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Amendments to regulations and guidelines on the organisation and code of conduct of investment fund activities and on alternative investment fund managers

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Amendments have been made to FIN-FSA regulations and guidelines 3/2011: Organisation and code of conduct of investment fund activities and 4/2014: Alternative Investment Fund Managers. The amendments incorporate the following Guidelines of the European Securities and Markets Authority (ESMA) into the regulations and guidelines:

  • Guidelines on the reporting to competent authorities under Article 37 of the MMF (ESMA34-49-173 EN)
  • Guidelines on liquidity stress testing in UCITS and AIFs (ESMA34-39-897 EN).

In its regulations and guidelines, the Financial Supervisory Authority recommends that entities falling within the scope of application of the ESMA Guidelines comply with them.

The objectives of Guidelines on the reporting to competent authorities under Article 37 of the MMF (ESMA34-49-173 EN) are to establish consistent, efficient and effective supervisory practices and to ensure the common, uniform and consistent application of Article 37 of the MMF Regulation and the Implementing Regulation on reporting. In particular, they aim to provide guidance on the contents of the fields of the reporting template included in the Annex of the Implementing Regulation on reporting.

The purpose of Guidelines on liquidity stress testing in UCITS and AIFs (ESMA34-39-897 EN) is to establish consistent, efficient and effective supervisory practices within the European System of Financial Supervision and to ensure the common, uniform and consistent application of Union law. In particular, their purpose is to increase the standard, consistency and, in some cases, frequency of LST already undertaken and promote convergent supervision of LST by NCAs.

The regulations and guidelines concerned will also be amended by the incorporation of ESMA Guidelines on the performance fees once the translations of the Guidelines are finalised.

Entry into force of the amendments

The amendments to the regulations and guidelines will enter into force as follows:

  • On 24 August 2020 as regards Guidelines on the reporting to competent authorities under Article 37 of the MMF (ESMA34-49-173 EN).
  • On 16 September 2020 as regards Guidelines on liquidity stress testing in UCITS and AIFs (ESMA34-39-897 EN).

For further information, please contact

Hannele Alanen, Market Supervisor, +358 9 183 5292 or hannele.alanen(at)fiva.fi

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Regulator Information

Abbreviation: FIN-FSA
Jurisdiction: Finland

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