At the beginning of October 2018 the European Securities Management Authority (‘ESMA’) published several new Question and Answer (‘Q&A’) documents which will be of interest to those in the funds industry.

What is ESMA?

ESMA is an independent European Union Authority that contributes to keeping the European Union's financial system stable by enhancing the protection of investors and promoting stable and orderly financial markets.

Why are ESMA’s Q&As important?

Although its Q&As are not legally binding, the Q&As are a form of guidance from ESMA on those acts within its remit. They are adopted by its Board of Supervisors and the guidance includes the results of consultations with the Securities and Markets Stakeholder Group and the relevant Standing Committees’ Consultative Working Group. ESMA makes it clear that they and national competent authorities will rigorously supervise their application as they provide practical steps to achieving a level-playing field.

What are the new Q&As?

ESMA published Q&As on The application of the AIFMD  (the Alternative Investment Fund Managers Directive) (4 October). It also published the following Q&As on MiFID ii and MiFIR:

Where can I find the rest of the Q&As?

ESMA publishes a list of its Q&As  with more information on its Q&As generally here.

Where can I find other information on ESMA guidelines and decisions?

ESMA has a searchable library of its published decisions, guidelines and other documents.

So what else is new?

On 4 October 2018, ESMA published a full set of its current Guidelines. Other recent documents of interest are the latest list of AIFMD Memoranda of Understanding signed by European Union Authorities as at 28 September 2018.

.Solomon Harris
If you require any further information or legal advice on how the impact of EU Directives such as MiFID will affect Cayman funds then contact us at  to see how we can help.
The information contained in this note is necessarily brief and general in nature and does not constitute legal advice. Appropriate legal or other professional advice should be sought for any specific matter.



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