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Sanne Regulatory Update

Paul Séjournant
Insight 16 March 2021

Sanne Regulatory Update

Q1 2021

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EMEA

  • Ireland launched its much-awaited Investment Limited Partnership regulation, which will bring the country closer to its competitors in terms of domiciliation. Read more here. 
  • The Central Bank of Ireland (CBI) and the Commission de Surveillance du Secteur Financier (CSSF) have both elected to delay the implementation of the European Single Electronic Format (ESEF) reporting by one year.
  • European authorities have been busy, especially on the ESG front with the issuance of a consultation on the draft Regulatory Technical Standards relating to the Taxonomy Regulation, a joint statement relating to the timelines behind the SFDR or a final report on Article 8 of the Taxonomy Regulation. 
  • ESMA published a letter to the European Commission on its consultation of the European Long-Term Investment Funds (ELTIFs).
  • Staying in Europe, ESMA published various updated a Q&A’s on the Securitisation Regulation, AIFMD and UCITS.
  • The Luxembourg regulator launched a fast-track mechanism for SFDR compliant funds.
  • The Luxembourg tax authorities added a few more items to their DAC6 guidance (in French).
  • In Mauritius, the Financial Services Commission recently released new rules for Special Purpose Funds. Read our insights.
  • The UK government has launched a consultation on the UK Funds Regime a move that follows an on-going consultation on Asset Holding Companies. Read our Modest Proposal to the British Private Funds Industry insight. 
  • The UK government also repealed quite a few parts of the DAC6 regulation. Read our insights.
  • Still in the UK, the government just closed its consultation on cryptoassets and stablecoins. We currently expect a response from HM Treasury in Q2. 

Americas

  • The Cayman Islands regulator announced a delay in the reporting of its CRS Compliance Form, from 15 March 2021 to 15 September 2021.
  • CIMA also shared the latest Fund Annual Return (FAR) template for Mutual Funds. No template is ready for entities covered by the Private Funds Law.

Asia

  • Further to the implementation of the Limited Partnership Fund regime in 2021, the Hong Kong government is now also considering tax concessions on carried interest of private funds. 
  • The Singaporean Monetary Authority responded to feedback from the asset management industry on Environmental Risk Management disclosures. 

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