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ESMA Publishes Consultation Paper on Draft ITS under Regulation on Cross-Border Distribution of Funds

On March 31, the European Securities Markets Authority (ESMA) published a consultation paper on draft implementing technical standards (ITS) under the Regulation on the cross-border distribution of funds (the Consultation Paper).

The Consultation Paper is the first stage in the development of the draft ITS in accordance with the following provisions of the Regulation:

  1. Article 5(3) provides that ESMA shall draft ITS to determine standard forms, templates and procedures for the publication and notifications that EU financial regulators are required to make in relation to national provisions concerning marketing requirements applicable within their jurisdiction;

  2. Article 10(3) requires ESMA to draft ITS to determine standard forms, templates and procedures for the publication and notification that EU financial regulators are required to make in relation to national provisions concerning fees and charges levied by them in relation to activities of alternative investment fund managers, European venture capital fund managers, European social entrepreneurship fund managers and undertakings for collective investment in transferable securities (UCITS) management companies; and

  3. Article 13(3) states that ESMA should draft the ITS to specify the information to be communicated by EU financial regulators, and the standard forms, templates and procedures for communication of the information, that is necessary for the creation and maintenance of the central database on cross-border marketing of alternative investment funds and undertakings for the collective investment in transferable securities, and the technical arrangements necessary for the functioning of the notification portal into which each EU financial regulator must upload all documents necessary for the creation and maintenance of such central database.

The deadline for responses to this Consultation Paper is June 30. ESMA will take into consideration the responses from this Consultation Paper and then aim to finalize the submission to the European Commission by February 2, 2021.

The Consultation Paper is available here.

Response form to the Consultation Paper is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 94

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About this Author

John Ahern, Financial Attorney, London, Katten Law Firm
Partner

John Ahern, partner at Katten Muchin Rosenman UK LLP and head of the London Financial Services group, focuses his practice on banking, financial services, UK and European financial markets, and related regulations. His background in private practice and as in-house counsel at a global investment bank provides him with perspective on the unique regulatory issues facing the wholesale and private banking sectors. John advises multilateral trading facilities, broker-dealers and banks on trading, clearing and settlement as well as custody of securities—both physical and...

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Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws and regulations. 

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Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring...

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Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

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