Fund Management

Fund Management

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes its second annual report on the use by National Competent Authorities (NCAs) of sanctions under the Alternative Investment Fund Managers Directive (AIFMD).

In 2020 17 NCAs imposed a total of 131 penalties and/or measures, compared with 87 sanctions issued in 2019, and the total amount of financial penalties decreased to €3.3M, from €9M in 2019. 13 NCAs did not impose any sanction during this period.

A small number of NCAs are responsible for a majority of sanctions, and in general the numbers on a national level appear low.

The report published today contains an overview of the applicable legal framework and information on the penalties and measures imposed by NCAs from 1 January 2020 to 31 December 2020. NCAs submit data on the use of sanctions to ESMA, which forms the basis of the annual aggregated report.

Next steps

ESMA continues its work to foster supervisory convergence in the application of the AIFMD and will issue separate reports on an annual basis for future reporting periods.

Fund Management

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today publishes its 2020 report on the use of supervisory sanctions by National Competent Authorities (NCAs) under the Undertakings for Collective Investments in Transferrable Securities (UCITS) Directive. 

The number of NCAs issuing sanctions (penalties and/or measures) increased slightly to 17 compared to 2019. A total of 100 sanctions were issued during 2020, for a total amount of €1.1M showing a declining trend in the financial amount of sanctions issued since 2018.

The data gathered under the sanction reports continues to show that the sanctioning powers are not equally used among NCAs and, except for certain NCAs, the number and amount of sanctions issued at national level seems relatively low.

The UCITS sanctions report published today contains an overview of the applicable legal framework and information on the penalties and measures imposed by NCAs in accordance with Article 99e of the UCITS Directive from 1 January 2020 to 31 December 2020. NCAs submit data on the use of sanctions to ESMA, which forms the basis of the annual aggregated report.

Next steps

ESMA continues its work to foster supervisory convergence in the application of the UCITS Directive and will issue separate reports on an annual basis for future reporting periods.

Benchmarks
Fund Management
Market data
MiFID - Investor Protection
Prospectus

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today updated its Questions and Answers on the following topics:

Fund Management

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, has submitted to the European Parliament, the Council and the European Commission its first report on national rules governing the marketing of investment funds under the Regulation on cross-border distribution of funds.

In this report, ESMA provides an overview of the marketing requirements across Member States, and analyses the effects of national laws, regulations and administrative provisions governing the marketing of investment funds. The report is based on responses provided by National Competent Authorities (NCAs) to two questionnaires prepared by ESMA.

Key findings:

  • National laws, regulations and administrative provisions governing marketing requirements are usually based on the transposition of the AIFMD and the UCITS Directive, although NCAs’ responses showed that some additional national requirements may be applicable.
  • Only a very limited number of NCAs carry out ex-ante or ex-post verification or marketing communications.
  • It is expected that greater harmonisation of the marketing requirements will be achieved after the transposition of the Directive on cross-border distribution of collective investment undertakings by 2 August 2021.

Next steps

ESMA will submit to the European Parliament, the Council and the Commission a new iteration of the report in two years.

Guidelines on stress test scenarios under the MMF Regulation

BG  - Преводът е предоставен от Центъра за преводи за органите на Европейския съюз.

CS - Tento překlad vypracovalo Překladatelské středisko pro instituce Evropské unie.

DA - Denne oversættelse er udarbejdet af Oversættelsescentret for Den Europæiske Unions Organer.

DE - Die Übersetzung erfolgte durch das Übersetzungszentrum für die Einrichtungen der Europäischen Union.

EL - Η παρούσα μετάφραση έγινε από το Μεταφραστικό Κέντρο των Οργάνων της Ευρωπαϊκής Ένωσης.

ES - Texto traducido por el Centro de Traducción de los Órganos de la Unión Europea.

Pages