Included in presentation is information on the European Commission, Council of the European Union, European Parliament, European Council, and European Central Bank, as well as new regulatory entities such as the European Securities and Markets Authority. Information on some of the most important hedge fund-related regulations is also provided, including the Alternative Investment Fund Managers Directive (AIFMD), European Market Infrastructure Regulation (EMIR), short selling regulation, Review of Markets in Financial Instruments Directive (MiFIDII), and the Market Abuse Directive (MAD).
Part of an English for International Communication course, focussing on English as language of administration in the EU. Delivered to third-year undergraduates at the Epirus Institute of Technology (ΤΕΙ Ηπείρου)
Part of an English for International Communication course, focussing on English as language of administration in the EU. Delivered to third-year undergraduates at the Epirus Institute of Technology (ΤΕΙ Ηπείρου)
8. International Currency and Currency CrisisCharu Rastogi
This presentation deals with Euro Phases, Benefit and Cost of the Euro, Euro and Implication for India, Trade Invoicing in Euro vs. Dollars and South East Asian Currency Crisis
Conference: European Banking Union: Democracy, Technocracy and the State of Integration - Global Governance Programme, Robert Schuman Centre for Advanced Studies, European University Institute
By: Sergio Fabbrini, LUISS School of Government
8. International Currency and Currency CrisisCharu Rastogi
This presentation deals with Euro Phases, Benefit and Cost of the Euro, Euro and Implication for India, Trade Invoicing in Euro vs. Dollars and South East Asian Currency Crisis
Conference: European Banking Union: Democracy, Technocracy and the State of Integration - Global Governance Programme, Robert Schuman Centre for Advanced Studies, European University Institute
By: Sergio Fabbrini, LUISS School of Government
For decades, hedge fund managers have supplied investors and regulators with information measuring Assets Under Management (AUM) painting a clear picture of net investor capital at risk. RAUM is a new and separate measurement developed by the SEC. It is not intended to replace AUM and does not illustrate net investor capital at risk. The Commodity Futures Trading Commission (CFTC) does not use RAUM, rather, it relies upon the traditional calculation which is consistent with U.S. GAAP. RAUM will represent a manager’s gross assets under management, rather than net assets under management, and it will be available through managers’ public filings on Form ADV beginning in March 2012.
Multifunctional Approaches in EU policies ExternalEvents
http://www.fao.org/about/meetings/agroecology-symposium-china/en/
Presentation of Laurent Bochereau, from the delegation oft he European Union to China, on multifunctional approaches in EU policies. The presentation was prepared and delivered in occasion of the International Symposium on Agroecology in China, held in Kunming, China on 29-31 August 2016.
The presentation details a wide range of legislative and regulatory initiatives that are likely to impact the global alternative investment industry in the year ahead.
2014: The Year Ahead for Hedge Funds offers an overview of some of key dates and expected actions associated with market reforms around the globe. MFA is working to ensure that reform is consistent across jurisdictions.
Topics of note in the presentation include:
U.S.:
-Tax Reform
- JOBS Act
-CFTC Nominations and Reauthorization
-CPO/CTA Regulation
-FATCA
EU:
-EU Commissioner Selections
-MiFID II Legislation and Implementation
-Financial Transaction Tax
-EMIR/AIFMD
Instructions Your initial post should be at least 500 words T.docxmaoanderton
Instructions: Your initial post should be at least 500 words
The readings this week apply different theoretical perspectives to analyze the European Union as a regional IO. For example, in the articles, we read about rationalism, social constructivism, multi-level governance, enforcement and management theory, and more. In addition, the lesson notes discuss intergovernmentalism, supranationalism, and veto player theory. Which theoretical perspective(s) do you find the most persuasive and why when it comes to analyzing EU policymaking? Which is the least persuasive and why? Please incorporate specific examples to support your arguments.
