Financial Services Regulation and Compliance - Funds November 2022

Domestic

CBI timeframes for applications with a year-end effective date

The CBI issued timeframes for receipt of applications that are seeking a Christmas or year-end effective date.

CBI introduces new rules for Irish property funds

The CBI introduced new rules that will impact Irish regulated funds that invest primarily in Irish real estate. The new rules introduce mandatory leverage limits for all Irish regulated property funds and liquidity requirements for any Irish regulated property fund that is not closed-ended.

PRIIPs KID

The CBI does not currently require the filing of a PRIIPS KID with the CBI when first implemented. Updates to PRIIPs KIDs will need to be filed with the CBI. Some EU regulators will require the filing of a PRIIPs KID in advance of their use in that jurisdiction for marketing.

CBI consults on own funds requirements for UCITS ManCos and AIFMs authorised for discretionary portfolio management

The CBI is proposing to introduce bespoke own funds requirements for UCITS management companies and AIFMs authorised to provide discretionary portfolio management and additional non-core services.

CBI note on SFDR/ taxonomy disclosures, investment processes & risk management

The CBI published a paper “Sustainable finance and the asset management sector: Disclosures, investment processes & risk management".

CBI letters to LDI fund managers

The CBI wrote to LDI fund managers asking them to maintain the current level of resilience and the reduced risk profile of GBP LDI funds.

Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies – search facility suspended

Following a recent judgement by the European Court of Justice, the search facility on the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies is suspended. 

European

ESMA consultation on fund names using ESG or sustainability-related terms

ESMA published a consultation paper on guidelines for fund names using ESG or sustainability-related terms.

ESAs Q&A on the SFDR Delegated Regulation

The European Supervisory Authorities issued a new Q&A document on the application of the SFDR Delegated Regulation.

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

Date published: 13 December 2022