Guidelines will be considered in authorization, registration and supervision procedures.
Re obligations provided for in Law 35/2003 on IICs and Regulation 1082/2012 on IICs.
The ESMA guidelines will apply to all fund documentation and marketing communications addressed to investors or potential investors in UCITS and AIFs.
European Venture Capital Funds (EuVECA), European Social Entrepreneurship Fund (EuSF), European Long-Term Investment Fund (ELTIF), Money Market Fund (MMF).
The practical application of these guidelines will require the specification or clarification at an EU level of certain issues, e.g. when an investment will be considered significant.
And the application of exclusion criteria to green bonds regardless of the classification of the issuer’s economic activity; both issues are being currently addressed by ESMA.
ESP CNMV is actively participating in the debate to clarifying them as soon as possible.
Effectiveness
The guidelines will apply from Nov. 21, 2024; new fund created after this date must apply them immediately; existing fund managers must apply them until May 21, 2025.
Regulators
ESP CNMV
Entity Types
HF; IA; Inv Co
Reference
PR, 10/22/2024; ESMA34-1592494965-657, 8/21/2024; AIFMD Dir 2011/61; UCITS Dir 2009/65; Reg 2019/1156; ESG
Functions
Compliance; Environment; Legal; Product Design; Social