Reading and references:
Lesson 7 | Regional Organizations: The European Union
In this lesson, we will turn our attention to regional organizations, taking the European Union (EU) as our case study. We examine and assess several theories that explain how EU policy-making works. At the end of this lesson, students will be able to:
Examine the institutions of the EU
Assess important issues in EU policymaking
Apply concepts and theories about IOs to the operation of the EU
The European Union (EU): An Overview
The purpose of this lesson is not to master the history of European integration; rather, we focus here on setting up the framework for the study of the European Union (EU) as a regional organization. It makes sense to approach the complex processes of economic enlargement and political integration by first providing a brief overview of the different key stages of enlargement.
View the interactive map of the current EU member states. This is worth taking 10 minutes to explore. You can filter by states using the euro currency, by prospective member states, and more.
EU Website
1951
Six states enter into the European Coal and Steel Community (ECSC): Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany.
1957
The six states enter into the Treaty of Rome. This treaty extended the European Coal and Steel Community, established a customs union through the creation of the European Economic Community (EEC), and created the European Atomic Energy Community (Euratom) for cooperation in developing nuclear energy.
1973
The first enlargement occurs with the membership of Denmark, Ireland, and the UK (for a total of 9 total members).
1979
This year marks the first direct, democratic elections to the European Parliament.
1981
Greece enters into full membership, in part to “lock in” democracy after a period of military dictatorship. With Greece’s membership, the total stands at 10 members.
1986
Spain and Portugal become members, bringing the total to 12.
1990
East Germany was folded in by way of its unification with West Germany after the fall of the Berlin Wall.
1993
The Maastricht Treaty formally establishes the European Union (EU).
1995
Austria, Finland, and Sweden join the EU, bringing the total to 15 members.
2002
The Euro is introduced as the.
Debate on europe - How did Europe react to the economic and financial crisisAndrea Danni
How did Europe react to the economic and
financial crisis - Debate held at European College of Parma with the participation of Prof. Alfonso Mattera and Prof. Mario Monti
This presentation highlights a number of the most important policy issues on which MFA remains focused. Issues covered in this document include, among others:
• Promoting non-discriminatory tax policy.
• Taxation of partnerships
• CFTC reauthorization
• Regulating systemic risk
• Protecting investors
• Promoting the stability of markets through central clearing of derivatives
• Capital formation and the JOBS Act implementation
• Equity market structure
Who Invests in Hedge Funds? A Sampling of the Hedge Fund UniverseManagedFunds
This educational infographic takes readers through the many types of hedge fund investors, offering data points along the way to illustrate the importance and magnitude of each class of investors.
MFA's new educational presentation explains the fees associated with hedge funds and how they are used by hedge fund managers. Generally, hedge fund structures incur management fees and performance fees. Other terms explored in the presentation include high-water marks and hurdle rates. Of course, all hedge fund fees charged to any particular investor are based on contractual terms agreed to by the fund manager and the investor. While there is no such thing as a “standard” fee, there are a number of general terms that apply to hedge fund fees.
Measuring Hedge Fund Performance: Investors Weigh In InfographicManagedFunds
Investors in hedge funds look to those allocations to fulfill a number of objectives for their portfolios, according to new data from Preqin. MFA used those data to illustrate a number of important points on how investors measure hedge fund performance in a new infographic.
Measuring Hedge Fund Performance: Investors Weigh InManagedFunds
Institutional investors partner with hedge funds to achieve specific, unique goals within their investment portfolios.
According to the Preqin data, key objectives most frequently cited by investors include:
-Returns that are uncorrelated to equity markets (ie. S&P 500)
-Absolute returns in all markets
-Dampening portfolio volatility and diversifying total portfolio
A Primer on Distressed Debt Investing InfographicManagedFunds
A Primer on Distressed Debt Investing provides easy to understand visual depictions of how distressed debt investing works and explains how these investors often work alongside financially distressed companies to ensure a successful restructuring or bankruptcy proceeding. It also illustrates how distressed debt investments can help provide a number of positive results, including increased liquidity, a positive impact on overall company value, a higher degree of debt recovery, and relief of financial constraints.
