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Ireland implements AIFMD II and UCITS VI
The following Irish implementing statutory instruments giving effect to Directive (EU) 2024/927 (AIFMD II/UCITS VI) were published in Iris Oifigiύil and came into operation on 1 May 2026, other than the provisions on enhanced reporting obligations which will come into operation on 16 April 2027:
Revised CBI AIF rulebook
The Central Bank of Ireland (CBI) published a revised AIF rulebook and its feedback statement to Consultation Paper 162. The revised AIF rulebook applied from 5 May 2026 to Irish authorised AIFs and AIFMs and to non-Irish AIFMs to the extent provided for in the rulebook where they manage or market Irish authorised AIFs or are otherwise subject to CBI supervisory requirements.
The CBI’s review of the AIF rulebook was driven by AIFMD II transposition, the EU’s Savings and Investments Union agenda and Ireland’s Funds Sector 2030 review, which included a recommendation to further support the growth of private assets. The CBI has largely implemented the key proposals set out in CP162 while also incorporating industry feedback.
Updated CBI fund application forms
The CBI has updated the ELTIF, QIAIF and RIAIF application forms to reflect the updated Central Bank AIF rulebook.
CBI notice of intention on the application of ESMA’s LMT guidelines
The CBI published a notice of intention regarding the application of the European Securities and Markets Authority's (ESMA) guidelines on LMTs of UCITS and open-ended AIFs, confirming that the CBI expects full compliance with the guidelines from 7 May 2026. The notice outlines that fund managers should consider selecting a combination of at least one quantitative-based LMT from Annex IIA of the UCITS Directive and Annex V of the AIFMD (redemption gates, extension of notice periods or redemptions in kind) and one anti-dilution tool from Annex IIA of the UCITS Directive and Annex V of the AIFMD (redemption fees, swing pricing, dual pricing or anti-dilution levy) when selecting LMTs in accordance with Article 18a(2) of the UCITS Directive and Article 16(2b) of the AIFMD, respectively, subject to limited exemptions for money market funds.
CBI review findings on depositaries’ compliance with UCITS and AIFMD frameworks
The CBI issued an industry letter setting out the findings of a thematic review of depositaries' compliance with their obligations under the UCITS and AIFMD frameworks. The review assessed how depositaries evaluate risks associated with the nature, scale and complexity of a fund’s investment objective and strategy and the organisation of AIFMs and UCITS management companies (FMCs) both at onboarding and on an ongoing basis. It also examined how actual or potential conflicts of interest involving the fund, FMC, and relevant delegates are identified and managed to ensure depositary independence. The CBI identified some deficiencies in the controls established by depositaries to effectively undertake risk assessments and to effectively identify conflicts of interest. The letter sets out a non-exhaustive list of good practices observed during the review to assist depositaries to develop consistent practices.
ESMA final report on CSA on compliance and internal audit functions of AIFMs and UCITS management companies
ESMA published its final report on the 2025 common supervisory action, which assessed the compliance and internal audit functions within UCITS management companies and AIFMs. The review found that most managers comply with key requirements under the AIFMD and the UCITS framework. However, it identified weaknesses, particularly regarding the independence of control functions, the quality and implementation of internal policies and senior management and board oversight.
ESMA simplification of EU reporting frameworks for funds and transactions
Through the publication of two reports, ESMA has launched a harmonised approach to funds reporting and has set a clear path towards streamlined, more efficient transaction reporting across European markets. The reports form part of ESMA’s wider simplification and burden reduction agenda, to address growing complexity and operational costs stemming from EU reporting requirements.
ESMA’s final report on the integrated collection of funds’ data (AIFMD II) sets out a strategic move away from fragmented national reporting towards a common EU reporting framework, centred on a common and single reporting template designed to remain proportionate for different fund sizes and investment strategies, while meeting supervisory needs. To support this approach, ESMA outlines a hybrid operational model, under which data validation, storage and analytics would be organised at EU level, while data collection would remain at national level.
ESMA’s interim report on transaction reporting identifies the main challenges in the current reporting frameworks, and the most promising approaches to overcome them: instrument‑based and dual-side simplifications and the implementation of a “report once” framework across EMIR, MiFIR and SFTR in the long term.
ESMA consultation on a new simplified approach to updating MMF stress test parameters
ESMA proposes to replace the annual amendments to Section 5 of the MMF stress test guidelines with an annual web-published set of calibration parameters. The guidelines would continue to define the stress testing framework and methodology, while the website would serve as a single point of access so market participants can apply updated parameters immediately after approval. The measure aims to simplify the update process, improve accessibility and reduce compliance and supervisory burden under ESMA’s simplification and burden reduction initiative. Responses are due by 6 August 2026. ESMA expects to publish a final report in H2 2026 and to apply the new procedure with the next update at the end of 2026.
Date published: 31 May 2026
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.