Brexit
Please see the other sections for product-specific updates relating to Brexit.
Please see our Brexit financial services webpage which contains, amongst other things, tables detailing Brexit statutory instruments, equivalence decisions, EEA transitional regimes and UK regulators’ publications.
FCA and PRA on passporting in and out of Gibraltar after the transition period
On 31 December, the FCA published a new webpage on Gibraltar passporting arrangements, with the PRA publishing its respective webpage on 4 January. The regulators explain that the transitional arrangements preserving passporting rights between the UK and Gibraltar after the end of the transition period have been extended until 31 December 2021 and can be further extended until such time as the permanent arrangements of the Gibraltar Authorisation Regime are in place. The webpages set out information for firms on how to apply, the application process and applicable timelines, as well as other specifics f
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Selected regulatory updates of interest to the funds and asset management sector. Among other things, this edition reports on adding a sub-fund under the UK FCA TMPR and amending a recognised EEA UCITS.
Contents
Amending a recognised EEA UCITS: FCA notification form
Connaught Income Fund Series 1: Report of the independent review into FCA and FCA response
London Capital & Finance: Report on independent investigation and FCA response
EU UCITS: ESMA launches common supervisory action with NCAs on supervision of costs and fees
TMPR: FCA update on adding new sub-fund to umbrella scheme
ESMA Launches A Common Supervisory Action With NCAs On The Supervision Of Costs And Fees Of UCITS Date
06/01/2021
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, is launching a Common Supervisory Action (CSA) with national competent authorities (NCAs) on the supervision of costs and fees of UCITS across the European Union (EU). The CSA will be conducted during 2021.
The CSA aims is to assess the compliance of supervised entities with the relevant cost-related provisions in the UCITS framework, and the obligation of not charging investors with undue costs. For this purpose, the NCAs will take into account the supervisory briefing on the supervision of costs published by ESMA in June 2020.