ESMA published its Consultation Paper on Cross Border Distribution of Funds. In particular, the consultation focused on the standard forms, templates and procedures that National Competent Authorities should publish on their websites to facilitate cross-border distribution of funds. The standard information should cover:
- National laws, regulations and administrative provisions governing marketing requirements for AIFs and UCITS and the summaries thereof;
- and Regulatory fees and charges they levy for carrying out their duties in relation to the cross-border activities of fund managers.
ESMA invited comments on the paper, particularly in relation to the questions summarized in Annex 1. ESMA will review Comments received by June 30, 2020, with a view to finalizing the implementing technical standards for submission to the European Commission by February 2, 2021.
All comments received will be published upon close of the consultation, unless a clear request not to publish is given. Comments should be submitted via the Response Form, which is available here. ESMA stated that comments are most helpful if they:
Respond to the question stated;
- Indicate the specific question to which the comment relates;
- Contain a clear rationale; and
- Describe any alternatives ESMA should consider.
Further guidance on submitting comments is available here.
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