Financial Service Regulation and Compliance - Funds February 2019

DOMESTIC

CBI intentions for the location requirement for directors and designated persons of Irish Fund ManCos in the event of a no deal Brexit

The CBI has issued a Notice of Intention in relation to the location requirement for directors and designated persons of Irish Fund Management Companies.

Central Bank clarifies that a QIAIF will be permitted to designate a UK AIFM as its AIFM

The CBI has published the Thirty-First Edition of its CBI the Alternative Investment Fund Managers Directive (AIFMD) Q&A which includes a new Q&A  concerning Irish Qualifying Investor AIFs (QIAIFs) with UK Alternative Investment Fund Managers (AIFMs). The Q&A clarifies that a QIAIF will be permitted to designate a UK AIFM as its AIFM.

EUROPEAN

Cross-border distribution of UCITS and AIFs

The Council of the EU has published the final compromise texts of the:

  • proposed Directive amending the Undertaking for Collective Investment in Transferable Securities (UCITS) Directive and the AIFMD with regard to the cross-border distribution of collective investment funds
  • proposed Regulation on facilitating cross-border distribution of collective investment funds and amending the EuVECA Regulation and the EuSEF Regulation

PRIIPs KIDs

The ESAs have published their final recommendations, following a consultation, on targeted amendments to the Delegated Regulation covering the rules for the Key Information Document for Packaged Retail and Insurance-based Investment Products.

ESMA consultation on guidelines on liquidity stress testing in UCITS and AIFs 

ESMA is holding a consultation (closing on 1 April) on draft guidance for liquidity stress tests of AIFs and UCITS. One Guideline will also apply to depositaries.

ESMA data on AIF exposures to commercial real estate

ESMA published data on exposures of Alternative Investment Funds (AIFs) to Commercial Real Estate markets in the EU as of 31st December 2017. 

For further information please contact a member of the Financial Regulation team.

Date published: 8 March 2019