Regulatory notices
While the consultation of the Commission launched in May 2021 on a wide array of aspects related to retail investor protection is just closed that the European Institution calls the Joint Committee of the ESAs for advice on PRIIPs regulation.
On 2nd of July 2021, the French watchdog AMF published an update of its “doctrine” reflecting the entry into force of the “Cross border distribution of funds” Directive on the same date. This revision follows the adoption of the Order No. 2021-1009 and Decrees No. 2021-1011 and No. 2021-1012 of 31 July 2021 transposing literally this Directive into the Monetary and Financial Code. The Ministerial Order of July 23, 2021, creates new provisions and amends certain current provisions in titles I (Undertakings for Collective Investment in Transferable Securities) and II (AIFs) of Book IV of the AMF General Regulation.
On 2nd of July 2021, the French watchdog AMF published an update of its “doctrine” reflecting the entry into force of the “Cross border distribution of funds” Directive on the same date. This revision follows the adoption of the Order No. 2021-1009 and Decrees No. 2021-1011 and No. 2021-1012 of 31 July 2021 transposing literally this Directive into the Monetary and Financial Code. The Ministerial Order of July 23, 2021, creates new provisions and amends certain current provisions in titles I (Undertakings for Collective Investment in Transferable Securities) and II (AIFs) of Book IV of the AMF General Regulation.
On 15 July 2021, the European Commission adopted the proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Directive 2009/65/EC as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities (UCITS).
The Directive (EU) 2019/1160 (the “CBDF Directive”) provides for new rules as regards to pre-marketing activities performed by AIFMs within the EU Member States. The Directive having been implemented in the Luxembourg internal legislation on 21 July 2021, the CSSF has updated its website and specifically created a page to remind the rules applying to EU and third country AIFMs engaged in these activities.
On 30 July 2021, the CSSF publish a communiqué informing the market practitioners that it has overhauled its authorisation process of new fund structure and new sub-funds added to existing UCIs. This new process will be applicable from 16 August 2021.
Following the entry into force on the 2 of August 2021 of the new Law of 21 July 2021 implementing the Directive (UE) 2019/116 in Luxembourg, the CSSF published a FAQ on CBDF.
Yesterday 29 July 2021, the CSSF communicated on the result of its thematic review of the unregulated Alternative Investment Funds.
Yesterday we notified you about the amendment of the Circular 11/509. In the new Circular 21/778, it was not clear how to manage the new requirements introduced by the CBDF Directive and transposed in the article 54 (4) that obliges the UCITS amending the content of the initial notification to inform not only the host regulator but also the CSSF. We indicated that we have contacted the CSSF to clarify this point.