Regulatory notice

The Spanish capital markets regulator Comisión Nacional del Mercado de Valores (CNMV) published on 13 November 2020 the new Circular 2/2020 of 28 October 2020 on advertising of investment products and services. This new Circular was proposed to consultation in last summer and closed on 11 September.

On 10 March 2021, fund prospectuses should be updated to include the information required by the implementation of the Sustainable Finance Disclosures Regulation (EU) 2019/2088.

On 24 November 2020, the CSSF published 3 FAQ updates: UCIs FAQ v10 , AIFMD FAQ v16, and SIF/SICAR FAQ v4, introducing a new question related to the in case of data transfer by a central administration or a depositary to another service provider.

On 23 November, the Central Bank issued an updated version of the Central Bank AIFMD Q&A, which includes 2 new questions related to the discontinuation of the practice of requiring general partners of investment limited partnerships to be approved by the Central Bank as AIF management companies.

On Thursday 19 November 2020, the FCA published a Consultation Paper on the regulatory fees for the year 2021-2022. This consultation aims to get feedback FCA policy on how they raise fees and levies for authorisation. FCA will give its feedback on the consultation responses in the following February/March Handbook Notice or in the March/April Consultation Paper.

Answers to this consultation may be submitted to the FCA until 22 January 2021.

On 19 November, at the request of the FCA, the CSSF published a press release (20/23) to the attention of the supervised entities passporting their activities in the United Kingdom.

On 5 November 2020, ESMA published its Guidelines on performance fees in UCITS and certain types of AIFs in all European languages.

These guidelines apply to fund managers and national competent authorities two months after the date of this publication.

Yesterday 9 November 2020, ESMA published a Consultation Paper on Guidelines on marketing communications under Regulation (EU) 2019/1156 of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings. The consultation will last until 8 February 2021.

On 20 October 2020, the European Commission, Directorate-General for Financial Stability, Financial Services and Capital Markets Union, sent a letter to the chairmen of each European Supervisory Authority to inform them on the possible delay of the application of the RTS on the new Sustainable Finance Disclosure Regulation (UE) 2018/2088.