To embed, copy and paste the code into your website or blog:
Selected regulatory updates of interest to the funds and asset management sector. This update reports on ESMA s final report on guidelines addressing leverage risks under the AIFMD.
Contents
Following a seasonal break, the next update will be published on 11 January 2021
AIFMD: ESMA final report on guidelines addressing leverage risks
The European Securities and Markets Authority (ESMA) has published its final report containing guidelines under Article 25 of the Alternative Investment Fund Managers Directive (AIFMD). Article 25 provides for national competent authorities (NCAs) to identify the extent to which the use of leverage in the alternative investment fund sector contributes to the build-up of systemic risk in the financial system, risks of disorderly markets, or risks to the long-term growth of the economy.
To embed, copy and paste the code into your website or blog:
In March 2021, a new European Union regime on sustainability-related disclosures in the financial sector will come into force. The Sustainable Finance Disclosure Regulation 2019/2088 (“
SFDR”) contains rules regarding sustainability-related disclosures which will need to be made by financial market participants (“
FMPs”) and financial advisers within the scope of the Regulation (“
FAs”).
AIFMs”) in the European Economic Area (“
EEA”) and certain AIFMs outside of the EEA (“
Non-EEA AIFMs”) where they market funds in the EEA under the national private placement regime (“
NPPR”).
What new requirements apply from March 2021?
Our previous client briefing summarised the proposals put forward under the SFDR and the Taxonomy Regulation and given the Taxonomy Regulation will not start to apply until 2022, it is the majority of the SFDR provisions that will apply from 10 March 2021.
Monday, December 14, 2020
Antitrust and Competition
The Court of Justice of the European Union Reinforces the European Commission’s Strict Approach on Parental Liability for Antitrust Breaches of Subsidiaries
On 28 October 2020, the Court of Justice of the European Union (CJEU) confirmed the General Court of the European Union (GCEU) judgment and the fine imposed by the European Commission (Commission) on a tire manufacturer and its subsidiary on the basis of its long-standing case law on parental liability for cartel activity.
In this case, Commission imposed in 2014 a €302 fine on a number of manufacturers of underground and submarine cables for a power cable cartel. From 1999 to 2009, the cartel members engaged in market sharing and customer allocation in breach of EU antitrust rules. An Italian tire manufacturer was found jointly and severally liable for the involvement of its former subsidiary in the power cable cartel. The Italian tire manufacturer sold it
ESG Requirements Impacting Financial Services Industry natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
ANTITRUST AND COMPETITION
The Court of Justice of the European Union Reinforces the European Commission’s Strict Approach on Parental Liability for Antitrust Breaches of Subsidiaries
On 28 October 2020, the Court of Justice of the European Union (CJEU) confirmed the General Court of the European Union (GCEU) judgment and the fine imposed by the European Commission (Commission) on a tire manufacturer and its subsidiary on the basis of its long-standing case law on parental liability for cartel activity.
In this case, Commission imposed in 2014 a €302 fine on a number of manufacturers of underground and submarine cables for a power cable cartel. From 1999 to 2009, the cartel members engaged in market sharing and customer allocation in breach of EU antitrust rules. An Italian tire manufacturer was found jointly and severally liable for the involvement of its former subsidiary in the power cable cartel. The Italian tire manufacturer sold its subsidiary to a global investment f