Distressed Debt Investing: Resources to Help Investors Better Understand The...ManagedFunds
"Distressed Debt Investing: Resources to Help Investors Better Understand Their Investment Options in this Asset Class" is aimed at helping investors better understand their investment options in the distressed debt space. The presentation gives an overview of distressed debt investment and the role these investors play in the bankruptcy process by creating liquidity in the credit markets, lowering the cost of lending, and helping companies that may be close to bankruptcy or in bankruptcy with additional capital.
Who Invests in Hedge Funds in My State?ManagedFunds
The Hedge Fund Investor Map takes publicly available data from both public and private pension plans, university endowments, and foundations in all 50 states to show what groups are investing in hedge funds. Public pensions such as the AFL-CIO, AFSCME, or Florida Retirement System, and corporate pensions like UPS, 3M, or John Deere all invest in hedge funds. In fact, public pension funds represent the largest portion of capital invested in hedge funds by institutional investors at over 22%.
The partnership between hedge funds and university and college endowments continues to grow. For many educational institutions, hedge funds are an important tool used to diversify their portfolios, manage risk and produce reliable returns. Hedge fund investments help these institutions fund financial aid, scholarships, operations, research, academics and athletic programs.
The factsheet provides a concise description of the function and benefits of managed futures, while also explaining some of the key differences between public and private pools. This resource explains the purpose of managed futures, their role for investors, how they are regulated, and what fees are charged and disclosed to investors.
Hedge funds were developed to help diversify investment portfolios, manage risk, and deliver reliable returns over time. Many investors use hedge funds as an uncorrelated diversification vehicle. Investors rely on hedge funds to produce “risk adjusted returns” and the most effective way to analyze their performance is to understand what these returns are.
Not only does electronic trading continue to make our financial markets more competitive, but it has brought numerous benefits to all investors This presentation seeks to provide an overview of the evolution of electronic trading, provide clear definitions of often misused terms, and demystify electronic trading strategies like high frequency trading.
Among the topics discussed in this presentation:
The modernization of our financial markets using electronic trading
Definitions of electronic trading, algorithmic trading and high frequency trading
The Securities and Exchange Commission and high frequency trading
The Commodity Futures Trading Commission and high frequency trading
Regulatory framework in place to safeguard investors who invest in markets where electronic trading is prevalent
European Union Legislative and Regulatory UpdateManagedFunds
This new educational and informational resource offers users in depth information on the many legislative and regulatory issues facing the hedge fund and managed futures industries in the EU.
Along with current status and scope of the issues, the presentation also lists MFA’s views on the issues and key concerns. This extensive guide covers a number of issues, including:
Financial Transaction Tax
Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR)
Market Abuse Directive (MAD) and Market Abuse Regulation (MAR)
Shadow Banking
Alternative Investment Fund Managers Directive (AIFMD)
European Markets Infrastructure Regulation (EMIR)
European Short Selling Regulation
European Union Member State Short Selling Bans
Short Selling: A Brief Overview and Regulatory UpdateManagedFunds
For those hoping to learn more about this important function in our markets, this new presentation offers helpful information on what short selling is and how it works, different types of short selling, and provides an overview of the regulatory actions taken both in the U.S. and in Europe.
Other topics covered in the presentation include:
The benefits of short selling and how it is used as a hedge
How short selling is regulated in the United States
A brief overview of current EU short selling regulations
The economic effects of short selling bans in the U.S. and Europe
An overview of MFA’s global advocacy on short selling issues
Position Limits: A Brief History and Discussion of Recent Regulatory ChangesManagedFunds
This presentation provides a good understanding of an important issue relevant to the hedge fund industry.
This presentation features:
• A brief history of position limits.
• The regulatory framework for position limits.
• How position limits work, and the various types of position limits.
• Position limits and the Dodd-Frank Act.
