Financial Services Regulation and Compliance - Funds November 2023

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.

ELTIF 2.0 - CBI consultation on new ELTIF chapter of AIF Rulebook

On 1 November 2023, the CBI published Consultation Paper 155 on a proposed new European Long Term Investment Fund (ELTIF) chapter of the CBI’s AIF Rulebook (CP155) enabling the authorisation in Ireland of ELTIFs using Ireland’s popular regulated fund vehicles, including the ICAV.

CBI AIFMD Q&A - ILP accounting exemption

The CBI’s 48th edition of its AIFMD Q&A included new Q&A 1156 which concerns the process for an investment limited partnership (ILP) to obtain an exemption from the provisions of the European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019 (S.I. 597 of 2019).

CBI AIFMD Q&A - QIAIF exemption from loan origination regime

The CBI published the 48th edition of its AIFMD Q&A, with updated Q&A 1084 which concerns the extension of exemption from the loan origination regime (which is currently available to AIFs who grant loans to subsidiaries) to AIFs who grant loans to co-investment vehicles in which they have a majority interest, provided that such lending is ancillary to the QIAIF’s predominant investment strategy.

CBI AIFMD Q&A - subsidiaries

The CBI’s 49th Edition of its AIFMD Q&A included three Q&As on subsidiaries.

PRIIPs KID filings

The CBI published updated versions of its UCITS Q&A, AIFMD Q&A and website guidance concerning the filing of PRIIPs KIDs.

Own funds requirements for UCITS ManCos and AIFMs authorised for discretionary portfolio management services

New own funds requirements are being introduced for UCITS ManCos and AIFMs authorised for discretionary portfolio management services.

CBI consultation on macroprudential measures for GBP liability driven investment funds

CP157 - Macroprudential measures for GBP liability driven investment funds (centralbank.ie). The CBI is consulting (CP157) on a proposal to codify and, in certain cases, augment the existing yield buffer measure introduced via an industry letter in November 2022. The proposal to codify the yield buffer would be imposed through Article 25 of the Alternative Investment Fund Managers’ Directive (AIFMD).

European

AIFMD II

AIFMD II continues through the European legislative process with a fresh compromise text published. Further specifics of the requirements will be provided in delegated acts.

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

Date published: 14 December 2023