On 31 March, ESMA published a consultation paper concerning draft implementing technical standards (“ITS”) under the Regulation on cross-border distribution of funds, both UCITS and AIFs.
The consultation paper was prompted by the updated Regulation (EU) 2019/1156 covered in our fund distribution alert of 16 July 2019, issued along with a directive to facilitate fund distribution, and concerns information which is to be published by national competent authorities (“NCAs”) on the following subjects:
In the paper ESMA provides suggestions to each of the listed items and asks for input. Where the suggested approach is not supported, ESMA encourages the provision of an alternative.
Comments must be provided by 30 June 2020 to be considered by ESMA and the final report is expected by 2 February 2021.
Please feel free to contact us should you require any additional information.
Please note that any information provided is general in nature, is based on the latest publicly available information as analyzed on a best endeavor basis and does not constitute any specific legal opinion or advice.
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