Regulatory notices

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.

At year-end 2023, the Securities and Futures Commission updates several funds guidances, frequent asked questions and information checklists impacting the marketing of funds in Hong Kong as well as the distribution of European funds.

We have reviewed the new documents and set out below the main changes identified.

Following the implementation of the (de)notification processes via CSSF eDesk portal applicable on 2nd of January 2024, the Commission de Surveillance du Secteur Financier updated its FAQ CBDF on notification procedure.

The AMF modifies its position-Recommendation DOC-2020-03 setting out the information on the consideration of non-financial criteria that French collective investment undertakings and foreign UCITS authorised for marketing in France may disclose. These provisions are described for the various regulatory documents (key investor information documents, prospectus) and marketing materials.

More than likely the CSSF’s last publications of the year, two new FAQs have been updated: the FAQ CSSF – Luxembourg law of 12 July 2013 on alternative investment fund managers and the FAQ CSSF – Law of 17 December 2010.

The Fin-FSA recently published its Processing fees starting from 1 January 2024.

Processing fees on cross-border activities:

The Commission de Surveillance du Secteur Financier in Luxembourg published a new version of its Frequent Asked Questions on virtual assets.

The question no 3 has been updated related to the requirement of any authorisation for the management of virtual assets by Luxembourg fund management companies.