On 21 December 2022, the European Securities and Markets Authority (ESMA) published a final report on draft technical standards on the notifications for cross-border marketing and cross-border management of AIFs and UCITS.

The purpose of the draft Implementing Technical Standards (ITS) and Regulatory Technical Standards (RTS) is to facilitate the process for notifying cross-border marketing and management activities in relation to UCITS and AIFs, as well the cross-border provisions of services by fund managers, by standardising the content and the format of the information to be provided by management companies, UCITS and AIFMs.

The RTS specify the information to be provided by management companies and AIFMs wishing to carry out their activities in host Member States. The ITS contain the templates to be used by management companies, UCITS and AIFMs to notify their intention to carry out their activities in host Member States and specify the procedure for the communication of information between competent authorities as regards these notifications.

In terms of next steps, ESMA has submitted the RTS and ITS to the European Commission for adoption within three months respectively in the form of a Commission Delegated Regulation and a Commission Implementing Regulation. Following their adoption, the Commission Delegated Regulation and the Commission Implementing Regulation will then be subject to the non-objection of the European Parliament and of the Council.