Regulatory notice

The European Commission disclosed two important projects on Thursday 24 September 2020 impacting the European finance landscape: the Digital Finance and the new Capital Market Union plans.

The Luxembourg official gazette, the Memorial, published yesterday the Law of 23 September 2020 on measures concerning the holding of meetings in companies and other legal persons in the context of the Covid-19 pandemic.

On 21 September 2020, the Joint Committee of the European Supervisory Authorities published a Survey on templates for environmental and/or Social financial products in the context of the drafting of the RTS of the Sustainable Finance Disclosures Regulation.

In July 2020, the HM Treasury published an update of its Policy Statement on PRIIPs regulation applied to onshored PRIIPs.

Last week, the FCA published its revised Regulatory Initiatives Grid initially launched in May 2020. Based on the comments of the audience the presentation of this grid has evolved a bit.

Yesterday, the CSSF published a consolidated version of its CSSF Circular 17/650 amended by the new Circular 20/744 published earlier in July.

Mid of August, ESMA wrote a letter to the European Commission and its Executive Vice-President, Mr Valdis Dombrovskis in the context of the AIFMD review. The letter points out various ways of improvement of the AIFMD framework after nearly 10 years of existence and suggests some alignments with UCITS.

We summarise the main topics developed by ESMA that should impact market participants and their providers. We deliberately not summarise the elements related to the relationship between the NCAs and ESMA.

Earlier in July, we informed you that the FCA will re-open a window for notifying the continuation of the EEA activities in UK after the transition period. On 20 August 2020, the FCA has published a statement on its website setting this window to the 30th of September 2020.

On 12 August 2020, the French Minister of Public Action and Accounts opened a public consultation about the waiver of withholding tax on income distributed by companies to certain foreign UCIs regime.

The consultation will last until the 15 of September 2020. Comments will be received via e-mail sent to: bureau.jf2b@dgfip.finances.gouv.fr.