DNB Consults on Application of Investment Firms Regime
DNB, the central bank of Netherlands, is consulting on the Supervisor Regulation IFR, which clarifies the application of the Investment Firms Regulation (IFR) for entities that have license as managers of investment institutions and as the Undertakings for Collective Investment in Transferable Securities (UCITS). This is in preparation for the entry into force of the Investment Firms Directive (IFD), which ensures that fund managers that also provide investment services must largely comply with the same prudential requirements as investment firms. The consultation period ends on August 30, 2021.
The IFR Supervisor Regulations stipulate that the technical standards and guidelines of the European Banking Authority (EBA) must be applied by managers of investment funds or UCITS with regard to the parts of the IFR and the IFD that have been declared applicable to managers of investment funds and UCITS. The technical standards and guidelines of EBA that relate to the elements not applicable to managers of investment funds and UCITS do not have to be applied. At present, the IFR Supervisor Regulations only contain provisions for the application of the IFR by managers of investment institutions and UCITS. In the future, DNB will further expand the IFR Supervisor Regulations with a further specification of some options and discretions under the IFR and the IFD that relate to investment firms. DNB assumes that the IFD Implementation Act will come into effect before the reporting deadline for the quarterly reports for the third quarter of 2021. DNB, therefore, also expects that the new reporting templates will be used by managers of investment institutions and UCITS (and investment firms) for the reports on the third quarter.
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Comment Due Date: August 30, 2021
Keywords: Europe, Netherlands, Securities, Investment Firms, Regulatory Capital, Reporting, IFR, IFD, Supervisor Regulation IFR, Option and Discretions, AIFMD, UCITS, DNB
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