• Recent rulemaking regarding aggregation.
• The role of hedge funds as a “buffer” against market volatility.
• MFA’s advocacy role surrounding this issue.
U.S. Regulation 101: Guide to U.S. Oversight of the Hedge Fund IndustryManagedFunds
With many regulations (both new and old), rules, and regulators, it is easy to get turned around when looking for the right answers regarding hedge fund regulation in the United States. Our presentation lays out those answers in a user-friendly format that explains how hedge funds are regulated and by what regulatory entities.
From the Securities and Exchange Commission to the Commodity Futures Trading Commission and more, hedge funds are subject to myriad regulations. And, with the Dodd-Frank Wall Street Reform and Consumer Protection Act still being implemented across many government agencies, the amount of scrutiny placed on hedge funds will only increase.
How Passage of the JOBS Act Impacts Regulation D: Private Placement and Gene...ManagedFunds
The recently enacted Jumpstart Our Business Startups (JOBS) Act contained a provision directing the Securities and Exchange Commission to amend Regulation D to remove the ban on general solicitation and advertising of private offerings. This change will allow alternative investment managers and others conducting private offerings to have increased legal certainty when communicating with investors and the general public, which will enable these managers to share more information and promote greater understanding of the industry. Amending Regulation D will not change the type of investor – institutions and high net-worth individuals – able to buy into a private offering, but it will lead to more transparency in the alternative investment industry.
Commodity Trading Advisor & Commodity Pool Operator 101ManagedFunds
Commodity Trading Advisors (CTA) and Commodity Pool Operators (CPO) have long been vital to the alternative investment industry. The presentation allows those new to the alternative investment industry to better understand how CTAs and CPOs function, how they are regulated, and how the Dodd-Frank legislation and recent CFTC rulemakings have affected these entities.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
2. INTRODUCTION
Hedge funds play a vital role in helping a wide range of
institutions – from pensions to endowments to non-profits
– meet their financial obligations.
In Europe, hedge funds oversee roughly $549 billion in
assets, according to a recent report by Preqin1.
In 2011 a new financial services regulatory structure took
effect, which included the creation of the three new
European Supervisory Authorities.
This guide provides a brief overview of the European
policymaking and new regulatory structure, and provides
information on several issues of specific concern to
hedges funds – and the institutions that invest in them.
1Source: Preqin, February 2013 2
3. ABOUT THE EUROPEAN UNION
The European Union (EU) is an economic and
political union of 27 Member States. The EU was
established in its current form in 1993 by the
Maastricht Treaty. The Treaty of Lisbon, the latest
amendment to the constitutional basis of the EU,
came into force in 2009.
The EU operates through a system of
supranational independent institutions.
These include the European Commission,
the Council of the European Union, the European
Council, the Court of Justice of the European
Union, and the European Central Bank. The
European Parliament is elected every five years.
According to the EU, its policy making is focused
on ensuring the free movement of people, goods,
services and capital.
3
4. IMPORTANT INSTITUTIONS OF THE EU
The European Commission is the executive body of the European Union. The body is
responsible for proposing legislation, implementing decisions, upholding the Union’s
treaties and the general day-to-day running of the Union.
The Council of the European Union (sometimes called the Council or the Council of
Ministers) is the legislative institution that represents the executives of member states
(the other legislative body being the European Parliament).
The European Parliament is the directly elected parliamentary institution of the EU.
Together with the Council of the European Union and the European Commission, it
exercises the legislative function of the EU.
The European Council is comprised the EU heads of state, the President of the
European Commission and the President of the European Council. The European Council
has no formal legislative power. However, under the Treaty of Lisbon, it defines “the
general political directions and priorities" of the Union.
The European Central Bank is the EU institution that administers the monetary policy of
the 17 EU Eurozone member states. The bank was established by the Treaty of
Amsterdam in 1998, and is headquartered in Frankfurt, Germany.
