Regulatory notices

A couple of days ago, the CSSF published the Circular CSSF 22/811 on authorisation and organisation of entities acting as UCI administrator that replaces the historic IML 91/75.

On 17 May 2022, ESMA launched a consultation of its stakeholders on notifications for cross-border marketing and management of funds.

The aim of this consultation is to validate the templates proposed that will be used by fund management companies to notify the cross-border marketing and management activities in relation to UCITS and AIFs to national competent authorities (NCA).

This consultation lasts till 9 September 2022.

Here below, we highlight what we think the most important takeaways.

Yesterday, the European Securities and Markets Authority published a public statement on Actions to manage the impacts of the Russian invasion of Ukraine on investment fund portfolios.

This communication follows initiatives taken by several national competent authorities in Europe (e.g. AMF, CSSF, Central Bank of Ireland, …) and aims to promote convergence on how to manage the impact of the war in Ukraine on investment portfolios and their Russian, Belarusian and Ukrainian assets and promote clarity to asset managers.

Sustainable Finance Watch

On 13 May 2022, the Joint Committee of the ESAs addressed a list of questions to the European Commission on the application of certain articles of the Sustainable Finance Disclosures Regulation (SFDR) and related articles of the European Taxonomy Regulation (TR).

Today, the CSSF published its Circular on notification and withdrawal of notification procedures to be observed by Luxembourg undertakings for collective investment and investment fund managers for pre-marketing and cross-border marketing. (22/810).

The Joint Committee of the ESAs (JC) published yesterday a supervisory statement on expectations regarding the ‘What is this product?’ section of the key information document for packaged retail and insurance-based investment products.

The JC supervisory statement aims to achieve a consistent application of the regulation across Europe and to ensure high level of investor protection.

From the full document, we highlight below the expectations of the ESAs with regards to the sub-sections of the “What is this product” section.

On Friday 6 of May 2022, the ESAs published on their respective website two mandates received in April from the European Commission to review some aspects of the SFDR regulation, especially by providing draft Regulatory Technical Standards.

On 6 May, the BaFin published an amended version of its Circular on the marketing of units or shares in a foreign AIF or EU AIF managed by a foreign AIF management company to professional or semi-professional investors in the Federal Republic of Germany pursuant to section 330 of the Investment Code (Kapitalanlagegesetzbuch – KAGB).

On 4 May 2022, the ESMA published the yearly update of its Guideline on stress test scenarios under the MMF Regulation to take onto account the latest market development.