Regulatory notices

On 20 February 2024, the FCA published its good practice and areas of improvement on the implementation of the Consumer duty rules.

These rules came into force in last summer requiring firms to act to deliver good outcomes for retail customers.

The Belgian Financial securities and Markets Authority published yesterday an update of its supervisory fees for 2024.

The initial inward marketing of foreign UCITS in Belgium increases from EU 434 last year to EU 471 payable per subfund no later than one month after receiving the invitation to pay.

On January 31, 2024, the Commission de Surveillance du Secteur Financier in Luxembourg updated its technical guidance on AIFMD reporting.

Following the addition of a third channel to submit AIFMD reporting to the Commission, the technical guidance includes now the eDesk link.

On January 30, 2024, the HMT notified the House about the Government findings EEA states including EU member states equivalent under the Overseas Funds Regime.

This decision will concern the UCITS except Money Market Funds (MMF) due to the related ongoing regulatory developments.

The Consob has published its new tariff for the marketing in Italy of Undertaking for collective investments in transferable securities (UCITS), European Long Term investment funds and other Alternative investment funds.

The regulation (EU) 2022/1917 (ECB/2022/31) of the European Central Bank of 29 September 2022 on infringement procedures in cases of non-compliance with statistical reporting requirements will be applicable from 30 April 2024 to statistical data collected by the Banque centrale du Luxembourg (BCL) for the statistical collections listed in Annex I that includes investment funds.

End of last year, ESMA published a new version of its “QA on MiFID and MiFIR investor protection and intermediaries topics”.

ESMA updated a question on the aggregation of fees in the section Information on costs and charges and provides clarification on how indicate the parts of the total costs and charges paid in or represented in an amount of foreign currency in investment firms ex-ante and ex-post costs and charges disclosures.

In a communication published on its website at the beginning of the year, the FCA confirmed that the Temporary Marketing Permission Regime will remain in place until 31 December 2025.

This period will allow the EEA funds marketed in UK prior Brexit to be authorised under the new Overseas Funds Regime (OFR) that will take effect on 1st of July 2024.

This notice contains the remaining documents updated by the SFC not attached to the previous alert on the same topic.