Global Trustee and Fiduciary Services Bite-Sized Issue 1 2025

AIFMD ESMA Consults on Open-ended Loan Originating Alternative Investment Funds On 12 December 2024, the European Securities and Markets Authority (ESMA) published a consultation paper on draft regulatory technical standards on open-ended loan originating AIFs under the revised Alternative Investment Fund Managers Directive (AIFMD). ESMA says the consultation aims to receive feedback on the draft RTS that set out the requirements with which loan-originating Alternative Investment Funds (AIFs) shall comply to maintain an open-ended structure. The AIFMD review has introduced harmonised rules on loan originating funds. The goal of these rules is to provide a common implementing framework for Alternative Investment Fund Managers (AIFMs) and National Competent Authorities (NCAs), by determining the elements and factors that AIFMs need to consider when making the demonstration to their NCAs that the loan originated AIFs they manage can be open-ended. According to the revised AIFMD, loan-originating AIFs shall be closed-ended unless their manager can demonstrate to its home NCA that their liquidity risk management system is compatible with their investment strategy and redemption policy. The consultation closes on 12 March 2025 and ESMA says it intends to finalise the draft RTS by Q3/Q4 2025. Link to Consultation here CRYPTOASSETS ESMA Releases Last Policy Documents to Get Ready for MiCA On 17 December 2024, the European Securities andMarkets Authority (ESMA) published the last package of final reports containing regulatory technical standards (RTS) and guidelines ahead of the full entry into application of the Markets in Crypto Assets Regulation (MiCA) on 30 December 2024. ESMA says it has delivered extensive regulatory work over the past 18 months, comprising more than 30 Technical Standards and Guidelines, many of them developed in cooperation with the European Banking Authority. The package contains: • RTS market abuse that specify systems and procedures to prevent and detect market abuse in crypto-assets, the template for reporting suspected market abuse in crypto-assets as well as coordination procedures between competent authorities for the detection and sanctioning of cross-border market abuse situations. These rules will enable supervisors to address suspicions of market abuse and follow up with enforcement actions where necessary. Securities Services Bite-Sized Global Trustee and Fiduciary Services QUICK LINKS Issue 1 | 2025 AIFMD CRYPTOASSETS EMIR FINTECH MIFID II/MIFIR MMF NBFI OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG ASIA IRELAND LUXEMBOURG NETHERLANDS NORTH AMERICA UNITED KINGDOM