Domestic

Sustainability reporting

The European Union (Corporate Reporting) Regulations 2025 make amendments further to the European Union (Corporate Sustainability Reporting) Regulations 2024 (S.I. No. 336/2024), and transpose Article 1 of Directive EU 2025/794 as regards the dates from which certain corporate sustainability reporting requirements apply.

European

ESMA advice to the European Commission on UCITS eligible assets

The European Securities and Markets Authority (ESMA) issued technical advice to the European Commission on revising Directive 2007/16/EC on UCITS eligible assets (the EAD), emphasising the importance of harmonised rules across the EU. The EAD is an implementing directive concerning the assets in which a UCITS may invest. The proposed changes, if adopted, would significantly reshape the UCITS fund landscape.

ESMA thematic note on clear, fair, and not misleading sustainability-related claims

ESMA published a thematic note providing guidance for market participants on making sustainability related claims, with a particular focus on environmental, social and governance credentials. This note is part of ESMA’s ongoing efforts to address greenwashing risks and enhance investor protection in the sustainable finance sector.

ESMA CSA report on the integration of sustainability risks and disclosures

ESMA published its report on the Common Supervisory Action (CSA) conducted in 2023 and 2024 with National Competent Authorities, which examined the integration of sustainability risks and disclosures in the investment management sector.

New UCITS Q&As: notification letters for the cross-border marketing of UCITS and performance fees in feeder funds

ESMA published UCITS Q&As addressing:

• the documentation to be included in updates of notification letters for the cross-border marketing of UCITS
• the circumstances in which the manager of a feeder fund can charge a performance fee

FSB recommendations on leverage in NBFI

The Financial Stability Board (FSB) published its recommendations on leverage in non-bank financial intermediation. 

Guidelines on outsourcing to cloud service providers by non-DORA depositaries

ESMA published updated guidelines on outsourcing to cloud service providers. The guidelines apply to competent authorities and to depositaries, that are not subject to DORA, under Directive 2011/61/EU on Alternative Investment Fund Managers, and Directive 2009/65/EC on Undertakings for Collective Investment in Transferable Securities.

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

This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.