Financial Services Regulation and Compliance - Funds June 2022

Domestic

Taxonomy alignment disclosures

The CBI is engaging with Irish Funds in respect of its current guidance on filings relating to taxonomy alignment disclosure. This engagement takes into account the publication of answers provided by the EU Commission to a number of questions in relation to the applicability of the Sustainable Finance Disclosure Regulation and the Taxonomy Regulation.

CBI CP86 Questionnaire 2022

The CBI issued their CP86 2022 questionnaire. This questionnaire follows on from the thematic review of the implementation of fund management company effectiveness requirements.

Beneficial Ownership Register of Certain Financial Vehicles Levy Collection

The CBI issued its levy notification for the Beneficial Ownership Register of certain financial vehicles (CFV) levy collection process, to recover costs incurred in the 2021 period.

European

ESAs provide clarifications on key areas of the RTS under SFDR

The ESAs published clarifications on the draft regulatory technical standards issued under the Sustainable Finance Disclosure Regulation (SFDR), which include the financial product disclosures under the Taxonomy Regulation

Application date of new PRIIPs rules confirmed- 1 January 2023

Commission Delegated Regulation (EU) 2022/975 (published in the Official Journal on 24 June 2022) postpones the application date of the new PRIIPs KID RTS to 1 January 2023 (instead of 1 July 2022) and prolongs the permission for UCITS to use the UCITS KID until 31 December 2022 (instead of 30 June 2022).

AIFMD/ UCITS Directive updates

The Council of the EU agreed its general approach on the proposed Directive amending AIFMD and the UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services, and loan origination by alternative investment funds. The legislative process is progressing.

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: 12 July 2022