Last week, within 3 days, the Belgian financial supervisor FSMA fined a French Management Company for inconsistency in its investor documents and the Cyprus Security and Exchange Commission (CySEC) published a Circular related to its observations on PRIIPs KID provided by Cyprus Investment Firms (CIF) to the retail investors. FSMA noticed that the estimated return

The European Commission has today reported on the achievement of the Capital Market Union in preparation of the Council spring meeting next week. Not all the building block components have been finalised as illustrated below. Especially, the Commission urged the Council and the Parliament to reach an agreement on the ESAs review which constitutes an

On 29 November 2018, ESMA published its quarterly Risk Dashboard No 4. Notably the number of complaints about UCITS reported to ESMA by 18 NCAs has reached its highest level since Q3 2014. It is interesting to note that the number of complaints on UCITS exceeds those on CFDs.  Concerning these latest instruments, there is no

  EU27 countries met last Saturday for a Special Meeting of the European Council in Brussels, where they endorsed the Brexit withdrawal agreement presented by negotiators of both the EU and the UK.   In the published political declarations, the future relationship between the EU and the UK in terms of Financial Services that the

On November 8 2018, European Supervisory Authorities (ESAs) published a Joint Consultation paper on draft amendments to the Commission Delegated Regulation 2017/653 (RTS) in relation to the PRIIPs Regulation (UE No 2014/1286). This follows the requirement to proceed with a review of the PRIIPs Regulation in 2018 and feedback provided by market participants on the need

On September 3, 2018 the ECON Committee of the European Parliament adopted its final report on the European Commission proposal for Regulation on Pan-European Pension Products (PEPP). This is a major step in providing EU citizens with new options for good-value and safe voluntarily supplementary pensions. The ECON report stems from the discussions held during

On September 11, 2018, the European Parliament (EP) has adopted a Resolution on relationships between the EU and third countries concerning financial services regulation and supervision. This Resolution results of different legislative works or reports on the functioning of the financial supervision including the revision of the roles of the ESAs on one side and

InReg Opinion – CSSF Circular 18/698 On 23 August 2018 CSSF published Circular 18/698, a long-waited Circular on the organizational requirements of management companies and AIFMs by the fund industry in Luxembourg. For sure it’s not a coincidence that six days later the CSSF 2017 annual report also underlined a number of deficiencies at management