Regulatory notices

On Friday 29 April 2022, the Esma published its report on certain aspects relating to retail investor protection. This report was submitted to the European Commission on the same day.

This report follows a mandate given by the European Commission in summer 2021 as part of its work on its retail investment strategy, its aims is to ensure that consumers who invest in capital markets can do so with confidence and trust, that market outcomes are improved and that consumer participation is increased. The initial objective is to propose this strategy by the end of this first half year.

Sustainable finance watch

On 6 of April 2022, The European Commission adopted the draft RTS on Sustainable Finance Disclosures Regulation submitted by the ESA’s.

These RTS will apply from 1st of January 2023, giving 9 months to the market participants and advisors to implement them.

On 11 April 2022, the CSSF published an updated its AIFMD Reporting communication with channels document.

This file provides the signification of the feedback information exchanged from the CSSF to the channels while submitting the AIFMD Annex IV reporting.

On 7 April 2022, the FCA published its consultation paper on the periodic fees for the years 2022/2023. The new tariff proposed is reduced compared to the current period except for AIFs.

On 13 April 2022, the European Securities and Markets Authority sent a letter to the European Commission about the consultation launched by the latest.

This letter follows the launch of a consultation exploring the feasibility of a new retail assessment to improve the current suitability and appropriateness tests and the replacement of a “per product” approach with a new element, a personalised asset allocation strategy.

In this letter, ESMA highlights these six elements:

Sustainable Finance Watch

As anticipated, the European Commission adopted yesterday the Regulatory Technical Standards implementing the Sustainable Finance Disclosures Regulation.

Yesterday, the European Securities Market Authority published its annual report on Performance and Costs of EU Retail Investment Products. This ESMA Annual Statistical Report 2022 provides an overview of EU retail investment products in 2020.

Sustainability finance watch

On 4 April 2022, the European Commission launched a consultation on the functioning of the ESG ratings market in the EU and on the consideration of ESG factors in credit ratings.

Yesterday, the CSSF published a “Communiqué” to remind the obligation for the UCITS and AIFs fund managers to communicate the performance fee models applied to the funds there are managing via the eDesk portal.