14 December 2021 | The Central Bank of Ireland fast-tracks the EU Taxonomy filing deadline

Irish regulated AIFs and UCITS are required by 1 January 2022 under the Sustainable Finance Disclosures Regulation (SFDR) as amended by the EU Taxonomy Regulation to make disclosures in relation to the EU Taxonomy's environmental objectives of climate change mitigation and climate change adaptation.

This means updating prospectuses and supplements.

The Central Bank of Ireland (CBI) process and deadline

The CBI has announced a fast-track email filing process for UCITS and AIFs to meet this 1 January deadline. Fast-track filings can be made to SFDR@centralbank.ie after 16 November 2021 and no later than 14 December 2021.

On an exceptional basis, the CBI may permit an extension to the 14 December deadline where a reasonable rationale explaining why such an extension is necessary for the specific fund can be provided.

QIAIFs

If a QIAIF does not intend to make prospectus or supplement amendments before 1 January 2022 except for Taxonomy disclosures then it should use this fast-track process rather than the standard QIAIF post-authorisation amendment 24-hour notification process. 

Content of CBI filing

The email subject must identify whether the fund is classified as A6, 8 or 9 under SFDR. A single email filing in respect of each umbrella fund can be made, including an excel spreadsheet indicating each sub-funds' classification.

The fast-track filing process will entail a certification in prescribed form by the responsible person for the UCITS or AIF that the amendments made to the prospectus and supplement are in accordance with the Taxonomy Regulation and do not contain any other amendments. The CBI also intends to undertake a review of a sample of the submissions received and will engage with individual applicants on a bilateral basis where queries arise.

Taxonomy disclosures

For funds classified as A6 under SFDR, a prescribed negative Taxonomy statement must be disclosed in the prospectus or supplement. For funds classified as A8 or A9, further consideration and analysis of appropriate disclosure is needed.

Get in touch

We have prepared template disclosures for all SFDR categories with optionality built in and have already been engaging with clients on these disclosures. Contact a member of the A&L Goodbody Asset Management & Investment Funds team for advice on how to satisfy the disclosure requirements, undertake the necessary internal board approvals and governance requirements and meet the CBI fast-track filing deadline.

Date published: 16 November 2021