Regulatory notices
On 9th of March 2024, the Financial Conduct Authority published a consultation paper on the revision of the regulatory fees and levies to be applied from 1st of April 2024 to 31st of March 2025.
On a cross-border distribution perspective, the FCA proposes a substantial reduction in fees for EEA UCITS marketed under the TPR.
On 25 of March 2024, the European Parliament ECON Committee adopted by majority vote the Report of the European Parliament and of the Council amending Regulation (EU) No 1286/2014 as regards to the modernisation of the Key Information Document (KID).
The amendments to the existing Regulation and the Commission proposal adopted by the ECON Committee relates:
The CSSF updated its UCIs and AIFMD FAQs last week by providing more clarity on the condition a Luxembourg collective portfolio management company may market funds it manages as regards to applicable MiFID rules.
These FAQs elaborate on the indirect marketing provided by other Investment Fund Manager (IFM) and whether these IFMs are authorised to do so depending on the nature of the service they are providing.
On Tuesday March, 26 2024, the Directive amending the AIFM and the UCITS directives was published in the Official Journal of the European Union.
The main changes to the AIFM and UCITS directives are designed to:
– improve the integration of asset management markets in Europe and modernising the framework governing key regulatory aspects,
– improve the availability of EU framework liquidity management tools for funds providing loans,
– strengthen the rules applicable to delegation by portfolio managers to third parties.
On Thursday 28 March 2024, the French regulator AMF published several new instructions in relation to the deployment of the new extranet Rosa impacting the most the French fund management companies.
The European Commission finally published the Regulations adopted in December last year amending UCITS Directive and Regulation 584/2010 and AIFMD as regards to the procedures implemented for the cross-border activities of funds and fund management companies within the European Union and EEA.
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.