On March 31, the European Securities Markets Authority (ESMA) published a consultation paper on draft implementing technical standards (ITS) under the Regulation on the cross-border distribution of funds (the Consultation Paper).
The Consultation Paper is the first stage in the development of the draft ITS in accordance with the following provisions of the Regulation:
- Article 5(3) provides that ESMA shall draft ITS to determine standard forms, templates and procedures for the publication and notifications that EU financial regulators are required to make in relation to national provisions concerning marketing requirements applicable within their jurisdiction;
- Article 10(3) requires ESMA to draft ITS to determine standard forms, templates and procedures for the publication and notification that EU financial regulators are required to make in relation to national provisions concerning fees and charges levied by them in relation to activities of alternative investment fund managers, European venture capital fund managers, European social entrepreneurship fund managers and undertakings for collective investment in transferable securities (UCITS) management companies; and
- Article 13(3) states that ESMA should draft the ITS to specify the information to be communicated by EU financial regulators, and the standard forms, templates and procedures for communication of the information, that is necessary for the creation and maintenance of the central database on cross-border marketing of alternative investment funds and undertakings for the collective investment in transferable securities, and the technical arrangements necessary for the functioning of the notification portal into which each EU financial regulator must upload all documents necessary for the creation and maintenance of such central database.
The deadline for responses to this Consultation Paper is June 30. ESMA will take into consideration the responses from this Consultation Paper and then aim to finalize the submission to the European Commission by February 2, 2021.
The Consultation Paper is available here.
Response form to the Consultation Paper is available here.