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Commission adopts implementing rules for the Directive on Alternative Investment Fund Managers
December 19, 2012--The European Commission has acted to solidly underpin the new rules for Alternative Investment Fund Managers (AIFM) by today adopting a Delegated Regulation supplementing the Directive on Alternative Investment Fund Managers (AIFMD)(see MEMO/10/572).
The AIFMD is part of the Union's response to the financial crisis, and aims to create a comprehensive and effective regulatory and supervisory environment for alternative investment fund managers in Europe. The Delegated Regulation is a precondition for the application of the AIFMD in EU countries and was adopted to supplement certain elements of the AIFMD. These rules concern the:
conditions and procedure for the determination and authorisation of AIFMs, including the capital requirements applicable to AIFMs;
operating conditions for AIFMs, including rules on remuneration, conflicts of interest, risk management, liquidity management, investment in securitisation positions, organisational requirements, rules on valuation;
conditions for delegation;
Internal Market and Services Commissioner Michel Barnier said: "The adoption of these technical standards is the final step in achieving the mandatory clearing and reporting of OTC derivatives and in meeting our G20 commitments. This will improve transparency in the trading of derivatives." The technical standards will enter into force on the twentieth day following publication in the EU's Official Journal. As with any other EU Regulation, their provisions will be directly applicable (i.e. legally binding in all Member States without implementation into national law) from the day of entry into force.
ESMA has published the official translations of the Guidelines on ETFs and other UCITS issues view the Guidelines on ETFs and other UCITS issues
State Street quits bidding for Credit Suisse ETF unit
The investment banking arm of Credit Suisse is representing the parent company in the deal, sources said.
ETF Stat November 2012--Borsa Italiana Revisions to the Basel Securitisation Framework, consultative document published by the Basel Committee
In July 2009, the Committee introduced enhancements to the Basel II framework to address deficiencies identified during the financial crisis. These measures primarily addressed immediate concerns over resecuritisations, forming part of a set of reforms commonly referred to as "Basel 2.5". The Committee subsequently agreed to conduct a more fundamental review of the securitisation framework, including its reliance on external ratings. view the Consultative Document Revisions to the
Basel Securitisation Framework Poland ETFs: Defying Logic as Economy Slows ESMA publishes the responses to the consultation on Guidelines on remuneration policies and practices (MiFID) German economy to shrink markedly: Bundesbank
The outlook for German companies had "deteriorated" amid a slowdown in global growth and falling demand from the rest of the eurozone, it said.
December 18, 2012--This publication consolidates the Guidelines on ETFs and other UCITS issues (ESMA/2012/474) and the Guidelines on repo and reverse repurchase agreements (ESMA/2012/722), respectively adopted in July and November this year.
Today’s publication triggers a period of two months within which national supervisors have to declare to ESMA whether they intend to comply with the guidelines or otherwise explain the reasons for non-compliance. The guidelines will apply from the end of this notification period.
December 18, 2012--State Street Global Advisors has dropped out of the bidding for Credit Suisse's $17.34 billion European exchange-traded fund business, according to two sources familiar with the situation.
As first reported by Reuters, BlackRock Inc and State Street Global Advisors, the money management arm of State Street Corp, were among the first round of bidders for Credit Suisse's European ETF business in early October .
December 18, 2012--The ETF Statistics of the ETF Plus Market for the month of November 2012 are now available.
view report
December 18, 2012--The Basel Committee on Banking Supervision has today published a consultative paper entitled Revisions to the Basel Securitisation Framework.
The performance of securitisations and the central role they played during the financial crisis were a key motivation for the Basel Committee to perform a broader review of its securitisation framework for regulatory capital requirements. The Committee's objectives are to make capital requirements more prudent and risk-sensitive; to mitigate mechanistic reliance on external credit ratings; and to reduce current cliff effects in capital requirements.
December 17, 2012--Relative to the recent rally in other emerging markets ETFs, the surge in the two funds devoted exclusively to Poland has gone somewhat unnoticed.
What is even less discussed is a point that makes the recent upside moves by the iShares MSCI Poland Investable Market Index Fund (NYSE: EPOL [FREE Stock Trend Analysis]) and the Market Vectors Poland ETF (NYSE: PLND) all the more impressive.
December 17, 2012--ESMA has published the responses to the consultation on Guidelines on remuneration policies and practices (MiFID).
view responses
December 17, 2012--The German economy, Europe's biggest, is set to contract "noticeably" in the fourth quarter of this year and will probably tread water early next year, the Bundesbank forecast on Monday.
"Current indicators point to a noticeable drop in economic production at the end of the year," largely due to weakness in the country's key industrial sector, the German central bank wrote in latest monthly report, reiterating its updated growth forecasts published 10 days ago.
