UCITS Share Classes

ESMA has been turning its attention to UCITS share classes and has issued a Discussion Paper – 2016/570 – on the matter (it had published a shorter Discussion Paper – 2014/1577 - on the subject in December 2014).

Remuneration Guidelines: UCITS V and AIFMD

UCITS V introduces the need for UCITS management companies to establish and apply remuneration policies and practices – SYSC 19E incorporates the nine UCITS remuneration principles (see Regulatory Roundup 73).

Remuneration: Bonus Cap

The European Banking Authority’s Guidelines on sound remuneration policies were published on 21 December last.


FCA Policy Statement PS16/2 sets out, as far as is possible, the final rules arising from the implementation of UCITS V, although there is also impact on NURS.

Knowledge and Competence

ESMA publishes its final report on the guidelines specifying criteria for the assessment of knowledge and competence as required Under Article 25(1) of MiFID 2 (2014/65)

MiFID II Wobble

With just over a year to go, the Chair of ESMA explains MiFID II timing 'extremely tight' and that there are a few areas where calendar is 'already unfeasible'

EMIR: Mandatory Clearing

The European Commission adopts new Delegated Regulation, concerning mandatory clearing of OTC derivatives