Regulatory notice

After HMT having announced the extension of the exemption period for the UCITS KIID for 5 more years a month ago, the FCA launched on 20 of July 2021 a Consultation Paper (CP-21/23) on several amendments of the PRIIPs Regulation and its Regulatory Technical Standards (RTS).

Nick Miller, the Head of Department, Asset Management Supervision of the FCA addressed yesterday a letter to the Chairmen of the authorised fund managers providing ESG and sustainable investment strategies. The letter is available on the website of the regulator.

On Friday 16 July 2021, the Irish Statute Book published a Statutory Instrument on certain financial vehicles dedicated levy.

Friday 16 July 2021, the ESMA released an updated version of its UCITS and AIFMD Frequent Asked Questions.

Two new questions have been added related to the interpretation of the ESMA’s guidelines on performance fees in UCITS and certain types of AIFs.

Yesterday 15 July 2021, the European Commission launched a consultation on the extension of the transitional arrangement for management companies, investment companies and persons advising on, or selling, units of UCITS and non-UCITS in the context of the PRIIPs regulation.

The consultation lasts from 15 July 2021 to 9 September 2021.

As announced in its communication in June 2021, the CSSF published yesterday the list of the UCITS identifiers to be used in the first half 2021 UCITS risk reporting.

Friday 9 July, the press revealed that the European Commission has sent a letter to the ECON Committee of the European Parliament and to the Council to inform the 2 co-legislators that it has decided to postpone the entry into force of the RTS by 1st of July 2022.

The SFC recently updated its Guide on Practices and Procedures for Application for Authorization of Unit Trusts and Mutual Funds.

The key changes relate to the ETFs and unlisted index funds.

On 6 June 2021, the European Commission presented its Strategy for Financing the Transition to a Sustainable Economy.

Over the past years, the EU has been building a sustainable finance framework to support the flow of private finance towards sustainable economic activities and make the transition to a carbon neutral economy by 2050 possible. However, since 2018, the European Commission understanding of what is needed to meet the sustainability goals has evolved, and the global context has changed. For these reasons, a new phase of the EU’s sustainable finance strategy is required.