On 31 March 2020, the European Securities and Markets Authority (ESMA) launched a consultation on the standard forms, templates, and procedures that National Competent Authorities (NCAs) should use to publish information on their websites to facilitate cross-border distribution of funds.
Article 5(3) of Regulation (EU) 2019/1156 of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings (the Regulation) provides that ESMA shall draft implementing technical standards (ITS) to determine standard forms, templates and procedures for the publication and notifications that NCAs are required to make in relation to national provisions concerning marketing requirements applicable within their jurisdiction.
In order to promote the cross-border marketing of UCITS and AIFs throughout the European Union, the Regulation contains provisions which aim at enhancing the transparency of the regulatory framework applicable to the distribution of collective investment undertakings and of the funds which are made available to marketing in each Member State. To this end, it mandates ESMA to develop draft ITS to specify certain technical aspects of the Regulation, described in sections 3 to 5 of this consultation paper.
This consultation paper sets out proposals for the aspects of the ITS relating to the publications to be made by NCAs on their websites with respect to marketing requirements and to regulatory fees and charges.
ESMA will consider the feedback it receives to this consultation by 30 June 2020 with a view to finalising the implementing technical standards for submission to the European Commission by 2 February 2021.
ESMA’s press release can be found here.
Consultation Paper can be found here.