Regulatory notices

On 6 September, the Commission de Surveillance du Secteur Financier in Luxembourg published a Communication informing that on 29 August 2023, it had contacted by email Luxembourg-based UCITS managers and AIF managers falling within the scope of the Common Supervisory Action (CSA) on the integration of sustainability risks and disclosures.

Based on a harmonised methodology defined by ESMA, the CSSF will request UCITS Managers and AIFMs to complete a questionnaire focusing more closely on greenwashing risks. In the second stage, it will request UCITS Managers and AIFMs to complete a questionnaire dedicated to the integration of sustainability risks and factors in the organisational arrangements of UCITS Managers and AIFMs and to the transparency disclosures at IFM and product level.

On 3 August 2023, ESMA published its revised Guidelines on MiFID II product governance requirements in all official European languages meaning that they will become applicable beginning of next month.

Last week, the Luxembourg Commission de Surveillance du Secteur Financier published its report on marketing communications under the regulation on cross-border distribution of funds covering the period 2021 to date.

This report is based on the thematic review launched in 2022. The Commission collected information on marketing communication from a sample of fund managers to verify the compliance with the article 4 of the CBDF Regulation. The findings will also communicate to ESMA as required to be done every two years.

The Danish Financial Supervisory Authority lats month the new tariff for the annual supervisory fees.

Foreign UCITS notified in Denmark to be marketed in this country will pay DKK 5,000 if they market less than 10 sub-funds or DKK 11,000 if they market 10 or more sub-funds in Denmark.

Taking care of the increasing use of fundraisers by management companies to market venture capital funds and the flock of non-professional investors into these financial products, the Portuguese regulator has taken an interest in the business models these companies put in place to limit risks.

On 11 July 2023, the Luxembourg Chamber of Deputies voted the draft Law amending 5 fund industry sectoral Laws: (SICAR,SIF,UCI, AIFM and RAIF).

Firstly, the Law amends the definitions of “sophisticated investor” contained in the SICAR Law, the FIS Law and the FIAR Law respectively in order to improve consistency between the different laws and to bring the Luxembourg regime into line with European standards by lowering the current investment threshold from €125,000 to €100,000.

The AMF just updated its policy “Position Recommandation DOC-2020-03” on the information to be provided by collective investment schemes incorporating non-financial approaches.

The update extends the scope of this policy to include French and foreign European long-term investment funds (ELTIFs) marketed to retail investors in France.

On 5 July 2023, the Financial Conduct Authority published the Periodic Fees (2023/2024) and Other Fees Instrument 2023 setting the regulatory fees and levies to be applied in 2023/2024.

From a cross-border distribution perspective, the FCA decreases substantially the fees for EEA UCITS marketed under the TPR compared to the current tariff and also to the proposed fees in the consultation.

On 3 July 2023, ESMA published its second report on the Marketing requirements and marketing communications under the Regulation on cross-border fund distribution.

In accordance with the regulation, this report is presented every two years to the European Parliament, the Council and the European Commission.