Regulatory notices
Recently, the central Bank of Ireland updated its procedure regarding the merger of an Irish UCITS with a domestic UCITS or a cross border merger with a foreign UCITS.
The procedures for both cases are described here below or available on the website of the Central Bank of Ireland.
With the entry into force of EMIR REFIT yesterday, the CSSF published an updated version of its eDesk user guide. Earlier this month, it was about new procedures in development that the Commission shared information.
Indeed, this year, the number of eDesk procedures dedicated to the fund management will increase:
Following the notification from the CBI and the CSSF of their intention to impose an investment restriction on Alternative Investment Fund Managers (AIFMs) established in Ireland and Luxembourg and managing GBP-denominated AIFs pursuing a LDI funding strategy, ESMA rendered its advice to both regulators yesterday.
ESMA’s analysis concludes that the conditions for taking actions under the Alternative Investment Fund Managers Directive (AIFMD) are met and the measures proposed by the CBI and the CSSF are justified and should contribute to improving the resilience EU GBP LDI.
On April 23, 2024, the FCA published its guidance on the anti-greenwashing rule.
This guidance is intended to help firms understand the FCA’s expectations under the anti-money laundering rule that will enter into force end of next month.
The anti-greenwashing rule is one part of a package of measures the FCA finalised in November 2023 through our Sustainability Disclosure Requirements (SDR) and investment labels regime (PS23/16).
The FCA consults on the extension of the Sustainability Disclosure Requirements (SDR) and investment labels regime to portfolio management services and follows its Consultation Paper (CP22/20) and corresponding Policy Statement (PS23/16) on SDR and investment labels, which introduced a package of measures for fund managers.
The new rules subject to this consultation does not include services where the clients are based overseas meaning those that either normally reside outside of the UK or have their registered office (or head office) outside of the UK. It also does not include portfolio management provided to a client that is a fund, or an Alternative Investment Fund Manager or management company for or on behalf of a fund (i.e., where the portfolio manager acts as a delegate).
On April 22, 2024, FinDatEx released the final EMT Version 4.2.
This version submitted to consultation earlier in March 2024 is now available. It integrates the previous one (EMT V4.1) with a supplementary UK specific section linked to detailed on-going costs.
Following the objections communicated by the European Commission (EC) to ESMA regarding the Draft RTS on the revision of the ELTIF regulatory framework last month, ESMA responded with a limited number of changes to the amendments proposed by the EC in the form of an opinion as required by the legislative procedure.
The amended draft RTS are provided in appendix of this opinion. ESMA changes are shown in track changes highlighted in yellow while EC changes are highlighted in track changes.
ESAs recently announced the forthcoming of the voluntary exercise for the collection of the registers of information of contractual arrangements on the use of ICT third-party service providers by the financial entities, serving as preparation for the implementation and reporting of registers of information under DORA.
In this context:
On April2, 2024, the European Parliament ECON Committee adopted with majority the report on the proposal for a directive of the European Parliament and of the Council Amending Directives (EU) 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards the Union retail investor protection rules.
The core objective of the Commission proposal is to ensure that consumers can fully benefit from investment opportunities offered by capital markets, supported by a regulatory framework that enables them to make informed investment decisions.