Publication
GCR Guide to Data & Antitrust – Competition law and data
Miranda Cole and Francesco Salis from our Brussels office are the authors of a chapter on the evolving view of data in the application of competition law.
Luxembourg | Publication | April 2020
On April 3, 2020, the European Securities and Markets Authority (ESMA) published their report on the final guidelines on performance fees in investment funds. These guidelines are applicable to undertakings for the collective investment in transferable securities (UCITS) and certain types of alternative investment funds (AIFs).
The purpose of these guidelines is to establish consistent, efficient and effective supervisory practices and to ensure uniform and consistent application of rules within the European Union. Their objective is to promote greater convergence and standardisation in the field of performance fees and to promote a convergent supervision by competent authorities.
In particular, these guidelines aim to ensure that performance fee models used by the management companies comply with the principles of acting honestly and fairly in conducting their business activities. They also ensure companies act with due skill, care and diligence, in the best interest of the fund that they manage, in such a way as to prevent undue costs being charged to the fund and its investors. They also aim to establish a common standard in relation to the disclosure of performance fees to investors.
These guidelines apply to managers and competent authorities.
In case Member States allow AIFMs to market to retail investors in their territory units or shares of AIFs they manage in accordance with Article 43 of the AIFMD, the guidelines also apply to AIFMs of those AIFs, except for:
These guidelines apply from two months after the date of publication of the guidelines on ESMA’s website in all EU official languages. Managers of any new funds created after the application date of the guidelines with a performance fee, or any funds existing before the application date that introduce a performance fee for the first time after that date, should comply with these guidelines immediately in respect of those funds. Managers of funds with a performance fee existing before the application date of these guidelines should apply these guidelines in respect of those funds by the beginning of the financial year following six months from the application date of the Guidelines.
Guidelines on the following subjects have been issued:
Publication
Miranda Cole and Francesco Salis from our Brussels office are the authors of a chapter on the evolving view of data in the application of competition law.
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Miranda Cole, Lara White and Christoph Ritzer from our Brussels, London and Frankfurt offices are the authors of a chapter on how the interplay between competition and privacy law is affecting online advertising.
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Unannounced inspections by competition authorities, usually called “dawn raids”, are undoubtably one of the most efficient tools for collecting evidence and enforcing competition rules. They are also an area where investigators test (and sometimes exceed) the boundaries of companies’ procedural rights.
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