Regulatory notices

On 22 July 2022, the CSSF published a communiqué on the application of Circular 21/790 on Practical rules concerning the self-assessment questionnaire to be submitted annually by Luxembourg undertakings for collective investment.

The Luxembourg financial watchdog introduces a new data collection on invest funds’ portfolio and their liquidity

This data collection exercise concerns a selected sample of funds and investment fund managers (IFM) for which the CSSF is asking to report the portfolio breakdown line by line with asset liquidity information, as per 30 June 2022.

On 19 July 2022, the Law implementing the transition from the UCITS KIID to PRIIPs KID has been published in the Belgian Official Journal.

Thursday 21 July 2022, the Central Bank of Luxembourg published a revised version of its “List of countries for the purpose of statistical reporting” document.

ESMA updated its UCITS and AIFMD Q&As on 20 July 2022.

The new questions relate to trade reconciliations frequencies by UCITS or AIFM depositaries and the responsibilities of the investment fund manager in case of delegation of fund marketing activities.

As announced in June, the CSSF has published the UCITS identifiers to be used for the UCITS Risk Reporting as at 30 June 2022.

On 6 of July, we notified you that the BaFin published a revised version of FAQs on the distribution and acquisition of investment funds pursuant to the German Investment Code (KAGB) in German.

As this version does not contain evidence of the changes, we have contacted the German Regulator that provided us with the information below:

Yesterday, the FCA published an update of the rules applying to firms and fund operators in the TPR.

As regards to EEA UCITS marketed in the United Kingdom under Temporary Permission Regime following Brexit or recognised under s272 FSMA, the FCA confirmed what we all assumed, namely the extension of the exemption from the requirement for UK UCITS to produce a PRIIPs KID until 31 December 2026.

Last week, The ESMA published the results of its 2021 Common Supervisory Action (CSA) on MiFID II product governance requirements. This action was launched in February 2021.

Some quantitative information on which the survey was conducted:

• 26 NCAs in EU and EEA participated ;
• 214 firms were included in the CSA sample, 115 of which credit institutions (CIs), and 99 investment firms (IFs);
• 15 manufacturers, 122 distributors and 73 firms acting both as manufacturers and distributors.

Result of this CSA shows that: