ESMA Issues New Guidance And Finalised Rules On EU Cross-Border Activities

In two separate papers, the European Securities and Markets Authority ("ESMA") has called for closer scrutiny by EU national competent authorities ("NCAs") and set out new rules on the activity of firms conducting cross-border investment services in the EU.

On 14 December 2022, ESMA issued a supervisory briefing ("MiFID Supervisory Briefing") on cross-border activities of investment firms authorised under MiFID, focused on services provided to retail investors.

On 21 December 2022, ESMA issued a report ("UCITS / AIFMD Report") with draft regulatory technical standards ("RTS") and implementing technical standards ("ITS") specifying the information to be provided. The report also included the templates to be used by fund managers when informing both home and host NCAs of the cross-border marketing and management of investment funds, and the cross-border provision of services by fund managers under the UCITS Directive and AIFMD.