Regulatory notices

On 8 April 2020, the European Commission launched 2 consultations on the Benchmark Regulation. These 2 consultations relate to the disclosures of the integration of the ESG factors in the methodology and disclosures applied by the Benchmark administrators. The new Regulations will supplement the Regulation (EU) 2016/1011.

Yesterday 7 April 2020, EIOPA published on its website the Feedback statement following the analysis of the feedbacks received from stakeholders on the consultation on the draft “Opinion on the supervision of remuneration principles in the insurance and reinsurance sector”

Yesterday, the Luxembourg insurance supervisor “Commissariat aux assurance” (CAA) has published a Circular Letter addressed to insurance distributors marketing Insurance Based Investment Products (IBIPs) on an execution only regime.

Yesterday, the CSSF updated its FAQ dedicated to the issues generated by the Covid-19 crisis.

In March, the Luxembourg regulator of the financial sector adopted measures to ease the adaptation of the swing pricing factor in consequence of the financial market turmoil. In its last version of the FAQ Covid-19, CSSF has brought additional clarifications about the swing pricing factors that will be certainly transposed shortly in its dedicated “FAQ – Swing pricing mechanism” lately updated.

ESMA published yesterday on its website its Annual Statistical Report on Performance and Costs of Retail Investment Products in the EU. The analysis is based on the data covering the period 2009 to 2018.

Yesterday, FCA published on its website a decision to extend deadlines for the publication of UK funds annual and semi-annual reports in the context of the Covid-19 crisis. This decision mirrors other regulators’ communication in this respect done in the past weeks.

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.