Regulatory notices
Friday 3 July 2020, the Central Bank of Ireland has published a communication about the introduction of the Register of Beneficial Owners for certain entities. End of June 2020, the Ministry of Finance has signed the Regulations that assign to the Central Bank of Ireland the responsibility to maintain a central register of beneficial ownership of certain corporate and other legal entities.
The long-waited EU Taxonomy Regulation has been finally published in the Official Journal of the European Union on 22 June 2020. In addition to draw the regulatory framework on which the financial sector will be able to propose ESG products or corporate bonds while eliminating the risk of green washing, the Regulation brings several amendments to the Sustainable finance disclosure regulation (SFDR) to ensure consistency between the two texts, at least as regards to the environmental issues.
Following the recent publication of the supervisory briefing on the supervision of costs in UCITS and AIFS by ESMA, the Luxembourg supervisor CSSF has published a communication to the attention of its supervised entities in scope.
Yesterday, the Austrian capital market supervisory authority, FMA has updated its Information on administrative practice and legal requirements pertaining to the notification and distribution of UCITS.
The Law of 18 June 2020 adopted by the Chambre des Députés of the Grand-Duchy of Luxembourg on 9 June 2020 has been published in the official gazette, the Memorial A. This Law modifies the modified Law of 18 December 2015 related to the Common reporting Standard and the modified Law of 24 July 2015 related to FATCA.
EU – High Level Forum publishes is final report on Capital Maket Union – impacts on asset management
On 10 June 2020, the European High-Level Forum appointed by the European Commission for advice on completion of the Capital Market Union project published its final report named “A new vision for Europe’s Capital Market”.
The latest publication is more granular than the interim reports previously released by the same HLF and includes timetables for all the key deliverables. Therefore, we suggest sharing with you the most relevant information that should impact your business in the next five years.
On 5 June 2020, ESMA published its new Guidelines on certain aspects of the MiFID II compliance function requirements. These Guidelines when translated in all languages will be applicable and will replace those issued under MiFID I.
On 10 June 2020, the European Commission published its report to the European Parliament (EP) and the Council assessing the application and the scope of Directive 2011/61/EU of the European Parliament and of the Council on Alternative Investment Fund Managers in accordance with the article 69 of that Directive.
The European Commission opened a public consultation on 8 June 2020 on different financial regulatory frameworks in the context of sustainable finance covering among others insurance and asset/investment management sectors. This wide online consultation will last till 6 July 2020.