Regulatory notice

On 30 July 2020, the Commissione Nazionale per la Societá e la Borsa (Consob) published a consultation document on the revision of the procedure of the ex-ante submission of the KID PRIIPs. This revision is due because a modification of the “Test Unico della Finanza” (TUF) in November 2019 abrogated this obligation. However, the amendment of the TUF contains a provision that continues this obligation until end of 2020 alongside to the adoption of revised Consob Regulation (Regolamento Consob), object of this consultation.

The French financial market regulator AMF has released on 27 July 2020 an update to its position-Recommendation on the information to be provided by collective investments integrating extra-financial approaches that was initially made public last Spring.

It must be noted that this Recommendation does not only apply to French domiciled funds but also to foreign funds publicly marketed in France to non-professional investors. The Recommendation does not apply to French domiciled funds offered exclusively outside of France.

The Law delaying FATCA,CRS and DAC6 reporting deadlines has been published in the Memorial A, the Luxembourg Official Gazette on 24 July 2020.

The information already notified on 13 July 2020 in our regulatory watch notice has been confirmed in the recently adopted Law:

On Friday 24 July 2020, the European Commission published a package of initiatives aimed at helping the capital market to support Europe’s economic recovery from the covid-19 pandemic.

Yesterday, the European Supervisory Authorities made publicly available a letter addressed to the European Commission informing the latest that due to disagreement between ESMA, EBA and EIOPA, they will be unable to submit the approved report on draft RTS for the review of the PRIIPs level 2 regulation.

The Spanish capital markets regulator Comisión Nacional del Mercado de Valores (CNMV) published on 20 July 2020 the draft of an Implementing Circular on advertising of financial products and services.

On 17 July 2020 both ESMA and FCA confirmed the validity at the end of the transitory period on 31 December 2020 of the MoUs already agreed.

As the risk of a no-deal at the end of the current transitory period following the withdrawal of the United Kingdom form the European Union is rising, the European Commission has recently published a series of “Notice to Stakeholders” addressed to different industries of the financial sector including the asset management.

Two years ago, on 8 February 2018 precisely, the European Commission warned the stakeholders in the field of asset management of the consequences of the withdrawal of the UK from the EU. Since then the Brexit became reality and this notice required to be refreshed to stick closely to the new context.

The FCA has recently indicated that it will reopen a window for submission of Transitory Period Regime notification for inbound passporting EEA firms and funds on 30 September 2020.

The FCA indicated in its communication that more information will be made available in September.