Regulatory notices

The Government communicated on the status of its “Building a Smarter Financial Services Regulatory Framework for the UK plan and the next steps.

According to the document made available by the HMT, phase 3 to come will encompass:

On 6 March 2024, the European Commission wrote a letter to ESMA requesting several amendments to the draft RTS it had submitted at the end of last year.

If ESMA does not address the comments provided by the European Commission within 6 weeks, the Commission shall be empowered to adopt the RTS with the amendments it considers necessary.

Last week, FinDatEx launched a consultation on the update of the current version regarding the EMT V4.1.

The draft version of the V4.2 contains supplementary UK specific section linked to detailed on-going costs.

The Joint Committee of the ESAs published last Friday an updated version of its consolidated PRIIPS Q&As.

New questions have been added on 15 March 2024 providing clarifications on the following topics:

On 15 March 2024, the CSSF published an updated version of its technical guidance on AIFMD reporting.

This version 1.6 contains information on the deactivation of consistency controls on the content of the AIF files: CAF-206, CAF-207, CAF-208, CAF-209, CAF-210, CAF-211, CAF-212, CAF-213, CAF-214 and CAF-2015.

The Austrian Financial Market supervisory authority published last week its annual supervisory fees applicable to funds in 2024.

For foreign UCITS marketed in Austria, the tariff remains unchanged compared to 2022 and 2023. 600 EUR per (mono) fund and 200 EUR for any additional sub-fund (umbrella).

Yesterday, the Commission de Surveillance du Secteur Financier relaxed its rules on virtual assets investments. Luxembourg UCITS and UCIs AIFs may now invest directly (and indirectly) in virtual assets under the condition that their units/shares are only marketed to well-informed investors or pension funds (for UCITS/UCIs and well-informed investors for AIFs).

Yesterday, the Council of the European Union adopted the revision of the non-cooperative jurisdictions for tax purposes.

The Council decided to remove Bahamas, Belize, Seychelles and Turks and Caicos Islands from list.

On 20 February 2024, the FCA published its good practice and areas of improvement on the implementation of the Consumer duty rules.

These rules came into force in last summer requiring firms to act to deliver good outcomes for retail customers.