European
Commission
Council of the
European Union
European
Parliament
European
Council
European
Central Bank
4
5. EUROPEAN SYSTEM OF FINANCIAL SUPERVISORS
In 2009, in response to the global financial crisis, the European Commission proposed a new
framework for financial supervision: The European System of Financial Supervisors (ESFS).
The ESFS is an institutional architecture of the EU's framework of financial supervision. It is composed
of three authorities: the European Banking Authority, the European Insurance and Occupational
Pensions Authority and the European Securities and Markets Authority.
ESFS
European System of Financial Supervisors
EBA
European Banking
Authority
EIOPA
European Insurance
and Occupational
Pensions Authority
ESMA
European Securities
and Markets
Authority
5
6. In January 2011, the new framework was implemented, with the EBA, EIOPA and ESMA taking on the
responsibilities of previously existing regulatory bodies.
EBA
European Banking
Authority
Committee of
European Banking
Supervisors
EIOPA
European Insurance
and Occupational
Pensions Authority
Committee of
European Insurance
and Occupational
Pensions
Supervisors
ESMA
European Securities
and Markets
Authority
Committee of
European Securities
Regulators
NEW
OLD
6
NEW REGULATORY FRAMEWORK
7. To complement this framework, there is also a European Systemic Risk Board (ESRB). The
ESRB is an independent body within the EU, responsible for the macro-prudential oversight
of the financial system within the Union. Board Members of the ESRB include members of
the European Central Bank, National Bank Governors and Chairs of European Supervisory
Authorities (ESAs).
ESRB
European Systemic Risk Board
7
EUROPEAN SYSTEMIC RISK BOARD
8. THE NEW EU REGULATORY FRAMEWORK
(IMPLEMENTED JANUARY 2011)
EBA
European Banking
Authority
EIOPA
European Insurance
and Occupational
Pensions Authority
ESMA
European Securities
and Markets
Authority
ESRB
European Systemic
Risk Board
Headquartered in Frankfurt, EIOPA regulates certain activities of credit institutions, financial
conglomerates, investment firms, insurance and reinsurance companies, and payment
institutions. It is responsible for supporting the stability of the financial system, transparency of
markets and financial products, as well as the protection of insurance policy holders and pension
members and beneficiaries. EIOPA is part of the European System of Financial Supervisors
(ESFS).
Headquartered in Frankfurt, the ESRB is responsible for the macro-prudential oversight of the
financial system within the EU to help mitigate or prevent systemic risks to financial stability. It is
charged with contributing to the smooth functioning of the EU’s internal market and ensuring a
sustainable contribution of the financial sector to economic growth.
Headquartered in Paris, ESMA is responsible for safeguarding the stability of the European
Union’s financial system by ensuring the integrity, transparency, efficiency and orderly
functioning of securities markets, as well as enhancing investor protection. It coordinates the
work of securities regulators, and across financial sectors by working closely with the other
authorities, in particular the EBA and EIOPA. ESMA is part of the European System of Financial
Supervisors (ESFS).
Headquartered in London, the EBA regulates European banks. The EBA has the power to
overrule national regulators, prevent regulatory arbitrage and promote fair competition
throughout the EU Common Reporting (COREP) is the standardized reporting framework
covering: credit risk, market risk, operational risk, own fund and capital adequacy ratios. EBA is
part of the European System of Financial Supervisors (ESFS).
8
9. EUROPEAN SECURITIES AND MARKETS AUTHORITY
(ESMA)
ESMA is the coordinating body for EU Member State financial regulators.
9
10. More About ESMA’s Role
Role and Responsibilities
ESMA is responsible for coordinating actions of securities supervisors or adopting emergency
measures when a crisis situation arises.
ESMA is responsible for helping establishment and implement a single set of financial rules
across Europe. They have two primary goals:
• Ensure consistent treatment of investors across the EU, providing adequate investor protection
through effective regulation and supervision.
