Financial Service Regulation and Compliance - Funds November 2018
DOMESTIC
CBI publishes discussion paper on outsourcing activities in financial service providers
The Central Bank completed a review of outsourcing across the Irish financial services sector and issued a Discussion Paper on Outsourcing which is open for comment until 18 January 2019.
CBI Notice of intention to make provision for entities to act as depositaries to AIFs
The Central Bank published a Notice of Intention to permit entities to seek authorisation under Regulation 22(3)(b) of the AIFM Regulations to act as a depositary for specific types of AIFs which generally do not invest in assets that must be held in custody. The notice sets out the Central Bank's proposed regulatory framework for these types of entities. The Central Bank has invited stakeholders to comment on the proposals until 15 January 2019.
Derville Rowland delivers a speech titled "Safeguarding the best interests of investors in a changing landscape"
Derville Rowland delivered a speech at the Irish Funds London Symposium discussing the changing landscape of the funds industry and how investors and regulators are adapting to this. The need for regulators to prepare for and mitigate the effects of events like Brexit was discussed as a vital objective in terms of protecting investors from the impact of any disorderly interruption of portfolio management mandates.
CBI publishes UCITS Q&A- UCITS ETF share classes
The CBI updated its UCITS Q&A Twenty-Fourth Edition. One Q&A is updated and one added to address:
- establishing unlisted share classes in an ETF
- having different dealing cut-off times for hedged and unhedged share classes in an ETF.
EUROPEAN
PRIIPs KID
The ESAs issued consultation paper on targeted amendments to the Delegated Regulation covering the rules for the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs). The deadline for submission of feedback is by Thursday, 6 December 2018.
IOSCO consults on framework for assessing leverage in investment funds
IOSCO is holding a consultation on a proposed framework to help measure leverage used by investment funds which in some circumstances could pose financial stability risks. The consultation closes on 1 February 2019.
ECB Vice-President identifies regulatory actions to mitigate financial stability risks in the investment fund sector
The ECB published a speech given by Luis de Guindos, its Vice-President, on the role of the investment fund sector for financial stability in the euro area and proposing some regulatory actions to mitigate risks arising from interconnectedness, liquidity and leverage in the sector.
For further information please contact a member of the Financial Regulation team.
Date published: 14 December 2018