Regulatory notices

A couple of days ago, the Commission de Surveillance du Secteur Financier published the version 4 of its Guidelines on the U1.1 Reporting.

This document gives further guidance on Circular CSSF 15/627 and contains definitions, explanations and examples in relation to the items referred to in the Appendix of Circular CSSF 15/627.

On November 1st, 2023, the Central Bank published the 48 Edition of its AIFMD Q&A document.

This updated version provides for clarifications on the circumstances in which the Central Bank may exempt, pursuant to Section 15(1) of the Investment Limited Partnerships Act 1994, an investment limited partnership from the provisions of European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019 (S.I. 597 of 2019) (Q&A 1156).

A week ago, the European Commission published two Commission Notices aiming to answer questions on the implementation of the EU Taxonomy regulations.

The replies to FAQs are merely intended to assist non-financial undertakings in the implementation of the relevant legal provisions.

The CSSF made available updated forms on its website. These forms are used to notify the Commission on the identity of the person responsible for compliance or for the respect of the control of the professional obligations as regards the fight against money laundering and terrorist within funds or fund management companies.

The commitment letters, annex to the market entry forms for funds and IFMs have been also updated.

The main changes relate to the modality of submission of these forms.

On 16 of October 2023, the Commission de Surveillance du Secteur Financer in Luxembourg updated its document on the fees and charges for carrying out its duties in relation to the cross-border activities of AIFMs, EuSEF managers, EuVECA managers and UCITS management companies as per CBDF regulation.

Yesterday, ESMA published two compliance tables on its website:
• Guidelines on certain aspects of the MiFID II suitability requirements (2023 revised version)
• Guidelines on certain aspects of the MiFID II appropriateness and execution only requirements

Most of the EU or EEA National Competent Authorities declared to comply with these guidelines or intend to comply with them. None of them rejected these principles.

On 6 October 2023, the Commission de Surveillance du Secteur Financer in Luxembourg communicated on the forthcoming webinar organised to inform the stakeholders on the possibility for alternative investment fund managers to submit their AIFM reporting through an API interface (S3 technology) as of 2 November 2023.

This webinar will take place on Wednesday 18 October 2023 from 3 to 4 pm to present the details of this new transmission solution.

On 3 October 2023, ESMA informed the public of the upcoming launch in 2024 of a Common Supervisory Action on MiFID II sustainability requirements with the National Competent Authorities.

According to the communication, the CSA will cover the following aspects:
• How firms collect information on their clients’ “sustainability preferences”;
• Which arrangements firms have put in place to understand and correctly categorise investment
• products with sustainability factors for the purpose of the suitability assessment;
• How firms ensure the suitability of an investment with respect to sustainability (including the use of a “portfolio approach”);
• How firms specify any sustainability-related objectives a product is compatible with as part of the target market assessment of the investment product.

Earlier this week, the Central Bank updated several forms used in the authorisation process of Irish UCITS and AIFs.

These forms are:
• UCITS Application Form Section 1 Information
• Qualifying AIF Application Form Sections 1 & 2
• Retail Investor AIF Application Form Section 1

Another form used to request the access to the ONR system within the application process of QIAIFs has been also amended:
• Qualifying Investor AIF (“QIAIF”) – The Central Bank of Ireland Portal Access Application Form