On 1 February 2021, ESMA published its final report (“Report”) and draft of the implementing technical standards (“ITS”) under Regulation EU/2019/1156 on the facilitation of cross-border distribution of collective investment undertakings. The Report follows a consultation paper that ESMA published in March 2020 on the proposed draft ITS relating to the publications to be made by national competent authorities (“NCAs”) on their websites.
The draft ITS specify standard forms, templates and procedures for the publication of information by NCAs and for NCAs to notify ESMA regarding national marketing requirements, regulatory fees and charges, and funds distributed on a cross-border basis:
Publication of marketing requirements on NCAs’ websites
From 2 August 2021, NCAs will be required to publish and maintain, on their websites, up-to-date and complete information on the applicable national laws, regulations, and administrative provisions governing the marketing requirements for AIFs and UCITS, and summaries thereof.
This information shall be published and kept up-to-date and complete on a single dedicated webpage of the NCA’s website or on separate webpages relating to UCITS and AIFs as indicated in Annex I (Template for the publication of national provisions governing marketing requirements for AIFs and UCITS) and Annex II (Template for the publication of the summaries of national provisions governing marketing requirements for AIFs and UCITS) of the Report.
Publication of regulatory fees and charges on NCAs’ websites
NCAs are required to publish and maintain an up-to-date list, on their website, of the fees and charges they levy for carrying out their duties regarding the cross-border activities of AIFMs and UCITS management companies or, if applicable, the calculation methodologies for such fees or charges. The publication of regulatory fees will need to follow a specific template as indicated in Annex III of the Report.
ESMA database listing funds marketed on a cross-border basis
By February 2022, ESMA will be required to publish a central database on the cross-border marketing of AIFs and UCITS on its website, listing all AIFs and UCITS that are marketed in a host Member State, their management company, and the Member States in which they are marketed.
NCAs will have to report specific information to ESMA (as indicated in Annex VI of the Report) on a quarterly basis and will have to comply with this requirement as from 2 February 2022.
ESMA has submitted the draft ITS to the European Commission. From the date of submission, the European Commission will have three months to decide whether to adopt the ITS, or to extend such assessment period for another month.