BAKGRUNN (fra kommisjonsforordningen)

(1) The exchange of information between competent authorities is part of the administrative procedures in relation to the notifications of management companies and UCITS wishing to conduct marketing or management activities, to provide services or to establish a branch in host Member States. To close those administrative procedures in a smooth, fast, unbureaucratic, and reliable way, it is necessary to specify and harmonise the exchange of information between competent authorities by the development of harmonised forms, templates, cooperation procedures and the implementation of communication by electronic means.

(2) To transmit the huge amount of information, sent and received in regard of the notifications between the Member States, without loss of time and in a dependable, cost-efficient and unbureaucratic manner, it is essential that the information concerned is provided by electronic means. While such information might be provided by email, it should be possible to provide that information also by other, potentially more advanced electronic technology. It is therefore necessary to set out a detailed procedure for those electronic transmissions and for dealing with technical problems that might occur in the process of the transmission of the information between the competent authorities.

(3) Commission Regulation (EU) No 584/2010 (2) has harmonised certain aspects of the procedure for the notification of marketing of UCITS in a host Member State. In particular, the Regulation sets out a standard notification letter and UCITS attestation. Directive (EU) 2019/1160 of the European Parliament and of the Council (3) amended Directive 2009/65/EC to introduce new requirements as regards the content of the notification letter to be submitted by management companies for the marketing of their units or shares in a host Member State. Those amendments should be reflected in Regulation (EU) No 584/2010, which should therefore be amended accordingly.

(4) The provisions in this Regulation are closely linked since they deal with the form and content of the information to be exchanged between management companies and the national competent authorities of home and host Member States where the management companies intend to provide cross-border services. To ensure coherence between those provisions, which should enter into force at the same time, and to facilitate a comprehensive view and efficient access for management companies and national competent authorities, it is appropriate to include them in a single regulation.

(5) This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Securities and Markets Authority (ESMA). ESMA took into account existing market practices and the rules as currently laid down in Chapter I of Regulation (EU) No 584/2010.

(6) ESMA has conducted open public consultations on the provisions of the draft implementing technical standards on which this Regulation is based relating to the template notification letters for the marketing and the management of UCITS in host Member States, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council (4).

(7) To enable management companies and competent authorities to adapt to the new requirements laid down in this Regulation, it is appropriate to defer its application,