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18 September 2015

ESMA: Draft Implementing Technical Standards on penalties and measures under UCITS Directive

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The ESMA has delivered its implementing technical standards (ITS) on penalties and measures under UCITS V to the European Commission for endorsement. These technical standards set out the procedures and forms NCAs must use when submitting this information to ESMA.

Article 99e(3) of the UCITS Directive, as introduced by the UCITS V Directive requires European Securities and Markets Authority (ESMA) to develop draft implementing technical standards (ITS) concerning the procedures and forms for submitting information regarding penalties and measures as referred to in Article 99e of the UCITS Directive.
Article 99e of the UCITS Directive provides for two types of submission of information, which are as follows:
  • National competent authorities (NCAs) shall provide ESMA annually with ag-gregated information regarding all penalties and measures imposed in accord-ance with Article 99.
  • Administrative penalties or measures that are disclosed to the public by NCAs shall simultaneously be reported to ESMA.
ESMA is required to submit the draft ITS to the European Commission by 18 September 2015. ESMA did not conduct open public consultations on the draft ITS, as this would have been disproportionate in relation to their scope and impact, taking into account that the addressees of the ITS would only be NCAs and not market participants.
Annex 1 recalls the legislative mandate to develop draft ITS and Annex 2 sets out the full text of the draft ITS.


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