Regulatory notices
On April 22, 2024, FinDatEx released the final EMT Version 4.2.
This version submitted to consultation earlier in March 2024 is now available. It integrates the previous one (EMT V4.1) with a supplementary UK specific section linked to detailed on-going costs.
Following the objections communicated by the European Commission (EC) to ESMA regarding the Draft RTS on the revision of the ELTIF regulatory framework last month, ESMA responded with a limited number of changes to the amendments proposed by the EC in the form of an opinion as required by the legislative procedure.
The amended draft RTS are provided in appendix of this opinion. ESMA changes are shown in track changes highlighted in yellow while EC changes are highlighted in track changes.
ESAs recently announced the forthcoming of the voluntary exercise for the collection of the registers of information of contractual arrangements on the use of ICT third-party service providers by the financial entities, serving as preparation for the implementation and reporting of registers of information under DORA.
In this context:
On April2, 2024, the European Parliament ECON Committee adopted with majority the report on the proposal for a directive of the European Parliament and of the Council Amending Directives (EU) 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards the Union retail investor protection rules.
The core objective of the Commission proposal is to ensure that consumers can fully benefit from investment opportunities offered by capital markets, supported by a regulatory framework that enables them to make informed investment decisions.
On 9th of March 2024, the Financial Conduct Authority published a consultation paper on the revision of the regulatory fees and levies to be applied from 1st of April 2024 to 31st of March 2025.
On a cross-border distribution perspective, the FCA proposes a substantial reduction in fees for EEA UCITS marketed under the TPR.
On 25 of March 2024, the European Parliament ECON Committee adopted by majority vote the Report of the European Parliament and of the Council amending Regulation (EU) No 1286/2014 as regards to the modernisation of the Key Information Document (KID).
The amendments to the existing Regulation and the Commission proposal adopted by the ECON Committee relates:
The CSSF updated its UCIs and AIFMD FAQs last week by providing more clarity on the condition a Luxembourg collective portfolio management company may market funds it manages as regards to applicable MiFID rules.
These FAQs elaborate on the indirect marketing provided by other Investment Fund Manager (IFM) and whether these IFMs are authorised to do so depending on the nature of the service they are providing.
On Tuesday March, 26 2024, the Directive amending the AIFM and the UCITS directives was published in the Official Journal of the European Union.
The main changes to the AIFM and UCITS directives are designed to:
– improve the integration of asset management markets in Europe and modernising the framework governing key regulatory aspects,
– improve the availability of EU framework liquidity management tools for funds providing loans,
– strengthen the rules applicable to delegation by portfolio managers to third parties.
On Thursday 28 March 2024, the French regulator AMF published several new instructions in relation to the deployment of the new extranet Rosa impacting the most the French fund management companies.