On 20 December, NORFSA issued amended rules on UCITS mutual funds.
- Ministry of Finance made changes to Securities Funds Act under UCITS V directive.
- Changes concerned the remuneration scheme for senior executives in mutual fund
management companies, depository receivers, calculation of penalties, for breach.
- Rules currently do not contain provisions implementing Reg (EU) 2016/438 on the
custodian’s duties, since it has not yet been incorporated into the EEA Agreement.
- UCITS V Directive changes rules for mutual funds in 3 areas, applies to custodians,
remuneration schemes for senior executives and others in mutual funds, sanctions.
- Ministry of Finance will prescribe regulations implementing the rest of the UCITS V.
- Amendments effective from 1 January 2018.
On 19 December 2017, BaFin issued draft position limits to take effect from Jan. 4, 2018.
On 15 December 2017, ESMA updated liquid commodity derivative list contract position limits.
- List now included position limit and ESMA opinion in relation to ICE Brent crude contract.
On 14 December 2017, ESMA updated FAQs on the segregation level for indirect clearing.
- If clearing member default impermissible for CCP to liquidate all collateral recorded
in all gross omnibus indirect client accounts together apply resulting sum collectively.
- So as to cover the losses or enable the netting of positions across different accounts.
On 8 December, ESMA update provision of MiFID registers in January 2018.
- ESMA will provide updated register information, for requirements of MIFIR/MiFID.
Interim Register Information
- Launch on 3 January 2018 will update existing MiFID I registers and supply new ones.
- ESMA compiles registers based on data provided by EEA from the 3 January 2018.
- Working on new release of registers in Q1 2018, until then provide interim solution.
- Interim publication every 2 weeks, of latest register information, in an excel format.
List of Affected Registers
- Regulated markets; Multilateral Trading Facilities; NEW Organised trading facilities.
- Systematic Internalisers; NEW Approved Publication Arrangements; NEW Consolidated
Tape Providers; NEW Approved Reporting Mechanisms; Suspension/Restorations (SARIS).
- Central counterparties will become obsolete and removed from the ESMA publication.
- Shares admitted to trade on EU markets, replaced by FIRDS Transparency 3 January 2018.
ESMA will monitor data submitted, and may make the files available, more frequently.