On 19 July 2024, the European Commission (the "Commission") adopted a delegated regulation and accompanying annexes containing its regulatory technical standards ("RTS") supplementing Regulation EU 2015/760, as amended by...more
8/13/2024
/ Anti-Dilution Terms ,
Central Bank of Ireland ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Final Report ,
Illiquid Assets ,
Investors ,
Liquidity ,
Regulatory Standards ,
Retail Investors ,
Swing Pricing
Welcome to the January – March 2024 issue of our Irish Quarterly Legal and Regulatory Developments report for Asset Management and Investment Funds.
This report covers key developments during the quarter, such as: ...more
4/17/2024
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Central Bank of Ireland ,
ELTIF ,
EMIR ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
ESA Listings ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
MiFIR ,
Regulatory Agenda ,
UCITS
On 29 February 2024, the Central Bank of Ireland (the "Central Bank") published a new Regulatory & Supervisory Outlook Report outlining the key trends and risks which the Central Bank has identified as moulding the financial...more
3/29/2024
/ Artificial Intelligence ,
Central Bank of Ireland ,
Climate Change ,
Conflicts of Interest ,
Cybersecurity ,
FinTech ,
Interest Rates ,
Investors ,
Liquidity ,
Price Inflation ,
Regulatory Standards ,
Risk Assessment ,
Risk Management ,
Supervisory Guidance ,
Sustainable Finance ,
Valuation
On 11 March 2024, the Central Bank of Ireland (the "Central Bank") reached a significant milestone in finalising its framework for authorisations under the revised European Long-Term Investment Funds Regulation (EU) 2023/606...more
3/12/2024
/ AIFs ,
Asset Management ,
Central Bank of Ireland ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investors ,
Ireland ,
Long-Term Investment Funds ,
QIAIF ,
Retail Investors
On 14 December 2023, the Central Bank of Ireland (the "Central Bank") published its industry letter on asset valuation (the "Industry Letter"), following on from ESMA's final report on its 2022 common supervisory action on...more
1/8/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Valuations ,
Central Bank of Ireland ,
Coronavirus/COVID-19 ,
European Securities and Markets Authority (ESMA) ,
Liquidity ,
Policies and Procedures ,
Risk Mitigation ,
Stress Tests ,
UCITS ,
Valuation
On 30 November 2023, the Central Bank of Ireland (the "Central Bank") published a public statement relating to an enforcement action against an Irish-authorised UCITS ICAV (the "ICAV") which has been reprimanded and fined...more
12/18/2023
/ Central Bank of Ireland ,
Compliance ,
Data Breach ,
EMIR ,
EU ,
ICAV ,
Investment Funds ,
Ireland ,
MiFIR ,
Securities ,
UCITS
On 16 November 2023, the Central Bank of Ireland (the "Central Bank") published its feedback statement, revised draft Central Bank Regulations (on the Senior Executive Accountability Framework ("SEAR"), the Certification...more
Regulation around ESG investment in Ireland is evolving rapidly with developments from the Central Bank of Ireland, European Commission and ESMA building an increasingly sophisticated regulatory backdrop.
Our summary of...more
11/10/2023
/ Asset Management ,
Central Bank of Ireland ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Fund Managers ,
Governance Standards ,
Green Bonds ,
Investment Funds ,
Ireland ,
MiFID II ,
Price Inflation ,
SFDR ,
Sustainable Finance
Today sees a significant and very welcome announcement by Irish Funds in relation to the Irish implementation of the ELTIF 2.0 framework.
Irish Funds has confirmed in a communication to member firms that following...more
On 18 July 2023, the Central Bank of Ireland (the "Central Bank") published its latest discussion paper entitled "An approach to macroprudential policy for investment funds" (the "Paper"). The purpose of this Paper is to...more
In this quarter's edition of the legal and regulatory report, we include a number of key outputs from ESMA, including its updates to Q&As on the application of the AIFMD and the UCITS Directive (outlined at sections 1.2 and...more
7/14/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Beneficial Owner ,
Central Bank of Ireland ,
Disclosure Requirements ,
ESRB ,
European Banking Authority (EBA) ,
European Commission ,
European Parliament ,
European Securities and Markets Authority (ESMA) ,
Filing Deadlines ,
Financial Markets ,
Investment Funds ,
IOSCO ,
SFDR ,
UCITS
On 4 April 2023, in a welcome development the Central Bank of Ireland (the "Central Bank") updated its AIFMD Q&A (47th edition) to increase the investment limits for qualifying investor alternative investment funds ("QIAIFs")...more
On 24 March 2023, the Central Bank of Ireland (the "Central Bank") published its industry letter (the "Industry Letter") setting out its own findings and expectations following its review of the costs and fees charged to...more
On 9 March 2023, the President of Ireland signed the Central Bank (Individual Accountability Framework) Bill 2022 (the "Bill") into law. See our previous update here for a detailed examination of the contents of the Bill. ...more
On 2 March 2023, the Central Bank of Ireland (the “Central Bank”) published its third annual Securities Markets Risk Outlook Report (the “Report”). The Report highlights the conduct risks that the Central Bank has identified...more
3/9/2023
/ Central Bank of Ireland ,
Cryptoassets ,
Cybersecurity ,
Economic Downturn ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Services Industry ,
Investment ,
Liquidity ,
Popular ,
Risk Assessment ,
Securities ,
SFDR ,
Sustainability
On 7 December 2022, the Central Bank of Ireland (the “Central Bank”) issued a 'Dear CEO' letter (the "Letter") setting out the findings of its recently completed thematic review assessing how Fund Management Companies have...more
As outlined in our previous advisory ‘Central Bank’s property fund proposals’, the Central Bank of Ireland (the “Central Bank”) has recently been consulting on two key proposals:
a proposal to introduce leverage limits...more
On 16 November 2022, the Central Bank of Ireland (the "Central Bank") published a public statement relating to its enforcement action against a UCITS management company which has been fined €117,600 and reprimanded by the...more
1.1 ESMA UCITS Q&A updates On 20 July 2022, ESMA published an updated version of its UCITS Q&As with the following new Q&As:
Section X: Depository – new Q&As 7 and 8 on reconciliations; and -
• Section XIII: Delegation...more
10/17/2022
/ Amended Regulation ,
Central Bank of Ireland ,
Enforcement ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
FSMA ,
IOSCO ,
ISDA ,
Liquidity ,
Money Market Funds ,
UCITS
The Central Bank of Ireland has published guidance notes and submission templates on the new outsourcing registers that regulated financial services providers are expected to establish and maintain.
For any entities...more
Having recently conducted a number of anti-money laundering, counter financing of terrorism and financial sanctions (“AML/CFT/FS”) supervisory engagements with Funds and Fund Management Companies (“Firms”), the Central Bank...more
On 1 July 2022, the Central Bank provided an update relating to the pre-submission process it has in place for certain Qualifying Investor Alternative Investment Funds (“QIAIFs”). Going forward this process is only required...more