Discussion Paper

ESMA Publishes Responses to its Discussion Paper on UCITS Share Classes

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The European Securities and Markets Authority (“ESMA“) has published the responses received to the Discussion Paper on UCITS share classes.

The UCITS Directive recognizes the possibility for UCITS to offer different share classes to investors but it does not prescribe whether, and to what extent, share classes of a given UCITS can differ from one another. ESMA has identified diverging national practices as to the types of share class that are permitted, ranging from very simple share classes (e.g. with different levels of fees) to much more sophisticated share classes (e.g. which may potentially have different investment strategies).

ESMA published the discussion paper on April 6, 2016. Respondents included the: Alternative Investment Management Association, European Fund and Asset Management Association and The Investment Association.

Discussion Paper and Request for Comment on Alternative Mortgage Servicing Compensation

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On September 27, the FHFA announced that the Joint Initiative on Mortgage Servicing Compensation is seeking comment on two alternative mortgage servicing compensation structures. One proposal would establish a reserve account within the current servicing compensation structure and the other would create a new “fee for service” compensation structure. Comments must be submitted within 90 days of the proposal. FHFA Release. Discussion Paper.

FSA Consultation Paper on Recovery and Resolution Plans

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On August 9, the FSA published a Consultation Paper and Discussion Paper regarding the implementation of Recovery and Resolution Plans by systemically important banks and large investment firms in the UK. The goal of the paper is to present proposals on what is expected of a firm in planning for stress events that would require it to take action to recover or, if necessary, wind-down in an orderly manner without putting UK taxpayers at risk of loss. FSA Release. FSA Consultation Paper and Discussion Paper.