Regulatory notices
On 29th July 2021, the Central Bank issued the 40th edition of the Central Bank AIFMD Q&A, which includes a new Q&A, ID1145.
The Bank of France, the French national bank revamps its UCI data collection system and procedure that will be live by the end of this year.
The work on “OPC2” project already started in 2020 involving the participation of the financial community and materials have been made available progressively.
Following the adoption of the Law of 21 July implementing the CBDF Directive by the Luxembourg Parliament, the CSSF has amended its Circular 11/509 on the notification procedures to be followed by a UCITS governed by Luxembourg law wishing to market its units in another Member State of the European Union and by a UCITS of another Member State of the European Union wishing to market its units in Luxembourg.
On 26 July 2021, the Memorial A published the recently adopted Law of 21 July 2021 transposing Directive (EU) 2019/1160 amending the UCITS and AIFM directives as regards the cross-border distribution of funds and amending the modified UCI Law of 17 December 2010 and the amended AIFM law of 12 July 2013.
The new Law enters into force on 2 of August 2021.
Considering the success of the ESG products as well as the development of local and international markets and regulatory developments in this area, the SFC have recently superseded this ESG Circular 2019 in last June. This new circular will apply from 1 January 2022.
After HMT having announced the extension of the exemption period for the UCITS KIID for 5 more years a month ago, the FCA launched on 20 of July 2021 a Consultation Paper (CP-21/23) on several amendments of the PRIIPs Regulation and its Regulatory Technical Standards (RTS).
Nick Miller, the Head of Department, Asset Management Supervision of the FCA addressed yesterday a letter to the Chairmen of the authorised fund managers providing ESG and sustainable investment strategies. The letter is available on the website of the regulator.
On Friday 16 July 2021, the Irish Statute Book published a Statutory Instrument on certain financial vehicles dedicated levy.
Friday 16 July 2021, the ESMA released an updated version of its UCITS and AIFMD Frequent Asked Questions.
Two new questions have been added related to the interpretation of the ESMA’s guidelines on performance fees in UCITS and certain types of AIFs.