Regulatory notices

Last week, The ESMA published the results of its 2021 Common Supervisory Action (CSA) on MiFID II product governance requirements. This action was launched in February 2021.

Some quantitative information on which the survey was conducted:

• 26 NCAs in EU and EEA participated ;
• 214 firms were included in the CSA sample, 115 of which credit institutions (CIs), and 99 investment firms (IFs);
• 15 manufacturers, 122 distributors and 73 firms acting both as manufacturers and distributors.

Result of this CSA shows that:

On 8 of July 2022, the Securities and Futures Commission (SFC) in Hong Kong revised several regulatory documents impacted foreign funds marketed in this Special Administrative Region of China.

We have reviewed all these documents compared to their former version, highlighted the changes and suggested the actions required.

The Belgian Financial Securities and Markets Authority (FSMA) published Friday 24 June 2022 an updated version of the information related to the supervisory fees as provided by the Cross Border Distribution of Funds regulation (CBDFR).

Yesterday 5th of July, the German financial supervisory authority published the updated FAQ on the distribution and acquisition of investment funds under the Fund management regulations.

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.