Friday July 9 2021
News Source: Fund Regulation
Country: European Union
Several trade bodies have now circulated a copy of the Commission’s letter of 8 July 2021, sent to the Chair of the European Parliament’s ECON Committee and the president of the Council of the EU’s Ecofin Council.
In the letter, the Commission noted:
- it had not been able to adopt the RTS submitted on 4 February 2021 by the European Supervisory Authorities (ESAs) within the usual three month period because of their ‘length and technical detail’, while
- six further RTS which the ESAs are currently developing – some of which amend the RTS submitted in February – were not submitted to the Commission by the original deadline of 1 June 2021.
As a result, the Commission intends to:
- ‘work intensively’ to adopt the six further RTS referred to above as soon as possible once they are submitted;
- incorporate all 13 of the above RTS into a single delegated act; and
- put back the date of application of the Level 2 measures by six months, from 1 January to 1 July 2022.