“I didn’t have time to write a short letter, so I wrote a long one instead.” Mark Twain We recently flagged the European Commission’s review of the Alternative Investment Fund Management Directive (AIFMD). The Commission’s initial report was short and … Continue reading ESMA Letter: AIFMD Revisions just the Tip of the Iceberg
A number of high-profile fund suspensions last year, coupled with the forthcoming European Securities Market Authority (ESMA) Liquidity Stress Testing Guidelines set for September 2020, were strong indicators that the thorny issue of fund liquidity would be high on European … Continue reading Fund Liquidity Continues to Define European Regulatory Agenda
We are still at that time of the year where people make and break resolutions for the immediate future. Regulators are no different. On January 9, the European Securities Market Authority (ESMA) laid out its strategy document for the next … Continue reading The Big Reveal: Three Takeaways from ESMA’s Future Plans
Regulators on both sides of the Atlantic are tightening liquidity rules for investment funds with the primary focus on whether or not fund portfolios can keep their promise of daily liquidity to their fund investors at all times. We have … Continue reading Top Down, Bottom Up: The Topsy-Turvy World of Fund Liquidity
Regulatory scrutiny of mutual fund liquidity has been an ongoing area of focus for several years now. Regulators have already put exchange traded funds (ETFs) and money market funds (MMFs) under their microscope, but they are now intensifying that scrutiny … Continue reading New ESMA Fund Stress Tests Aim to Soothe Investor Liquidity Concerns
Renowned US economist Milton Friedman once famously declared that public companies exist solely to serve their shareholders. Last week, Friedman may have been rolling in his grave. The CEOs of the 192 largest public corporations in the US delivered a … Continue reading Short-Termism: Regulators Assess Investment Horizons