Regulatory notice

Last month, the Norwegian financial regulator published a press release on the application of the PRIIPs regulation in Norway.
This regulation will not be applicable in Norway on first of January next year but on a further date depending on the inclusion of the PRIIPs regulation in the Annex IX of the EEA agreement.

Therefore, the Finanstilsynet has taken the following provisions applicable to the foreign UCITS marketed in Norway:

On 15 November 2022, the Joint Committee of the ESAs published an updated PRIIPs Q&A. In this paper, the ESAs informed that further information will be communicated on different topics identified below will be published before end of year.

The 2017 document has been updated on the following topic.

The FCA just launched its last quarterly consultation 2022 and proposes the following changes:

Friday 2nd of December, the Commission de Surveillance du Secteur Financier publishes a FAQ on the application of SFDR.

The first section of the FAQs consists in a reminder of the key European and CSSF publications on SFDR.

A couple of days ago, the Commission de Surveillance du Secteur Financier published the version 1.3 of its eDesk user guide related to the notification of performance fees.

Last week, the Joint Committee of the ESAs provides the financial community with a Q&A on SFDR issues.

On 20 of October 2022, the AMF published several amendments to its General Regulation (AMF GR).

As regards to fund management, these amendments relate to the introduction in the AMF regulation of the obligation for funds to mention in their prospectus/articles or fund rules that they may provide for mechanisms to offset or reduce the costs of portfolio arrangement incurred by all unitholders/shareholders in connection with subscriptions and redemptions. (“Swingin prices”).

On 17 November 2022, the European Securities and Markets Authority (ESMA) launched a consultation on the review of the technical standards under Article 34 of MiFID II.

Today, ESMA published a consultation paper on Guidelines on funds’ names using ESG or sustainability-related terms.

This consultation paper aims to develop Guidelines on funds’ names with ESG or sustainability-related terms with more specific guidance compared to the supervisory briefing on sustainability risks and disclosures in the area of investment management.