Regulatory notices
Yesterday,CSSF published a press release related to the organisation of information sessions in October prior the introduction of a new exclusive on-line procedure to communicate with CSSF for the approval of new UCIs (UCITS, UCI Part II, SIF and SICAR).
ESMA has published yesterday its Guidelines on liquidity stress testing in UCITS and AIFs.
ESMA’s guidelines require fund managers to stress test the assets and liabilities of the funds they manage. This includes redemption requests by investors which are the most common and important source of liquidity risk and could also impact financial stability. Managers of AIFs and UCITS must be aware of the liquidity risk of the funds they manage and use stress testing as a tool to mitigate this risk. EU-based funds need to regularly test the resilience of their funds to different types of market risks, including for liquidity risk.
Yesterday, the Luxembourg Business Registers (LBR) announced that the administrative deadline for entities to file the relevant information on their beneficial owners with the Register of Beneficial Owners (“RBO”) is postponed to 30 November 2019. Registrations made until that date will remain free of charge.
On August 20, 2019, the law transposing the EU Directive 2017/828 on Shareholders Rights was published in the Luxembourg Official Journal.
FCA published its new Regulatory fees following a consultation initiated earlier in April and closed on 29/05/2019. Contrarily to what FCA has proposed in this consultation, 2019 fees are reduced compared to past year, except for AIFMD notifications.
On August 1, 2019, the CSSF made the Brexit notification portal available on the eDesk platform, for UK-based funds and firms to be able to notify their intention to continue providing their services in Luxembourg after exit day.
On July 30, 2019, the Consob, the Italian capital market supervisory authority published on its website an updated user manual of the dedicated platform used to register fund information prior to yearly supervisory fee calculation.
On July 30, 2019 the Commission de Surveillance du Secteur Financier (“CSSF”) published a Frequently Asked Questions document on its website, on the application of the swing pricing mechanism.
On July 29, 2019 the Commission de Surveillance du Secteur Financier (“CSSF”) issued a communication (19/39) on the availability of the online portal to be used by investment firms and management companies domiciled in Luxembourg or Luxembourg-based branches of such companies domiciled in another country, in order to submit their assessment on the impact of the PRIIPs Regulation.