Regulatory notices
On Friday 24 July 2020, the European Commission published a package of initiatives aimed at helping the capital market to support Europe’s economic recovery from the covid-19 pandemic.
Yesterday, the European Supervisory Authorities made publicly available a letter addressed to the European Commission informing the latest that due to disagreement between ESMA, EBA and EIOPA, they will be unable to submit the approved report on draft RTS for the review of the PRIIPs level 2 regulation.
The Spanish capital markets regulator Comisión Nacional del Mercado de Valores (CNMV) published on 20 July 2020 the draft of an Implementing Circular on advertising of financial products and services.
On 17 July 2020 both ESMA and FCA confirmed the validity at the end of the transitory period on 31 December 2020 of the MoUs already agreed.
As the risk of a no-deal at the end of the current transitory period following the withdrawal of the United Kingdom form the European Union is rising, the European Commission has recently published a series of “Notice to Stakeholders” addressed to different industries of the financial sector including the asset management.
Two years ago, on 8 February 2018 precisely, the European Commission warned the stakeholders in the field of asset management of the consequences of the withdrawal of the UK from the EU. Since then the Brexit became reality and this notice required to be refreshed to stick closely to the new context.
The FCA has recently indicated that it will reopen a window for submission of Transitory Period Regime notification for inbound passporting EEA firms and funds on 30 September 2020.
The FCA indicated in its communication that more information will be made available in September.
On the 13 July 2020, the Central Bank issued the 34th edition of the Central Bank AIFMD Q&A.
The new version includes new Q&A IDs 1131 and 1132 in relation to liquidity stress testing in AIFs.
On 6 July 2020, the draft law postponing deadlines set by the modified FATCA and CRS Laws and the new DAC 6 Law (Law of 25 March 2020) has been deposited with the Chamber of Deputies in Luxembourg.
The AMF has recently introduced amendments on several instructions and their annexes in connection with the integration of non-financial features in the collective investment management sector.