Final report on draft Implementing Technical Standards

Olivier Hermand 25 September 2015


ESMA has published its final report on draft Implementing Technical Standards on the procedures and forms for submitting information to ESMA by national competent authorities in relation to penalties and measures in accordance with Article 99e of the UCITS V Directive.

On 18 September 2015, the European Securities and Markets Authority (ESMA) published its draft version of the Implementing Technical Standards (ITS) on the procedures and forms that the national competent authorities (NCA) should follow when submitting information to ESMA in relation to penalties and measures in accordance with Article 99e of Directive 2009/68/EC, as introduced by Directive 2014/91/EU (UCITS V Directive).

Article 99e of the UCITS V Directive requires NCAs to provide ESMA annually with aggregated information regarding all penalties and measures imposed in accordance with Article 99. If the administrative penalties or measures are disclosed to the public by NCAs, this should be reported simultaneously to ESMA.

Article 99e(3) of the UCITS V Directive requires ESMA to develop draft ITS concerning these procedures and forms. ESMA was required to submit its draft ITS to the European Commission by 18 September 2015.

1. Contact points

According to the draft ITS, the NCA has to designate contact points for communications on any issue relating to the submission of information. ESMA shall as well designate a contact point for receiving the information and publish this contact point on its website.

2. Annual submission of aggregated information

The information required has to be provided to ESMA by electronically filling in the form set out in Annex I to the draft ITS. The form should relate to all the penalties and measures imposed during the previous calendar year.

3. Entry into force

This regulation will apply from 18 March 2016 onwards and will be directly applicable in all member states.

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