Financial Services Regulation |  Sep 29, 2015

Draft ITS on Penalties and Measures under UCITS V published by ESMA

On Friday 18th September 2015, the European Securities and Markets Authority (ESMA) delivered its Implementing Technical Standards (ITSs) with respect to penalties and measures under UCITS V to the European Commission for endorsement.

Under UCITS V, national competent authorities (NCAs) must provide ESMA with aggregated information on all the penalties and measures imposed by them on companies and persons with respect to infringements under the UCITS Directive. The ITSs provide the forms to be used by NCAs on submission of such information to ESMA. The aggregated information under the ITSs must be provided to ESMA annually, notwithstanding the requirement of NCAs to report to ESMA any administrative penalties or measures made public at the time of publication.

It is expected that UCITS V and the ITSs will be applicable from 18th March 2016.

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