Regulatory notices

On Friday 3 April 2020, the European Securities and Markets Authority (ESMA) has published its Guidelines on performance fees in UCITS and certain types of AIFs, following a consultation process done in the second half of 2019.

The Guidelines provide comprehensive guidance to fund managers when designing performance fee models for the funds they manage and aim at harmonising across Europe the way fund managers charge performance fees to retail investors, as well as the circumstances in which performance fees can be paid.

The European Securities and Markets Authority (ESMA) publishes on 1 April 2020 its advice to the European Commission (EC) on inducements and costs and charges disclosures under MiFID II.

CSSF has updated several forms to be used by funds to communicate to CSSF their persons appointed as responsible of compliance of AML-CFT and responsible of the control of compliance of AML-CFT.

CSSF communicates on the report of the Q1 and Q2 reporting (Art 37 MMFR) to September 2020 but encourages firms to submitt them earlier if they can.

The Securities and Futures Commission (SFC) in Hong Kong has updated its procedures for fund authorisation application and the post-authorisation requirements in consequence of the COVID – 19 outbreak.

FCA updated its webpage related to the new data collection system that will replace Gabriel soon.

On 31 March, ESMA published the awaited Consultation Paper on cross border distribution of funds following the adoption last year of the Regulation 2019/1160 addressing a certain number of issues in this context.

Last Friday, ESMA published on its website a Consultation Paper on Guidelines on Article 25 of AIFMD.

Yesterday, the Luxembourg Government submitted to the “Chambre des Députés” a draft Law related to the extension of certain deadlines foreseen in sectorial financial laws during the state of crisis.