STF Transparency Obligation. Investment Company, UCITS, GEFIA. Credit Rating.

99 Pages Posted: 1 Jul 2020

Date Written: February 17, 2019


In publication 2019-20.05 we dealt with the Securities Financing Transactions (SFT) that until 2014 were not regulated by any legislation. We have turned our attention to Regulation (EU) 2015-2365 which also modifies the regulation (EU) 648/2012 of interest for OTC derivatives, the latter regulation, which among the different rules introduces the obligation of a CCP counterparty and the related conditions of derogation from the obligation. Being the subject of the Securities Financing Transactions the investment funds regulated by the Undertakings for Collective Investment directives in Transferable Securities (UCITS) we have carried out a study of Directive 2009/65/EC and Directive 2014/91/EU which define the current regulatory legislation for the UCITS, with a look at the previous regulations. In identifying the related legislative framework, we carried out research and studies in separate paragraphs identifying the legislation that establishes the obligations for the access of collective investment companies of funds raised among the public, the related management companies, paying attention mainly to the current rules. in force and how they have been changed to date. We have carried out further research and studies with reference to investment companies to the relative requirements for the provision of investment services, capital adequacy, the conditions that allow the provision of investment services to be waived from the legislation defined by the provisions of Directive (EU) 2014/65, directive defining investment services and activities, ancillary services, financial instruments and data communication services. We were interested in the 2011/61/EU directive and subsequent updates that regulate the management companies of the alternative investment funds GEFIA, immediately observing that the AIFs, unlike the management companies, do not have a harmonized regulation given the impossibility caused by the diversification of the financial instruments that build the FIAs themselves in different European and non-European countries. Finally, we were interested in credit rating companies, their importance in financial investments, their evolution both globally and in Europe, with a look at their criticality, roles and consequences of their credit ratings in the economy.

Keywords: SFTs, securities financing transactions, credit default swaps, UCITS, UCITS, FIA, GEFIA, credit ratings, investment companies, collective investment schemes, alternative investment funds, regulation 2015/2365/EU, regulation 236/2012/EU, Directive 2009/64/EU, Directive 2014/65 / EU, Directive 2011/61

Suggested Citation

Gnazzo, Vito, STF Transparency Obligation. Investment Company, UCITS, GEFIA. Credit Rating. (February 17, 2019). Available at SSRN: or

Vito Gnazzo (Contact Author)

HTNET ( email )

Capaccio Paestum

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