Regulatory notice

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).

Today, the CSSF published its Circular on notification and withdrawal of notification procedures to be observed by Luxembourg undertakings for collective investment and investment fund managers for pre-marketing and cross-border marketing. (22/810).

The Joint Committee of the ESAs (JC) published yesterday a supervisory statement on expectations regarding the ‘What is this product?’ section of the key information document for packaged retail and insurance-based investment products.

The JC supervisory statement aims to achieve a consistent application of the regulation across Europe and to ensure high level of investor protection.

From the full document, we highlight below the expectations of the ESAs with regards to the sub-sections of the “What is this product” section.

On Friday 6 of May 2022, the ESAs published on their respective website two mandates received in April from the European Commission to review some aspects of the SFDR regulation, especially by providing draft Regulatory Technical Standards.

On 6 May, the BaFin published an amended version of its Circular on the marketing of units or shares in a foreign AIF or EU AIF managed by a foreign AIF management company to professional or semi-professional investors in the Federal Republic of Germany pursuant to section 330 of the Investment Code (Kapitalanlagegesetzbuch – KAGB).

On 4 May 2022, the ESMA published the yearly update of its Guideline on stress test scenarios under the MMF Regulation to take onto account the latest market development.

On 4 April 2022, the ESMA published on its website the Securities and Markets Stakeholder Group (SMSG) advice on the Consultation Paper on Guidelines on certain aspects of the MiFID II suitability requirements the Supervisory Authority published on 27 January this year.

On 29 April 2022, the Joint Committee of the European Supervisory Authorities submitted its report on the review of the PRIIPs Regulation to the European Commission. This report has been published on the same date.

This report follows a request for advice of the European Union communicated in July 2021 to help elaborating the retail investment strategy to be made public by the end of this half year.

On Friday 29 April 2022, the Esma published its report on certain aspects relating to retail investor protection. This report was submitted to the European Commission on the same day.

This report follows a mandate given by the European Commission in summer 2021 as part of its work on its retail investment strategy, its aims is to ensure that consumers who invest in capital markets can do so with confidence and trust, that market outcomes are improved and that consumer participation is increased. The initial objective is to propose this strategy by the end of this first half year.