Regulatory notices

Yesterday, the CSSF published on its website an amended version of its G21 quarterly prudential reporting template for management companies.

Today 3 December 2020, 3 important components of the European sustainable finance legislation have been published in the Official Journal of the European Union. These Regulations set the standards to harmonise the disclosures of information on the ESG characteristics and methodologies adopted and applied by benchmark administrators.

These new regulations will enter into force on 24 December 2020.

The Spanish capital markets regulator Comisión Nacional del Mercado de Valores (CNMV) published on 13 November 2020 the new Circular 2/2020 of 28 October 2020 on advertising of investment products and services. This new Circular was proposed to consultation in last summer and closed on 11 September.

On 10 March 2021, fund prospectuses should be updated to include the information required by the implementation of the Sustainable Finance Disclosures Regulation (EU) 2019/2088.

On 24 November 2020, the CSSF published 3 FAQ updates: UCIs FAQ v10 , AIFMD FAQ v16, and SIF/SICAR FAQ v4, introducing a new question related to the in case of data transfer by a central administration or a depositary to another service provider.

On 23 November, the Central Bank issued an updated version of the Central Bank AIFMD Q&A, which includes 2 new questions related to the discontinuation of the practice of requiring general partners of investment limited partnerships to be approved by the Central Bank as AIF management companies.

On Thursday 19 November 2020, the FCA published a Consultation Paper on the regulatory fees for the year 2021-2022. This consultation aims to get feedback FCA policy on how they raise fees and levies for authorisation. FCA will give its feedback on the consultation responses in the following February/March Handbook Notice or in the March/April Consultation Paper.

Answers to this consultation may be submitted to the FCA until 22 January 2021.

On 19 November, at the request of the FCA, the CSSF published a press release (20/23) to the attention of the supervised entities passporting their activities in the United Kingdom.

On 5 November 2020, ESMA published its Guidelines on performance fees in UCITS and certain types of AIFs in all European languages.

These guidelines apply to fund managers and national competent authorities two months after the date of this publication.