Financial Services Regulation and Compliance - Funds Aug 2021

Irish

CBI end of year timelines

In previous years, the CBI issued details of its deadlines for investment funds seeking authorisation/ approval prior to year-end. From this year, 2021, this practice will no longer apply. Applications will be assessed in accordance with the authorisation process that applies throughout the year. The CBI will notify industry, later in the year, about submission timeframes for QIAIF authorisations/approvals and notings, ICAV registrations and revocation applications.

Cross-border distribution of funds

Directive (EU) 2019/1160 on the cross-border distribution of collective investment undertakings (CBDF) was implemented into Irish law by:

  • the European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2021, S.I.413 of 2021
  • the European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2021, S.I. 414 of 2021

The CBI published website guidance related to CBDF.

EU

Draft texts progressing the UCITS KIID/ PRIIPs KID transition  ​

The European Commission adopted and published two 'quick-fix' proposals to amend the PRIIPs Regulation and to amend the UCITS Directive. The two proposals advance the plan to replace the UCITS KIID and PRIIPs KID with one revised PRIIPs KID, based on the technical standards adopted by the European Supervisory Authorities in February.

EU sustainability-related disclosures - delayed until 1 July 2022

1 July 2022 is the new date for implementation of the next phase of sustainability-related disclosure requirements under the Sustainable Finance Disclosures Regulation (SFDR). This is a 6-month deferral from 1 January 2022.

New MMFR regulation on requirements for assets received by MMFs as part of reverse repos

Commission Delegated Regulation (EU) 2021/1383 amending Delegated Regulation (EU) 2018/990 with regard to requirements for assets received by money market funds (MMFs) as part of reverse repurchase agreements will come into force on 12 September 2021.

For more information on these topics please contact any member of A&L Goodbody's Asset Management & Investment Funds team.

Date published: 7 September 2021