• Promote fair and equal competition among financial service providers and ensure effective and
cost-efficient supervision of supervised companies.
According to ESMA, the organization “contributes to the financial stability of the European Union, in
the short, medium and long-term, through its contribution to the work of the European Systemic Risk
Board, which identifies potential risks to the financial system and provides advice to diminish possible
threats to the financial stability of the Union.”
While ESMA is independent, there is full accountability towards the European Parliament, Council of
the EU and European Commission.
Source: www.esma.europa.eu/page/esma-short 10
11. EU REGULATORY PROCESS
Financial regulation in the EU is governed by the Lamfalussy Framework which established
the legislative approach to securities law.
It was adopted by the EU in the final report of the Committee of Wise Men on the Regulation of
European Securities Markets (an expert committee chaired by Baron Alexandre Lamfalussy).
The Lamfalussy Framework proposed a four-level approach to European securities legislation:
It first applied to the securities sector and was later extended to banking, insurance and
pensions.
The framework has been brought into compliance with the Treaty of Lisbon, which entered into
force in 2009, and the ESA and ESRB Regulations, which entered into force in 2010 and 2011,
respectively. 11
Baron Alexandre Lamfalussy
Level 1: Framework Legislation The Commission presents a legislative
proposal to the Parliament and Council
of the EU for recommendations.
Level 2: Implementing Measures ESMA provides advice to the
Commission on implementing
measures. The Commission can take
this advice or implement on its own.
Level 3: Supervisory Convergence Ensures consistent application across
the EU.
Level 4: Enforcement
13. EU REGULATIONS OF INTEREST
TO HEDGE FUNDS
There are a number of regulations currently under consideration in the EU that are of specific
interest to hedge funds. These include:
1. Alternative Investment Fund Managers Directive (AIFMD)
2. European Market Infrastructure Regulation (EMIR)
3. Short Selling Regulation
4. Review of Markets in Financial Instruments Directive (MiFID II)
5. Market Abuse Directive (MAD)
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14. ALTERNATIVE INVESTMENT FUND
MANAGERS DIRECTIVE (AIFMD)
In April 2009, the European Commission proposed a Directive on Alternative Investment Fund
Managers (AIFMs) with the objective of creating a comprehensive regulatory framework for European
Alternative Investment Fund Managers.
The proposed Directive was developed to help create common regulatory standards for all AIFMs that
met specific criteria. The final agreement on the framework Directive (Level I) was achieved in
November 2010 and the text entered into force in July 2011.
The Commission asked the European Securities and Markets Authority (ESMA) to provide technical
advice on the implementing measures of the AIFMD (Level 2).
ESMA and the European Commission have continued to develop implementation measures
throughout 2013.
Member States were to have transposed the Directive and its implementing measures by July 2013,
however, at the time of publication less than half of the 28 EU Member States have done so.
ESMA continues to develop guidelines on the AIFMD in a number of areas.
The final text of the AIFMD (July 2011) is here. More information on AIFMD here.
Sources:
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2011:174:0001:0073:EN:PDF
http://ec.europa.eu/internal_market/investment/alternative_investments_en.htm
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15. EUROPEAN MARKET INFRASTRUCTURE
REGULATION (EMIR)
In September 2010, the European Commission published a proposal for a Regulation on OTC
derivatives, central counterparties (CCPs) and trade repositories, now commonly referred to as the
European Markets Infrastructure Regulation or “EMIR.” EMIR entered into force on August 16, 2012.
ESMA and the European Commission continue to develop technical standards on implementation.
EMIR is currently in its Level 2 implementation phase, with recent consultations coming from ESMA
and the other ESAs.
Notably, EMIR calls for:
• All OTC derivative contracts considered ‘eligible’, entered into between any financial and certain
non-financial counterparties (subject to conditions), will be required to be cleared by a CCP;
• All OTC derivative contracts not considered ‘eligible’ shall be subject to risk mitigation
requirements, including the exchange of collateral or a proportionate holding of capital;
• Counterparties to an OTC derivatives trade (cleared or not) shall report details of that trade to a
trade repository;
• CCPs shall be subject to registration and prudential and conduct of business regulation; and
• Trade repositories shall be subject to conduct of business regulation.
