Regulatory notices
A week ago, the European Commission published two Commission Notices aiming to answer questions on the implementation of the EU Taxonomy regulations.
The replies to FAQs are merely intended to assist non-financial undertakings in the implementation of the relevant legal provisions.
The CSSF made available updated forms on its website. These forms are used to notify the Commission on the identity of the person responsible for compliance or for the respect of the control of the professional obligations as regards the fight against money laundering and terrorist within funds or fund management companies.
The commitment letters, annex to the market entry forms for funds and IFMs have been also updated.
The main changes relate to the modality of submission of these forms.
On 16 of October 2023, the Commission de Surveillance du Secteur Financer in Luxembourg updated its document on the fees and charges for carrying out its duties in relation to the cross-border activities of AIFMs, EuSEF managers, EuVECA managers and UCITS management companies as per CBDF regulation.
Yesterday, ESMA published two compliance tables on its website:
• Guidelines on certain aspects of the MiFID II suitability requirements (2023 revised version)
• Guidelines on certain aspects of the MiFID II appropriateness and execution only requirements
Most of the EU or EEA National Competent Authorities declared to comply with these guidelines or intend to comply with them. None of them rejected these principles.
On 6 October 2023, the Commission de Surveillance du Secteur Financer in Luxembourg communicated on the forthcoming webinar organised to inform the stakeholders on the possibility for alternative investment fund managers to submit their AIFM reporting through an API interface (S3 technology) as of 2 November 2023.
This webinar will take place on Wednesday 18 October 2023 from 3 to 4 pm to present the details of this new transmission solution.
On 3 October 2023, ESMA informed the public of the upcoming launch in 2024 of a Common Supervisory Action on MiFID II sustainability requirements with the National Competent Authorities.
According to the communication, the CSA will cover the following aspects:
• How firms collect information on their clients’ “sustainability preferences”;
• Which arrangements firms have put in place to understand and correctly categorise investment
• products with sustainability factors for the purpose of the suitability assessment;
• How firms ensure the suitability of an investment with respect to sustainability (including the use of a “portfolio approach”);
• How firms specify any sustainability-related objectives a product is compatible with as part of the target market assessment of the investment product.
Earlier this week, the Central Bank updated several forms used in the authorisation process of Irish UCITS and AIFs.
These forms are:
• UCITS Application Form Section 1 Information
• Qualifying AIF Application Form Sections 1 & 2
• Retail Investor AIF Application Form Section 1
Another form used to request the access to the ONR system within the application process of QIAIFs has been also amended:
• Qualifying Investor AIF (“QIAIF”) – The Central Bank of Ireland Portal Access Application Form
Last week, the Commission de Surveillance du Secteur Financier communicated on a new filing method made available to AIFMs for their Annex IV reporting.
From 2 November 2023, alternative investment fund managers will therefore be able to transmit their AIFM reporting through this new solution.
On 19 September 2023, the FCA communicates on the Temporary Marketing Period Regime for funds.
Background
Introduced by the FCA in the context of the Brexit, the TMPR allows certain EEA-based funds that were passporting into the UK at the end of the transition period to continue to be marketed in the UK in the same manner as they were before the transition period ended (again, subject to having notified to the FCA before the end of the transition period).
They can do this for a limited period while seeking UK recognition to continue to market in the UK. At launch of the TMPR, FCA announced it will contact firms with a landing slot for fund seeking recognition.