The European Securities and Markets Authority has issued on February 1 its final report on implementing technical standards under the EU's regulation on cross-border distribution of funds.
The cross-border distribution regulation, along with its accompanying directive, were adopted as of June 20, 2019. The regulation has been directly applicable from August 1, 2019, apart from provisions on marketing communications requirements and European social entrepreneurship funds, which take effect as of August 2, 2021. That date is also the deadline for adoption of the directive into national law by EU member states.
The implementing technical standards deal with the publication of information by national regulators on their websites and their notification of information to ESMA, as well as the publication of information by ESMA on its website.
ESMA says the final report and draft standards, which follow an industry consultation, largely reflect its original proposals for the information to be published on regulators' websites regarding national rules setting out funds' marketing requirements and the regulatory fees and charges imposed on fund managers relating to their cross-border business.
The draft standards also include provisions on national regulators' communication of information for the development and ongoing updating of a central database on ESMA's website listing UCITS and alternative investment funds marketed on a cross-border basis.
Following reception of the draft implementing technical standards, the European Commission must take a decision on whether to adopt them within three months.
The ESMA final report of February 1 on implementing technical standards under the regulation on cross-border distribution of funds is available here.
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