On 1 February 2021, the European Securities and Markets Authority (ESMA) published a final report on implementing technical standards (ITS) under the Regulation on cross-border distribution of funds. The final report follows a consultation paper that ESMA published in March 2020 on the proposed draft ITS relating to the publications to be made by Member State competent authorities (NCAs) on their websites. However, the consultation paper did not cover draft ITS on the communication of information by NCAs to ESMA, nor draft ITS relating to the central database on the cross-border marketing of alternative investment funds and UCITS and on the related notification porta. This was on the basis that the content of the ITS related to the bilateral relationship between the NCAs and ESMA . However, the final report now published includes these draft ITS.
The draft ITS relating to publications to be made by NCAs largely reflect those that were consulted on, focussing on the information to be published on NCAs websites regarding the national rules governing marketing requirements for funds, and the regulatory fees and charges levied by NCAs in relation to fund managers’ cross-border activities.
The draft ITS set out in the final report have been submitted to the European Commission for endorsement. From the date of submission, the European Commission shall take a decision on whether to adopt the draft ITS within three months. The Commission may extend that period by one month.