The Central Bank of Ireland (the “Central Bank”) sent a communication to the Irish funds industry on 1 December 2021, outlining the timeframes for receipt of: (i) QIAIF authorisations / approvals and notings; (ii) ICAV...more
On 25 November 2021, the European Commission (the Commission) adopted a package of measures aimed to deliver on several key commitments in the 2020 Capital Markets Union (CMU) action plan. The package includes four...more
11/30/2021
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Markets Union ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
MiFIR ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
UCITS
The Central Bank of Ireland (the “Central Bank”) has published two documents which are significant steps towards enhancing the private equity and private credit product offerings currently available in Ireland. These...more
For many in the Funds Industry, the issue on 20 October 2020 of the Central Bank of Ireland’s (the “Central Bank”) Industry Letter (the “Industry Letter”) relating to the Central Bank’s Thematic Review of Fund Management...more
10/28/2020
/ AIFMD Passport ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Board of Directors ,
Central Bank of Ireland ,
Corporate Culture ,
Corporate Governance ,
Designated Agent ,
Diversity ,
Enforcement Actions ,
EU ,
European Securities and Markets Authority (ESMA) ,
Full-Time Employees ,
Fund Management Companies ,
Fund Managers ,
ICAV ,
Industry Letters ,
Investment Funds ,
Ireland ,
Oversight Duties ,
Risk Management ,
UCITS ,
UK Brexit
Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...more
3/6/2020
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Central Bank of Ireland ,
CSSF ,
Equivalency Determinations ,
EU ,
EU-27 ,
Free Trade Agreements ,
Implementation Day ,
Ireland ,
Luxembourg ,
Member State ,
Temporary Permissions Regime (TPR) ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit
In September 2019, the Central Bank of Ireland (the Central Bank) published CP130, a consultation paper on the proposed regulatory framework (the Framework) for the treatment, correction and redress of errors in investment...more
11/14/2019
/ AIFs ,
Asset Management ,
Central Bank of Ireland ,
Corrective Actions ,
Fund Management Companies ,
Fund Managers ,
IMF ,
Investment Funds ,
Investors ,
IOSCO ,
Ireland ,
Money Market Funds ,
Notice Requirements ,
Public Consultations ,
Reporting Requirements ,
UCITS
ESMA published a consultation (the “Consultation”) on draft guidelines for UCITS performance fees (the “Draft Guidelines”) on the 16 July 2019. The objective of the Consultation is to obtain stakeholder feedback on the...more
8/30/2019
/ Broker-Dealer ,
Central Bank of Ireland ,
Draft Guidance ,
European Securities and Markets Authority (ESMA) ,
Investment Adviser ,
Investment Funds ,
IOSCO ,
Ireland ,
Performance Fee Rule ,
Public Consultations ,
Transparency ,
UCITS
The Central Bank of Ireland (the “Central Bank”) on 18 July 2019 published a ‘Dear Chair’ letter to the industry (the “Industry Letter”) highlighting the key supervisory issues identified in a thematic review of Irish...more
On 7 August 2019, the Central Bank of Ireland (the “Central Bank”) issued an industry letter (the “Industry Letter”) regarding the importance of ongoing, effective liquidity management and ensuring compliance with relevant...more
On 20 June, 2019, Ireland’s government released its proposed Investment Limited Partnerships (Amendment) Bill 2019 (the “Bill”) that will update the Investment Limited Partnership (“ILP”) structure....more
6/21/2019
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Central Bank of Ireland ,
Corporate Structures ,
ICAV ,
Investment Companies ,
Investment Funds ,
Investment Limited Partnership ,
Ireland ,
Limited Partnerships ,
Offerings ,
Partnerships ,
Proposed Amendments ,
QIAIF
On 8 April 2019, the Central Bank of Ireland (the “CBI”) issued a Dear CEO Letter (the “Letter”) to the management of all regulated financial services firms (“Regulated Firms”) highlighting what it believes is a lack of...more
On March 21, 2019, the Central Bank of Ireland (CBI) confirmed its approval of the use of Bond Connect for Irish-authorised UCITS and Alternative Investment Funds (AIFs). In addition, the CBI reiterated that Irish-authorised...more
