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ESMA publishes supervisory briefings in the area of MiFID
December 19, 2012--ESMA has today published two briefings, on Suitability and Appropriateness and execution only.
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Source: ESMA
ESMA clarifies rules for alternative investment funds and their managers
December 19, 2012--The European Securities and Markets Authority (ESMA) has launched a consultation on Guidelines on key concepts of the Alternative Investment Fund Managers Directive (AIFMD). The Directive provides the legal framework for both alternative investment funds (AIFs) and their managers (AIFMs).
ESMA’s draft guidelines are aimed at clarifying the rules applicable to hedge funds, private equity and real estate funds. These proposals help to clarify what entities fall under the remit of the AIFMD, thereby creating a level-playing-field by providing for consistent application of the provisions throughout the EU.
view the Consultation paper-Guidelines on key concepts of the AIFMD
Source: ESMA
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
December 19, 2012--The most recent issue of the European Weekly ETF Market Review is now available.
The report includes key statistics on the European ETF market as well as global ETF market highlights. For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
request report
Deutsche Bank-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
db X-trackers launches full replication equity index ETFs on Xetra
December 19, 2012--The issuer db X-trackers has been offering three equity index funds with indirect and direct index tracking since Wednesday. The new ETF's, which fully replicate the DAX, EURO STOXX 50 and FTSE 100 indices, are denoted by the inclusion of "DR" in the product name.
ETF name: db x-trackers DAX UCITS ETF (DR)
Asset class: equity index ETF
ISIN: LU0838782315
Total expense ratio: 0.15 percent
Distribution policy: distributing
Benchmark: DAX Index
ETF name: db x-trackers EURO STOXX 50 UCITS ETF (DR)
Asset class: equity index ETF
ISIN: LU0846194776
Total expense ratio: 0.15 percent
Distribution policy: distributing
Benchmark: EURO STOXX 50 Index
ETF name: db x-trackers FTSE 100 UCITS ETF (DR)
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Source: Xetra
NYSE Euronext announces new ETFs on European markets -Lyxor
December 19, 2012--NYSE Euronext is pleased to announce that Lyxor has listed three new ETFs on NYSE Euronext Paris on December 19, 2012:
Trading Name:LYXOR ETF BOT IT
ISIN: FR0011360676
Symbol:BOT
Benchmark index: MTS Italy-Treasury BOT 6M Index
TER:0,15%
Trading Name: Lyxor ETF GOLD EUR
ISIN:LU0854423687
Symbol: GLDM
Benchmark index: MSCI ACWI GOLD with EM DR 18% Group Entity Capped
TER:0,50%
Trading Name: Lyxor ETF GOLD USD
ISIN:LU0854423927
Symbol: GLDU
Benchmark index:MSCI ACWI GOLD with EM DR 18% Group Entity Capped
TER:0,50%
NYSE Euronext now has 668 listings of 578 ETFs listed on its European markets.
Source: NYSE Euronext
Commission adopts implementing rules for the Directive on Alternative Investment Fund Managers
December 19, 2012--The European Commission has acted to solidly underpin the new rules for Alternative Investment Fund Managers (AIFM) by today adopting a Delegated Regulation supplementing the Directive on Alternative Investment Fund Managers (AIFMD)(see MEMO/10/572).
The AIFMD is part of the Union's response to the financial crisis, and aims to create a comprehensive and effective regulatory and supervisory environment for alternative investment fund managers in Europe. The Delegated Regulation is a precondition for the application of the AIFMD in EU countries and was adopted to supplement certain elements of the AIFMD. These rules concern the:
conditions and procedure for the determination and authorisation of AIFMs, including the capital requirements applicable to AIFMs;
operating conditions for AIFMs, including rules on remuneration, conflicts of interest, risk management, liquidity management, investment in securitisation positions, organisational requirements, rules on valuation;
conditions for delegation;
Internal Market and Services Commissioner Michel Barnier said: "The adoption of these technical standards is the final step in achieving the mandatory clearing and reporting of OTC derivatives and in meeting our G20 commitments. This will improve transparency in the trading of derivatives." The technical standards will enter into force on the twentieth day following publication in the EU's Official Journal. As with any other EU Regulation, their provisions will be directly applicable (i.e. legally binding in all Member States without implementation into national law) from the day of entry into force.
view more ESMA has published the official translations of the Guidelines on ETFs and other UCITS issues view the Guidelines on ETFs and other UCITS issues
State Street quits bidding for Credit Suisse ETF unit
The investment banking arm of Credit Suisse is representing the parent company in the deal, sources said.
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Source: European Commission
December 18, 2012--This publication consolidates the Guidelines on ETFs and other UCITS issues (ESMA/2012/474) and the Guidelines on repo and reverse repurchase agreements (ESMA/2012/722), respectively adopted in July and November this year.
Today’s publication triggers a period of two months within which national supervisors have to declare to ESMA whether they intend to comply with the guidelines or otherwise explain the reasons for non-compliance. The guidelines will apply from the end of this notification period.
Source: ESMA
December 18, 2012--State Street Global Advisors has dropped out of the bidding for Credit Suisse's $17.34 billion European exchange-traded fund business, according to two sources familiar with the situation.
As first reported by Reuters, BlackRock Inc and State Street Global Advisors, the money management arm of State Street Corp, were among the first round of bidders for Credit Suisse's European ETF business in early October .
Source: Reuters
