Regulatory notice

Yesterday the French financial markets regulator AMF published a report on SPOT inspections on MiFID II product governance of financial instruments.

The AMF selected 5 French investment firms (4 entities of mutual groups and one of a French bank)

Yesterday, the Banque de France updated its “Cahier des charges informatiques » et « cahier des charges fonctionnel » related to the new data collection system call « OPC2 »to be implemented on the existing “Onegate” platform.

On 1 October 2021, the Central Bank published the 42nd Edition of the Central Bank AIFMD Q&A.

On the 1st of October 2021, the BaFin updated several guidance notices in the context of the Cross-Border Distribution of Funds Directive. These guidelines have been also updated following the adoption of the new supervisory fees applied by the BaFin earlier in the beginning of September.

On 27 September 2021, the Fin-FSA published a presentation of its new regulatory reporting system under development that should be released starting 2022.

On 24 September 2021, the CSSF published a new Circular on the Adoption of the revised guidelines, by EBA, on Money Laundering and Terrorism Financing risk factors.

The purpose of the Guidelines continues to provide guidance on the different ML/TF factors the professionals should consider when assessing their risks. Moreover, the Guidelines also specify how the professionals can adjust anti-money laundering and counter-terrorist financing (“AML/CTF”) customer due diligence measures commensurate with the level of risk associated with a business relationship or occasional transaction.

Two days ago, the CSSF has published a press release announcing the implementation of a new module on its eDesk portal dedicated to the collection of a questionnaire on performance fees.

This module will be launched on 30 September 2021.

This new data collection is part of the implementation by the CSSF of the Guideline on performance fees in UCITS and certain types of AIFs published on 5 November 2021.

Today 5 October 2021, we added the user guide to the content of the notice.

Recently, the AFM, the Dutch financial market regulator updated its webpage section dedicated to the pre-marketing activities of AIF in the Netherlands.

The procedure that integrates the Cross-border distribution of funds directive provisions, describes in detail how Dutch AIFMs have to process with the notifications.

On 16 of September 2021, the Financial Conduct Authority and The Pensions Regulator opened a joint consultation on the Discussion Paper “Driving Value for Money (VFM) in defined contribution pensions”. The discussion paper is focused primarily on assessing VFM in pensions in accumulation, and they have paid particular attention to features of workplace default schemes, given the growth in this market.