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16. SHORT SELLING REGULATION
In November 2011, European negotiators reached an agreement on an EU Regulation on Short
Selling and certain aspects of credit default swaps. The regulation, which entered into force on
November 1, 2012, was designed to establish a common regulatory framework and ensure greater
coordination and consistency between Member States. Among other items, the new regulation:
• Requires public disclosure of short positions over a certain threshold
• Requires parties entering into a short sale to have borrowed the instruments, entered into an
agreement to borrow them or made other arrangements to ensure they can be borrowed in time to
cover the deal.
• Requires notification of significant positions in credit default swaps that relate to EU sovereign
debt issuers.
• Provides competent authorities with temporary power to require greater transparency or impose
certain restrictions on short selling and credit default swap transactions.
Both ESMA and the European Commission were to conduct a review of the Short Selling Regulation
by the end of June 2013. ESMA released its findings on June 3, 2013; ultimately, it did not recommend
significant changes to the regulation. As of publication, the European Commission has yet to release
its review of the Short Selling Regulation. More information on EU short selling regulation can be
found here.
Source: http://ec.europa.eu/internal_market/securities/short_selling_en.htm
16
17. MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE
(MIFID) II
The Markets in Financial Instruments Directive (MiFID) came into force in November 2007. It replaced and expanded
the Investment Services Directive. Its objective was to increase the integration and efficiency of EU financial markets.
MiFID established a common regulatory framework for investment services in financial instruments across the EU and for
the operation of regulated markets by market operators.
The European Commission is currently reviewing the MiFID framework. In October 2011, the European Commission
adopted proposals for (i) a revised Directive and (ii) a new Regulation (MiFIR). Both the European Parliament and Council
of the EU have approved their respective reports on the MiFID proposal and are currently (September 2013) engaged in
trialogue with the European Commission.
Between them, these proposals:
• Extend the existing regulatory framework both in terms of instruments and firms covered, so that, for example, certain
commodity trading firms will fall within scope of the regime;
• Impose regulatory requirements on firms undertaking algorithmic trading (including HFT);
• Impose position limits on the trading of commodity derivatives;
• Impose restrictions on third country firms providing services in the EU;
• Introduce enhanced corporate governance requirements for investment firms; and
• Introduce enhanced pre- and post-trade transparency provisions in respect of both equities and non-equities.
More information about MiFID and MiFIR is available here.
Source: http://ec.europa.eu/internal_market/securities/isd/index_en.htm
17
18. MARKET ABUSE DIRECTIVE (MAD)
In May 2001, the European Commission proposed a directive to address insider dealing and market
manipulation within the EU. The Market Abuse Directive (MAD) aimed to enhance the integrity of
European markets by implementing common standards throughout all Member States.
Currently (September 2013), negotiations among the European Parliament, Council of the EU, and the
European Commission are close to finishing.
More information on MAD available here.
Source: http://ec.europa.eu/internal_market/securities/abuse/index_en.htm
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19. REFERENCES
European Resources:
European Commission
http://ec.europa.eu/index_en.htm
European Parliament
http://www.europarl.europa.eu/news/en/headlines/
Council of the European Union
http://consilium.europa.eu/homepage?lang=en
European Securities and Market Authority (ESMA)
www.esma.europa.eu/
European Banking Authority (EBA)
http://www.eba.europa.eu/
European Insurance and Occupational Pensions
Authority (EIOPA)
https://eiopa.europa.eu/
European Systemic Risk Board
www.esrb.europa.eu
European Central Bank
http://www.ecb.int
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Information on the global hedge fund industry is available at the Managed Funds Association at
www.managedfunds.org and via Twitter: @MFAUpdates