Regulatory notice

The Belgian financial market regulator communicated its supervisory fees for 2020.

Recently, ESMA announced the launch of a Common Supervisory Action (CSA) on UCITS liquidity management.

Tuesday 10 February 2020, CSSF launched the first stage of the Common Supervisory Action (CSA) by asking a large sample of Luxembourg-based UCITS managers to complete a dedicated questionnaire for all UCITS managed, i.e. Luxembourg domiciled UCITS and foreign domiciled UCITS.

A new Decree related to PEA and PEA PMI-ETI has been published in the French Official Gazette (JORF) on Friday 7/02/2020 and will enter into force on 01/07/2020.

Consob has updated its Italian version of its fee manual to reflect the changes made in 2018 in the Consob Regolamento Intermediari.

BaFin published a summary table on the supervisory fees applicable to the asset management in 2020.

The Luxembourg financial regulator published last Friday a Circular Letter reminding the reporting obligation of several entity types to their management board.

Today, CSSF published a communiqué related to the Brexit that will be effective this evening.

As far as an orderly withdrawal will take place, contingency plans in case of “hard Brexit” are no more relevant at least for the next coming months. Consequently, CSSF has closed with immediate effect the dedicated section of its eDesk portal which was collecting the transitional period requests from UK funds and/or their managers.

On 30 January 2020, Central Bank published on its web site a revised version of its UCITS Q&A (28th).

This Q&A contains a new question (Q&A ID 1094), in relation to investment by UCITS in Contracts for Difference (CFDs), Collateralised Loan Obligations (CLOs), Contingent Convertible Securities (CoCos) and binary options.

On 27 January 2020, CSSF published a communication regarding the application of the clarifications given by ESMA in its UCITS Q&A version released on 29 March 2019.