In The News

India – RBI Bank Shareholding Fine

On 7 June 2019, IND RBI fined Kotak Mahindra Bank for disclosures. This action is based on deficiencies in following regulatory compliance directive. Charges The bank was told to submit information about details of the shareholding held by its promoters and submit details of proposed course of action/plan/strategy. For complying with the permitted timeline for…
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U.S. – Treasury Large Position Report

On 5 June 2019, US Treasury issued call to submit large-position report. Called for Large-Position Reports by entities with positions in 2.25% April 2024 Treasury Notes that are at least $4.1bn as of 30 April 2019 and/or 3 May 2019. Regulatory Background Treasury large-position reporting rules provide an on-demand reporting system requiring entities controlling a…
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E.U. – ESMA Update AIFMD, UCITS FAQs

On 4 June 2019, EU ESMA issued updated FAQs on the UCITS and AIFM directives. Updates relate to following: delegation of safekeeping functions (AIFMD Q10-14). Distinction between depositary functions, and mere supporting tasks which are not subject to the delegation requirement set out in UCITS/AIFM directives (UCITS Q2). Performance of depositary functions where branches in…
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E.U. – ESMA Pre-Trade Transparency

On 3 June 2019, ESMA published a briefing on commodity derivatives. Issued supervisory briefing to ensure compliance with MiFIR pre-trade transparency. Developed after ESMA became aware that the provisions were not implemented in a consistent manner across EU, aims to increase supervisory convergence among NCAs. And to provide common timetable for the enforcement of the…
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