Regulatory notices
On 14 June 2022, the Luxembourg Commission de Surveillance du Secteur Financier published a working paper on the Assessment of Investment Funds’ Liquidity Management Tools.
This working paper was prepared as part of a joint research project on the effectiveness of liquidity management tools by CSSF and Bank of International Settlements employees.
The analysis focuses on the following tools:
On 10 June 2022, the Hong Kong Securities and Futures Commission launched a consultation on proposed amendments of the Enforcement-related Provisions of the Securities and Futures Ordinance.
On 10 June 2022, the ESMA published an updated compliance table.
On 9 June 2022, the Belgian Federal Government tabled a draft law implementing the PRIIIPs KID for UCITS/AIFs in its internal legislation in the House of Representatives.
In accordance with the end of the exemption period granted to UCITS and certain AIFs from applying PRIIPs KID rules sets at 31 December 2022, the Belgian Federal Government has reviewed its applicable legislation on UCITS and AIFM to align them with the European regulation.
On 9 June 2022, the French Accounting Standards Authority (Autorité des Normes Comptables) published the Regulation ANC N° 2022-03 of 3 June 2022 amending the Regulation ANC N° 2020-07 of 4 December 2020 related to the financial statements of the UCIs with variable capital shares.
Last week, the Joint Committee (JC) of the ESAS published clarifications on the ESA draft RTS under SFDR. The purpose of the document is to help market participants and financial advisers to prepare for the implementation of the Delegated Regulation in the most consistent way possible across the European Union.
On 31 May 2022, ESMA published its final report on the 2021 Common Supervisory Action on costs and fees.
This report sets out ESMA’s analysis and conclusions on the CSA conducted in 2021 with the National Competent Authorities. The information contained in the report will be used by the in the context of the Union Strategic Supervisory Priority (USSP) given its relevance from an investor protection perspective. The USSP guides the work of the National Competent Authorities on supervisory priorities sets by the European supervisory authority for at least 3 years. Based on these works done, ESMA shall discuss possible follow up which may include guidelines, recommendations to competent authorities, and peer reviews, in the respective area.
Yesterday, the CSSF publishes its report on Sub-Sector Risk Assessment (SSRA) on ML/TF risks faced by the Collective Investment Sector.
This document should be seen as an updated supplement to the 2020 SSRA.
On 31 May 2022, the ESMA published a Supervisory briefing on Sustainability risks and disclosures in the area of investment management.
In this supervisory briefing, we learn how ESMA recommends that European national competent authorities verify the compliance of fund prospectuses and websites with the SFDR and TR. This information could guide you in implementing these regulations in your organisation and prepare you for questions or site visits in the coming months.