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The Commission de Surveillance du Secteur Financier (CSSF) informs investment funds that either qualify as undertakings for collective investment in transferable securities (UCITS) or alternative investment funds (AIFs) and their investment fund managers (IFMs), including self-managed UCITS and internally managed AIFs, that on 4 June 2020 the European Securities and Markets Authority (ESMA) published a supervisory briefing on the supervision by national competent authorities (NCAs) of costs applicable to UCITS and AIFs. Such briefing comes in response to the need to improve convergence across NCAs in the approach to undue costs.
To reduce the risk of regulatory arbitrage and ensure equal levels of investor protection throughout the EU, the supervisory briefing focuses...
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