: Empty fields;

« No 24: Reporting to TRs: Buy/Sell indicator for swaps;

« No 37: Access to Data by the authorities;

« No 38: Trades terminated before reporting deadline; « No 39: Block trades and allocations. This Q&A provides responses to questions in rela- tion to the practical application of EMIR.

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