Final Report - Draft implementing technical standards under the Regulation on crossborder distribution of funds

02/02/2021 | ESMA

1 Executive Summary

Reasons for publication

Article 5(3) of Regulation (EU) 2019/1156 of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings (the “Regulation”) provides that ESMA shall draft implementing technical standards (“ITS”) to determine standard forms, templates and procedures for the publications and notifications that national competent authorities (“NCAs”) are required to make in relation to national provisions concerning marketing requirements applicable within their jurisdiction.

Article 10(3) of the Regulation provides that ESMA shall draft ITS to determine standard forms, templates and procedures for the publications and notification that NCAs are required to make in relation to national provisions concerning fees and charges levied by them in relation to activities of AIFMs, EuVECA managers, EuSEF managers and UCITS management companies.

Article 13(3) of the Regulation provides that ESMA shall draft ITS to specify the information to be communicated, as well as the standard forms, templates and procedures for communication of the information by the NCAs which is necessary for the creation and maintenance of the central database on cross-border marketing of AIFs and UCITS referred to in Article 12 of the Regulation, and the technical arrangements necessary for the functioning of the notification portal into which each NCA shall upload all documents necessary for the creation and maintenance of such central database.

On 31 March 2020, ESMA published a Consultation Paper (CP) on the proposed draft ITS relating to the publications to be made by NCAs on their websites. The public consultation closed on 30 June 2020. The consultation did not encompass the ITS on the communication of information by NCAs to ESMA, nor the ITS relating to the central database on crossborder marketing of AIFs and UCITS and on the related notification portal since the content of these ITS related only to the bilateral relationship between NCAs and ESMA for the purpose of the communication of information and ESMA considered that it would have been highly disproportionate to seek stakeholders’ views on these ITS. However, this final report includes all the relevant ITS required under the Regulation.

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