Global Trustee and Fiduciary Services News and Views Issue 50

WHERE NEXT FOR FINANCIAL SERVICES REGULATION? ASSET MANAGEMENT: KEY DATES FOR 2018 —2022 Q1 2018 Q 4 2 0 1 8 Q 2 2 0 1 8 2 0 1 9 Q 3 2 0 1 8 ESMA’s first edition of report on costs and performance Insurance Distribution Directive —  1 October 2018 latest Proposal amending AIFMD and UCITS Directive — delayed EMIR REFIT proposals and 3rd country CCP supervision – ongoing CMU Package on sustainable finance measures, including fiduciary duties and taxonomy published (to be progressed – by end 2019) MiFID II: Commission to report on 7 elements —  3 March 2019 Proposal to amend the Capital Requirements Regulation and Directive and Commission to report on functioning of Directive — 4 July 2018 PRIIPS Regulation: EU Commission mandated to review extension to UCITS — 31 Dec 2018 (possible delay) Brexit —  29 March 2019 ESMA consultation on UCITS/AIFs stress testing Securitization Regulation – 1 Jan 2019 Proposal for a Pan-European Personal Pension Product (could be later — 2019) ESA’s review proposal: adoption — early 2019? MiFID II: Commission to report on consolidated tape under Art. 65(1) – 3 Sept 2018