As is well known, everything is new in May – but already in the past weeks there were numerous news around the topic of alternative investments, which we would like to present to you in this issue.
Among other things, BaFin has published its new circular on video identification. ESMA has commented on whether the AIF marketing passport may only be used for marketing to professional investors as defined in the AIFMD or also applies to marketing to, for example, semi-professional investors.
There are also current developments in connection with MiFID II. You will find a corresponding compilation in this issue.
We wish you an insightful reading and remain
With best regards
Dr. Ulrich Keunecke
On April 10, 2017, BaFin published a new circular on the requirements for the use of video identification procedures (Circular 3/2017 (GW) on the requirements for the use of video identification procedures). The publication was preceded by intensive preparatory work and discussions involving authorities and companies.
The video identification procedure can now be used by all obligated parties under the Money Laundering Act (GwG) that are under the supervision of BaFin. As recently as June 2016, BaFin had stipulated in Circular 4/2016 that video identification procedures should be used exclusively by credit institutions as defined in Section 1 (1) of the German Banking Act. 1 KWG may be carried out. This was initially suspended and has now been finally superseded by the publication of the new Circular 3/2017.
Video identification is provided only for natural persons. The identification of legal entities or partnerships by means of video identification, on the other hand, is not possible. However, the video identification procedure can be used for the proof of identity of a legal representative or proxy, if required.
The circular will come into force on June 15, 2017.
The BaFin circular 3/2017 can be downloaded here can be accessed here.
ESMA has updated the Questions and answers document “on the application of the Alternative Investment Fund Managers Directive (AIFMD)”. ESMA clarifies in connection with the marketing of units or shares of EU AIFs in Member States other than the home Member State of the AIFM pursuant to Art. 32 AIFMD that the AIF marketing passport may only be used for marketing to professional investors as defined in the AIFMD. An application to other categories of investors provided for in individual member states, such as “qualifying investor”, “well-informed investor”, or semi-professional investor is not possible.
The updated Q&A document can be here here.
In connection with MiFID II, there were several innovations at the end of March / beginning of April 2017:
Finally, the final report “Guidelines on the calibration of circuit breakers and the publication and reporting of trading halts under MiFID II” was also published by ESMA on April 6, 2017.
The recommended resolution for the 2nd FiMaNoG can be found
, the EU Official Journal L 87 can be found
, the updated Q&A document on investor protection can be found
, the Q&A document on market structure issues can be found
, the Q&A document on transparency issues can be found
and the final ESMA report of April 6 can be found here available here.
European supervisors have provided translations of the “Joint Guidelines on the Characteristics of a Risk-Based Supervisory Approach to Combating Money Laundering and Terrorist Financing and on the Measures to be Taken in Risk-Sensitive Supervision” in all official EU languages.
The German version of the guidelines can be here can be viewed here.
The joint committee of the three European supervisory authorities EBA, ESMA and EIOPA has opened a consultation on guidelines for payment service providers with regard to arrangements for the prevention of money laundering and terrorist financing in electronic payment transactions. The consultation period ends on June 5, 2017.
For more details on the consultation, please refer to the EBA’s website at this
ESMA issues revised “Guidelines on the application of the endorsement regime under the CRA (Credit Rating Agencies) Regulation” for consultation. The endorsement regime under the CRA regulation allows the ratings of a third-country credit rating agency, endorsed by an EU credit rating agency, to be used for supervisory purposes.
The consultation paper provides a number of changes and clarifications to the current Guidelines. The consultation period ends on July 3, 2017.
Further details can be found on ESMA’s website at this
On April 10, 2017, Insurance Europe published a statement on the revised “Regulatory Technical Standards (RTS) for the Packaged Retail Investment and Insurance Products (PRIIPs) Regulation.”
In the Association’s view, there is still a need for clarification with regard to the Level 3 measures, in particular with regard to credit risks and concerning transitional arrangements.
The statement can be here available here.
In the last issue of this newsletter, we already reported on the enactment of the new PRIIPs Level 2 Regulation. On April 12, 2017, Delegated Regulation (EU) 2017/653 on key information documents for PRIIPs has now been published in the EU Official Journal L 100. It specifies the content and presentation of the basic information sheet and contains a sample template.
The Delegated Regulation will apply from January 1, 2018.
© 2023 KPMG Law Rechtsanwaltsgesellschaft mbH, associated with KPMG AG Wirtschaftsprüfungsgesellschaft, a public limited company under German law and a member of the global KPMG organisation of independent member firms affiliated with KPMG International Limited, a Private English Company Limited by Guarantee. All rights reserved. For more details on the structure of KPMG’s global organisation, please visit https://home.kpmg/governance.
KPMG International does not provide services to clients. No member firm is authorised to bind or contract KPMG International or any other member firm to any third party, just as KPMG International is not authorised to bind or contract any other member firm.