EUROPE: ESMA Finalises Rules on Standardised Information to Facilitate Cross-Border Distribution of Funds

Monday February 1 2021

The European Securities and Markets Authority (ESMA), has published a final report on implementing technical standards (ITS) under the Regulation on cross-border distribution of funds. The ITS focus on the publication of information by national competent authorities (NCAs) on their websites, the notification of information by NCAs to ESMA and the publication of information by ESMA on its website.

The final report and draft ITS largely reflect the original consultation proposals, focused 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 also include provisions on the communication of information by NCAs to ESMA for the purpose of developing and maintaining a central database listing UCITS and AIFs marketed cross-border on ESMA’s website.

Following reception of the draft ITS, the European Commission shall decide whether to adopt it within three months.

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