In The News

E.U. – ESMA Commodity Limits FAQ

On 2 October 2018, EU ESMA updated its FAQ on commodity derivatives under MiFID II. On the ancillary activity test, updated question 3 on whether the parent undertaking can notify NCA for whole group or whether subsidiaries also have to notify local NCA. And question 10 on whether denominator in capital test calculated using consolidated…
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Regulators Send Reminders About Short Selling

Earlier this month, the French regulator, Autorité des Marchés Financiers (AMF) issued a reminder to the market about bearish speculation provisions in its short selling regulations. Specific to their call-out was the dissemination of bearish speculation via the internet and social networks. We are reminded on a fairly regular basis how share prices and markets…
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Hong Kong – SFC Issues Updated FAQs on REITS

On 28 September 2018, the Securities and Futures Commission of Hong Kong issued updates on Frequently Asked Questions and Guidance on Authorization Process and Documentary Requirements relating to Real Estate Investment Trusts.
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Italy – CONSOB AIF Shareholding Paper

On 24 September 2018, Consob issued paper on hedge fund shareholdings. Harmonization of regulations on collective investment schemes (CIS), with UCITS regulation, AIFM directive, has expanded the area of operation of asset managers. Alternative investment funds are emerging as increasingly relevant shareholders. In light of such market development, the paper explores the interaction of the…
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