Regulatory notices

On 29 June 2022, the Finanstilsynet published a communication waning on misinformation risk provided by AIF to retail investors.

As a majority of AIFMs are registered in Denmark, the Danish financial markets regulator reminds that Registered AIFMs may only sell AIF to professional and semi-professional investors.

ESMA recently updated its “Implementation timeline for SFDR, TR, CSRD, MiFID, IDD, UCITS and AIFMD” document. The first version was published earlier in March 2022.

On Friday 1st of July, the FinDatex initiative publishes the Best Practice Guide to completing the European ESG Template (EET)” released by TISA earlier in June.

On Friday 1st of July, the CSSF published a Communication on the application of the CSSF Circular 22/806 on outsourcing arrangements. The CSSF focuses on the template made available to notify such arrangements.

Yesterday 29 June 2022, the CSSF published a new Circular (22/818) that consists in an update of Luxembourg framework for the application of the recently revised ESMA Guidelines on stress test scenarios under Article 28 of the Money Market Fund Regulation (Ref. ESMA/34-49-115) published on 4 May 2022.

Wednesday 29 June 2022, ESMA updated its Cross-border distribution of investment funds document made available in accordance with the Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings.

On 28 June 2022, the FCA published its Policy Statement 22/7 on FCA regulated fees and levies 2022/23 with feedback on CP22/07 and ‘made rules’.

UK Funds and EEA UCITS under TPR see they periodic fees decreasing by 7% compared to the previous period 2021/2022. In contrast, notified AIFs see their periodic fees rising by 6%.

See details below:

Monday, the CSSF published a new Circular (22/817) on the application of the ESMA Guidelines On certain aspects of the MiFID II appropriateness and execution-only requirements.

Last Friday, the Commission published in the Official Journal of the EU the Commission Delegated Regulation (EU) 2022/975 adopted by the Commission on 17 March 2022 and endorsed by the co-legislators following a scrutiny procedure that ended on 17 June 2022.

“The delegated regulation postpones the application date of certain PRIIPs-related disclosures to 1 January 2023 (instead of 1 July 2022 as initially foreseen in the amending act adopted on 6 September 2021 (Commission Delegated Regulation (EU) 2021/2268)).”