Financial Services Regulation and Compliance - Funds July 2022

Domestic

Taxonomy alignment disclosures

The CBI set out its expectations for funds required to disclose under the EU Taxonomy Regulation. This approach will apply until 1 January 2023, when the Sustainable Finance Disclosure Regulation Level 2 template disclosures come into force.

CBI removes pre-submissions requirement for some QIAIFs

As a rule, qualifying investor AIFs (QIAIFs) may avail of the CBI’s fast-track approval process which provides for approval of QIAIFs within 24 hours of submission of an application for authorisation. However certain QIAIFs are required to make a pre-submissions which must be cleared by the CBI before the application for authorisation may be filed. The CBI updated its requirements for the pre-submissions, including reducing the categories of QIAIFs requiring such pre-submissions.

Central Bank Beneficial Ownership Register for Certain Financial Vehicles - Changes in Q3 2022

The collection of PPS numbers for the purpose of verifying the information delivered to the CBI's Beneficial Ownership Register for Certain Financial Vehicles will commence from 13 September 2022.

Money market funds

The CBI published a notice of intention in relation to the application of the ESMA guidelines on stress test scenarios under the Money Market Fund (MMF) Regulation.

European

ESAs to report on greenwashing risks and supervision of sustainable finance policies.

The European Commission requested each of the European Supervisory Authorities, individually and in a coordinated manner, to report on several aspects related to greenwashing and its related risks and on the implementation, supervision and enforcement of sustainable finance policies aimed at preventing greenwashing.

Sanctions imposed in response to the crisis in the Ukraine

Since February, the EU imposed a number of sanctions in response to the crisis in the Ukraine. Given that the crisis is developing and sanctions are continuing to evolve, the CBI is publishing details of new restrictive measures/sanctions that are adopted in this regard, as well as any associated EU/UN guidance, on their dedicated webpage.

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

Date published: 16 August 2022