Regulatory notices

Yesterday the Australian Securities and Investments Commission published a certain number of measures in favour of Australian savers facing particular financial hardship due to the COVID-19 pandemic.

The CSSF updated its FAQ-Covid 19 yesterday.

As regard collective investment funds, the CSSF has adopted the ESMA recommendations published in its public statement on 9 April 2020 and brought local clarifications:

The CSSF has amended its Application questionnaire to set up additional subfund(s) to an existing UCI.

On 10 April 2020, the CSSF published a Communication and a new Circular on application of the “Guidelines on the Reporting under Articles 4 and 12 SFTR”.

On 10 April 2020, CSSF released a new Circular (CSSF Circular 20/740) on financial crime and AML/CFT implications during the COVID-19 pandemic.

Last week, EIOPA published its “Costs and past performance 2020 report”, similarly to ESMA that did it a couple of days ago at the request of the European Commission to report on a regular basis on cost and charges of investment products.

The period under review lasts from 2014 to 2018 and the products within scope for this report are Insurance-based Investments Products (IBIPs) and Personal Pension Products (PPPs).

ESMA published on 9 April 2020 a Public Statement on Actions to mitigate the impact of COVID-19 on the deadlines for the publication of periodic reports by fund managers.

Yesterday 9 April 2020, CSSF published on its website a Communiqué on the implementation of a new questionnaire addressed to the investment funds managers (IFM) in the context of the Covid-19 crisis.

On 8 April 2020, the European Commission launched a broad consultation on a “Renewed sustainable finance strategy.

According to the European Commission, as the EU moves towards climate-neutrality and steps up the fight against environmental degradation, the financial and industrial sectors will have to undergo a large-scale transformation, requiring massive investment. Progress has already been made, but efforts need to be stepped up. Building on the achievements of the Action Plan on Financing Sustainable Growth, the current context requires a more comprehensive and ambitious strategy.