European Commission Issues CMU Package (Including AIFMD/UCITS Review): Member Call on December 13

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December 6, 2021

TO: Global Advocacy Coordination Advisory Committee
Global EU Capital Markets Union Task Force
Global Regulated Funds Committee
Global Regulated Funds Committee - Asia
Global Trading & Markets Committee
International Compliance Advisory Committee RE: European Commission Issues CMU Package (Including AIFMD/UCITS Review): Member Call on December 13

 

On November 25, the European Commission issued its proposal on four legislative files, collectively referred to as the "CMU Package." As part of the formal process in the better regulation framework, the Commission has opened a feedback period for each of these proposals until January 31, 2022.

Links to the legislative proposals and response pages for each file are provided below. Further memos providing more detail on the proposals will follow shortly.

• AIFMD/UCITS Review: Review of rules on alternative investment fund managers, with certain conforming changes made to the UCITS Directive (available at https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12648-Financial-services-review-of-EU-rules-on-alternative-investment-fund-managers_en).
• MiFIR/D Review: Review of the regulatory framework for investment firms and market operators (available at https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12167-Review-of-the-regulatory-framework-for-investment-firms-and-market-operators_en).
• ELTIF Review: Amendments to the European long-term investment funds framework (available at https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12570-Long-term-investment-funds-review-of-EU-rules_en).
• ESAP: Proposal to establish a European Single Access Point
  • Amendments to certain Directives regulating public financial and non-financial disclosure in order to establish the ESAP (available at https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/13284-Amendments-to-certain-Directives-regulating-public-financial-and-non-financial-disclosure-in-order-to-establish-the-ESAP_en);
  • Amendments to certain Regulations regulating public financial & non-financial disclosure in order to establish the ESAP (available at https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/13285-Amendments-to-certain-Regulations-regulating-public-financial-&-non-financial-disclosure-in-order-to-establish-the-ESA_en); and
  • Financial transparency - single EU access point for company information (available at https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12776-Financial-transparency-single-EU-access-point-for-company-information_en).

We will hold a member call on Monday, December 13 at 11:00 a.m. US ET / 4:00 p.m. UK / 5:00 p.m. CET to provide members with an overview of the proposals and to begin discussing potential feedback. The dial in details for the call are provided below.

Join from the meeting link: https://ici.webex.com/ici/j.php?MTID=m64ca8d2cc87014f951c27299328e8d17 Join by meeting number: Meeting number (access code): 2312 084 8921
Meeting password: ZeBKkYjX648 Join by phone: US Toll: +1-415-655-0003
Global call-in numbers: https://ici.webex.com/cmp3300/webcomponents/widget/globalcallin/globalcallin.do?MTID=madf199ca300ef39c8c752edb2d8b5db7&MTID=madf199ca300ef39c8c752edb2d8b5db7&MTID=madf199ca300ef39c8c752edb2d8b5db7&MTID=madf199ca300ef39c8c752edb2d8b5db7&serviceType=MC&serviceType=MC&serviceType=MC&siteurl=ici&siteurl=ici&siteurl=ici&apiname=globalcallin.php&apiname=globalcallin.php&apiname=globalcallin.php&rnd=5053316919&rnd=5053316919&rnd=5053316919&tollFree=0&tollFree=0&tollFree=0&ED=1506429462&ED=1506429462&ED=1506429462&needFilter=false&needFilter=false&needFilter=false&actappname=cmp3300&actappname=cmp3300&actname=/webcomponents/widget/globalcallin/gcnredirector.do&actname=/webcomponents/widget/globalcallin/gcnredirector.do&renewticket=0

 

Eva M. Mykolenko
Associate Chief Counsel - Securities Regulation