On 31 March 2020, the European Securities and Markets Authority (ESMA) launched a consultation paper on the standard forms, templates, and procedures that Member State national competent authorities (NCAs) should use to publish information on their websites to facilitate cross-border distribution of funds.
The consultation paper represents the first stage in the development of draft implementing technical standards (ITS) in relation to:
- Article 5(3) of Regulation (EU) 2019/1156 of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings (the Regulation). This provides that ESMA shall draft 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;
- Article 10(3) of the Regulation. This provides that ESMA shall draft ITS to determine standard forms, templates and procedures for the publication and notification that NCAs are required to make in relation to national provisions concerning fees and charges levied by them in relation to the activities of AIFMs, EuVECA managers, EuSEF managers and UCITS management companies; and
- Article 13(3) of the Regulation. This provides that ESMA shall draft ITS to specify the information to be communicated, as well as the standard forms, templates and procedures for communication of the information by the NCAs which is necessary for the creation and maintenance of the central database on cross-border marketing of AIFs and UCITS referred to in Article 12 of the Regulation, and the technical arrangements necessary for the functioning of the notification portal into which each NCA shall upload all documents necessary for the creation and maintenance of such central database.
The deadline for comments on the consultation paper is 30 June 2020. ESMA will seek to finalise the implementing technical standards for submission to the European Commission by 2 February 2021.
