MFA and AIMA Submit Letter to ESMA on Contracts Having Effect within the EU

The Managed Funds Association ("MFA") and the Alternative Investment Management Association ("AIMA") submitted a letter to the European Securities and Markets Authority ("ESMA") in response to a consultation paper regarding regulatory technical standards on contracts having a direct, substantial and foreseeable effect within the Union and non-evasion of provisions of European Market Infrastructure Regulation ("EMIR"). In the letter, the MFA and the AIMA asked ESMA to clarify whether a fund that is "established" in a third country is subject to the rules of that country's regime, and also made suggestions and recommendations.

See: MFA Blog Press Release; MFA and AIMA Letter to ESMA.