Regulatory notices

On 8 March 2023, the FinDatEx opened a consultation on a new EMT version (V4.1) the aim is to cover the needs for the UK distributors to comply with the Consumer Duty regime.

The European Commission published last week a correction of the French version of the CDR (EU) 2023/363 of 31 October 2022 amending and correcting the regulatory technical standards laid down in Delegated Regulation (EU) 2022/1288 as regards the content and presentation of information in relation to disclosures in pre-contractual documents and periodic reports for financial products investing in environmentally sustainable economic activities. We can be sure that it will not be the last one.

On 13 February, the Spanish financial markets regulator published a consultation aimed to revise the Technical Guide on the reinforcement of CIS’s transparency with the specific performance objective and of fixed income CIS with a buy-and-hold strategy.

This technical guide is obviously applicable to Spanish funds but foreign funds marketed in this country are also indirectly concerned via their local distributors as confirmed by the CNMV questioned on this topic.

On 20 February 2023, the FCA published a Discussion Paper named “Updating and improving the UK regime for asset management ” to help the regulator prioritising possible areas that could be changed for more efficiencies and attractivity.

The FCA is proposing to the stakeholders in the sector to revisit the regulation through four chapters and twenty-four questions covering:

On 15 February 2023, the European Parliament adopted the Regulation amending the ELTIF Regulation (EU) 2015/760.
Following an agreement reached in trilogues on 7 December 2022, the final text modifies:

On 16 February 2023, the French financial markets authority published its revised doctrine following the entry into force of the revised PRIPS regulation on 1 January 2023.

Many instructions have been updated to reflect the introduction of the PRIIPs KID in the marketing of funds.

Adopted by the Commission in last October 2022, the Commission Delegated Regulation COMMISSION DELEGATED REGULATION (EU) 2023/363 of 31 October 2022 amending and correcting the regulatory technical standards laid down in Delegated Regulation (EU) 2022/1288 as regards the content and presentation of information in relation to disclosures in pre-contractual documents and periodic reports for financial products investing in environmentally sustainable economic activities was published on Friday 17 February 2023, one month and a half after the entry into force of the SFDR L2 thus longer than expected and mentioned in our notice of the 3rd of November 2022.

Yesterday, the Council of the European Union adopted the revision of the non-cooperative jurisdictions for tax purposes.

The French financial market supervisor (AMF) published yesterday a proposal for minimum environmental standards for financial products belonging to the Art.9 and 8 categories of the SFDR in the context of the revision of this regulation.