Financial Services Regulation and Compliance - Funds Nov 2021
Domestic
CBI fast-tracks the EU taxonomy filing deadline
Irish regulated AIFs and UCITS are required, by 1 January 2022, under the Sustainable Finance Disclosures Regulation (SFDR), as amended by the EU Taxonomy Regulation, to make disclosures in relation to the EU taxonomy's environmental objectives of climate change mitigation and climate change adaptation. This means updating prospectuses and supplements. The CBI announced a fast-track email filing process for UCITS and AIFs to meet this 1 January deadline.
CBI - filing of KIIDs by UCITS which are implementing ESMA’s performance fee guidelines from 31 December 2021
The CBI issued details of its expectations for UCITS with a financial year end of 31 December 2021 which are implementing changes to performance fee methodology to accord with ESMA’s performance fee guidelines.
CBI Consultation on borrowing limits and redemption provisions in Irish real estate funds
The CBI issued Consultation Paper (CP 145) on proposals to introduce borrowing limits and guidance on redemption provisions in regulated real estate funds.
DAoFI safe- keeping - list of permissible non-financial asset classes updated to include aircraft
The CBI updated its list of permissible non-financial instrument assets which a depositary of assets other than financial instruments (DAoFI) may safe-keep to include aircraft.
CBI AML/ CFT/ FS bulletin on funds and fund management companies
The CBI issued its latest Anti-Money Laundering Bulletin focussed on fund entities (UCITS, QIAIFs, RIAIFs), including SMICs, UCITS ManCos and AIFMs. Firms must introduce "enhancements" in order to ensure they can "sufficiently demonstrate compliance" with legislation.
CBI Beneficial Ownership Register for certain financial vehicles
All ICAVs, Unit Trusts, CCFs and ILPs are required to resubmit beneficial ownership information by 21 December 2021. Further resubmission of filings to CBI Beneficial Ownership Register of CFV to include PPSNs will likely be required in Q2 2022
European
AIFMD proposal and the Capital Markets Union legislative package
Proposals for revisions to AIFMD were published as part of the EU Capital Markets Union package and will now proceed through the EU legislative process.
Quick fix amendments to PRIIPS Regulation and UCITS Directive extending transition to 31 December 2022
The European Parliament adopted texts amending the PRIIPs Regulation and the UCITS Directive. The PRIIPs Article 32 transitional arrangement will extend until 31 December 2022. The revisions to the UCITS Directive will apply from 1 January 2023. The next step is for the Council of the EU to adopt the legislative proposals. The regulation and directive will then enter into force on the day following their publication in the Official Journal of the European Union.
For more information on these topics please contact any member of A&L Goodbody's Asset Management & Investment Funds team.
Date published: 14 December 2021