On 31 March 2020, ESMA launched a consultation paper in order to draft implementing technical standards (“ITS”) in accordance with regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings (the “Regulation”).
According to the Regulation (covered in our October 2019 newsletter) such ITS should determine standard forms, templates and procedures for the publication and notifications that national competent authorities (“NCAs”) are required to make in relation to national provisions concerning marketing requirements applicable within their jurisdiction.
ESMA seeks input on information relating to:
- the approach to take regarding the format of publications (to ensure up-to-date information and determine main characteristics of the summary of marketing requirements in a clear and simple manner);
- the format of information to be published regarding fees and charges relating to cross-border activities;
- the creation and the maintenance up-to-date of the central database on cross-border marketing of AIFs and UCITS.
The consultation paper represents the first stage in the development of the draft ITS by ESMA and is due by 30 June 2020. ESMA’s final report is expected to be published on 2 February 2021.