On 1 February 2021, the European Securities and Markets Authority (ESMA) published a final report on the draft implementing technical standards (ITS) under the Regulation on cross-border distribution of funds.
The draft ITS include provisions on the communication of information by national competent authorities (NCAs) to ESMA for the purpose of developing and maintaining a central database listing Undertakings for Collective Investment in Transferable Securities (UCITS) and alternative investment funds (AIFs) being marketed under the EU Directive and Regulation on cross-border distribution of investment funds.
As per Article 5(3) of Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings provides that ESMA shall draft ITS to determine standard forms, templates and procedures for the publications and notifications that NCAs are required to make in relation to national provisions concerning marketing requirements applicable within their jurisdiction. Furthermore, the draft ITS focus on the publication of information by NCAs on their websites, the notification of information by NCAs to ESMA and the publication of information by ESMA on its website.
ESMA also issues draft ITS to determine standard forms, templates and procedures for the publications and notification that NCAs are required to make in relation to national provisions concerning fees and charges levied by them in relation to activities of AIFMs, EuVECA managers, EuSEF managers and UCITS management companies.
The final report has been submitted to the European Commission for endorsement. From the date of submission, the European Commission shall take a decision on whether to adopt the ITS within three months.
ESMA’s press release can be found here.
The Final Report can be found here.