Financial Services Regulation and Compliance - Funds October 2022
SFDR L2 filing deadline of 1 December 2022
The CBI established a streamlined filing process for pre-contractual document updates based on SFDR L2 requirements, under which both UCITS management companies and AIFMs will be required to certify compliance with the requirements via an attestation. The CBI set a deadline of 1 December 2022 for filings.
CBI AIFMD Q&A updates
The CBI issued the 45th Edition of the Central Bank AIFMD Q&A, which includes new Q&As 1154 and 1155.
Q&A 1154 relates to QIAIFs which raise capital from investors on a formally agreed-upon commitment basis and which invest more than 50% of net assets in another investment fund and the circumstance where the reference to “net assets" can be understood to refer to committed capital.
Q&A 1155 relates to the leverage limits for loan originating QIAIFs which raise capital from investors on a formally agreed-upon commitment basis and addresses the circumstance where reference to 'net asset value' can be understood to refer to committed capital.
Updates to the SFDR RTS and product disclosure templates
The European Commission adopted a legislative proposal for a new delegated regulation amending SFDR Level 2 RTS as a result of the Complementary Climate Delegated Act (made under the Taxonomy Regulation). The Complementary Climate Delegated Act allows certain fossil gas and nuclear investments to be treated as ‘environmentally sustainable’ under the Taxonomy Regulation. The amendments are aligned with a report issued by the European Supervisory Authorities setting out draft amendments to the SFDR Level 2 RTS. These amendments are now subject to scrutiny by the European Parliament and the Council.
Taxonomy Regulation - FAQs published in the OJ
The European Commission published a Notice with frequently asked questions (FAQs) to clarify the content of the Disclosures Delegated Act under Article 8 of the EU Taxonomy Regulation (Disclosures Delegated Act) to aid its implementation.
For more information on these topics please contact any member of A&L Goodbody's Asset Management & Investment Funds team.
Date published: 17 October 2022