Regulatory notice

Sustainability finance watch

On 4 April 2022, the European Commission launched a consultation on the functioning of the ESG ratings market in the EU and on the consideration of ESG factors in credit ratings.

Yesterday, the CSSF published a “Communiqué” to remind the obligation for the UCITS and AIFs fund managers to communicate the performance fee models applied to the funds there are managing via the eDesk portal.

On 1st of April 2022, the CSSF published an Announcement on the application of Regulation (EU) 2019/2088 on the sustainability-related disclosures in the financial services sector and on the taxonomy-alignment related product disclosures of Regulation (EU) 2020/852 (TR).

The ESMA published the text of the Keynote Speech delivered by Nathalie Cazenave on Monday 28 March 2022 at ICI Investment Management Conference 2022 held in Palm Desert, California.

As far as SFDR and EU Taxonomy are concerned, we highlight the most important take aways we can retain from her speech.

Thursday 24 March 2022, the Joint Committee of ESAs published an updated supervisory statement on the application of SFDR.

To mitigate the risk of divergent supervision exercised by the different national competent authorities due to the delay of the application of the RTS on SFDR and EU Taxonomy, the ESAs published guidance for the use of the stakeholders.

We highlight below what for us is the most relevant information provided by this supervisory statement.

Yesterday, the ESMA published a new version of its Cross-border distribution of funds summary of marketing requirements and fees as required by the Cross-border distribution of funds Regulation CBDF Regulation).

What is new in this document?

On 25 March 2022, the Financial Conduct Authority published its Policy Statement 22/2 revising its Product Disclosures Rules.

The onshored PRIIPs RTS 2017 post-Brexit are now modified and thus diverge from the EU PRIIPs RTS of September 2021 published at the end of last year.

The Banque de France updated its technical documentation related to the fund data collection system OPC2.

We have identified a limited number of changes that we highlight below:

Yesterday 17 March 2022, the European Commission adopted a Commission Delegated Regulation amending the new PRIIPs RTS published in the Official Journal in December 2021.