argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: ESMA - NCAs - UCITS Directive

On July 20^th, the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, issued a new report with reference to the year 2020 concerning supervisory sanctions; specifically, the report regards the measures that can be taken by National Competent Authorities under the Undertakings for Collective Investments in Transferrable Securities (UCITS) Directive. The UCITS sanctions report also includes an overview of the applicable legal framework and information on the measures used by NCAs in accordance with Article 99e of the UCITS Directive from 1 January 2020 to 31 December 2020. In particular, the report also analyses the difference of the regime between the year 2019 and the year 2020, registering an increase of the number of NCAs that have issued sanctions, either penalties or measures. Nevertheless, the document also reveals that there remains both a disparity between the different NCAs in the use of the sanctioning power and a low number of sanctions at a national level.