The Central Bank of Ireland (the “Central Bank”) has introduced welcome changes to the authorisation and post-authorisation of UCITS and Retail AIFs by applying a self-certification process to a number of actions and a new...more
10/16/2018
/ AIFs ,
Asset Management ,
Central Bank of Ireland ,
Depository Institutions ,
Financial Indices ,
Investment Funds ,
Ireland ,
Limited Partnership Agreements ,
Mergers ,
Self-Certification ,
Share Classes ,
UCITS
In a recent release, the Central Bank of Ireland (CBI) announced its intention to amend, with effect from 7 March 2018, the AIF Rulebook in relation to Loan Originating Qualifying Investor Alternative Investment Funds...more
As a result of the 2008 financial crisis, and to help make money market funds (“MMFs”) more resilient to the potential for heavy redemptions in times of stress, the European Commission issued a proposal for a regulation on...more
If you’ve been involved in the funds industry, you will be well aware of the ever-increasing focus on anti-money laundering and “know your customer” requirements by national and supranational regulatory bodies alike. In...more
9/19/2017
/ Anti-Money Laundering ,
Beneficial Owner ,
Central Bank of Ireland ,
Customer Due Diligence (CDD) ,
Enforcement Actions ,
EU ,
Examination Priorities ,
Internal Reporting ,
Ireland ,
Legal Entities ,
Privately Held Corporations ,
Publicly-Traded Companies ,
Registration Requirement
The Department of Finance has issued its Feedback Statement on its public consultation on national discretions under MiFID II. The consultation dealt with the exercise of national discretions in relation to the implementation...more
7/19/2017
/ Department of Finance ,
EU ,
European Securities and Markets Authority (ESMA) ,
Foreign Investment Entities (FIEs) ,
Ireland ,
MiFID ,
MiFID II ,
MiFIR ,
Public Consultations ,
Safe Harbors ,
UCITS ,
UK
The European watchdog has issued its much anticipated opinions on outsourcing/delegation of: (i) fund management companies; (ii) MiFID entities; and (iii) trading venues. This Newsflash focuses on the opinions as they relate...more
7/15/2017
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Delegation Authority ,
European Securities and Markets Authority (ESMA) ,
Investment Management ,
MiFID ,
Outsourcing ,
Relocation ,
Secondary Markets ,
UCITS ,
UK Brexit
For the past two years, the European Securities and Markets Authority (“ESMA”), Europe’s main securities regulator, has had UCITS share classes in their sights. It has issued two discussion papers on the topic and has now...more
The Central Bank of Ireland’s CP86 Consultation Process on Fund Management Company Effectiveness has been a hot topic in the Irish funds industry over the last two years. The proposals in their June 2016 CP86 consultation...more
The European Securities and Markets Authority (“ESMA”) published its opinion on 11 April 2016 on the necessary elements for a harmonised European framework for loan origination by funds (the “Opinion”). The Opinion is issued...more
Where are we on implementation? Are we nearly there yet?
Yes and no. The UCITS V directive comes into force on 18 March 2016. But:
Additional implementing rules (known as "Level 2") on the duties of UCITS...more
For more than 25 years, the essential text for anybody wishing to navigate the regulatory environment for UCITS in Ireland has been the UCITS Notices which were supplemented by UCITS Guidance and then the UCITS Q&A....more
The Central Bank of Ireland (“CBI”) issued an update to its Q&A documents on 15 July 2015 for both UCITS and AIFMD FAQ (“Q&A”) which clarifies how Irish funds can invest in Chinese shares via the Shanghai-Hong Kong Stock...more
The eagerly anticipated Irish Collective Asset-management Vehicles Act 2015 (the “ICAV Act”) was signed into law in March 2015 and the first Irish Collective Asset-management Vehicles (“ICAVs”) have been authorised by the...more
6/18/2015
/ AIF ,
Asset Management ,
Central Bank of Ireland ,
Check the Box Rules ,
Controlled Foreign Corporations ,
Debentures ,
ICAV ,
International Tax Issues ,
Investment Funds ,
Ireland ,
Passive Foreign Investment Company ,
Publicly-Traded Companies ,
Shareholders ,
UCITS ,
Unit Trusts