The European Securities and Markets Authority (ESMA) has published a final report on the draft implementing technical standards (ITS) on penalties and measures under the UCITS V Directive.
ESMA was mandated by Article 99e(3) of the UCITS V Directive to develop draft ITS concerning the procedures and forms for submitting information regarding penalties and measures, and submit those draft ITS to the European Commission for endorsement by 18 September 2015.
Article 99e of the UCITS V Directive requires national competent authorities to provide ESMA annually with aggregated information regarding all penalties and measures imposed under the UCITS V Directive, and to report to ESMA any administrative penalties or measures, once the information has been disclosed to the public.
Annex 1 of the final report recalls the legislative mandate to develop draft ITS and Annex 2 sets out the full text of the draft ITS.
The UCITS V Directive and these technical standards are expected to apply from 18 March 2016.
View ESMA publishes draft ITS on penalties and measures under UCITS V, 18 September 2015