Regulatory notice

The Banque de France has just released two updates of its technical documentation of its CIS data collection system OPC2.

See below the details of such amendments.

The FCA and the Bank of England launched yesterday a consultation on how to strengthen the resilience of Money Market Funds.

Following liquidity issues encountered in 2020 with the beginning of the Covid crisis, the FSB worked on a report published in 2021 providing possible policy proposals to enhance MMFs resilience. The FCA and the Bank of England as FSB member committed to assess and address the vulnerabilities in the UK.

On Friday 20 May 2022, the European Commission launched a targeted consultation on the regime applicable to the use of benchmarks administered in a third country.

On 20 May 2022, ESMA has published a series of updates to these FAQs.

Below are the updates impacting UCITS and SIAFs and their investment fund managers. In both FAQs, one question has been changed and another added concerning performance fees.

At the beginning of this week, the ECON Committee of the European Parliament (EP) published its draft report on the proposal for a directive of the European Parliament and of the Council amending Directives 2011/61/EU and 2009/65/EC as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds.

The position of the rapporteur of the ECON Committee as outlined in its draft report is the following:

A couple of days ago, the CSSF published the Circular CSSF 22/811 on authorisation and organisation of entities acting as UCI administrator that replaces the historic IML 91/75.

On 17 May 2022, ESMA launched a consultation of its stakeholders on notifications for cross-border marketing and management of funds.

The aim of this consultation is to validate the templates proposed that will be used by fund management companies to notify the cross-border marketing and management activities in relation to UCITS and AIFs to national competent authorities (NCA).

This consultation lasts till 9 September 2022.

Here below, we highlight what we think the most important takeaways.

Yesterday, the European Securities and Markets Authority published a public statement on Actions to manage the impacts of the Russian invasion of Ukraine on investment fund portfolios.

This communication follows initiatives taken by several national competent authorities in Europe (e.g. AMF, CSSF, Central Bank of Ireland, …) and aims to promote convergence on how to manage the impact of the war in Ukraine on investment portfolios and their Russian, Belarusian and Ukrainian assets and promote clarity to asset managers.

Sustainable Finance Watch

On 13 May 2022, the Joint Committee of the ESAs addressed a list of questions to the European Commission on the application of certain articles of the Sustainable Finance Disclosures Regulation (SFDR) and related articles of the European Taxonomy Regulation (TR).