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Funds in the European Union became more leveraged in 2019 than the year before, data from the European Securities and Markets Authority (Esma) shows.
Of the 32,585 alternative investment funds (AIFs) surveyed by the regulator, 15.7% were leveraged as of 2019, compared with 15% in 2018. Gross leverage, as a percentage of net asset values (NAV) amounted to 517%, up from 442% in 2018 and 357% in 2017. Adjusted gross leverage, a measure that excludes interest rate derivatives, came to 182% in 2019
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Expectations grow that a review of SFTR scheduled for April will be postponed due to Covid
Esma Print this page
A review of the European Union’s reporting rules for repurchase agreements (repo) is expected to be delayed, according to three sources familiar with the matter.
Banks and investment firms were meant to start reporting repo and securities lending trades under the Securities Financing Transaction Regulation (SFTR) in April last year. However, the European Securities and Markets Authority (Esma) recommended that national authorities avoid enforcing the requirements until July 2020, due to the
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Historically in Spain, the regulation of the fund management industry has been divided in two separate bodies of law: the laws that regulate collective investment schemes – generally, open-end entities – their management companies and depository entities (the CIS Act) and those that govern closed-end investment entities and their management companies (the Closed-End Collective Investment Act).
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The EU Commission published its consultation on AIFMD on October 22 last year. It is anticipated that a draft proposal on a revised version of the regulation, called AIFMD II, will be published later in 2021.