Financial Services Regulation and Compliance - Funds Sept 2021

Domestic

Investment by QIAIFs and RIAIFs in UK AIFs originally authorised as UK UCITS

The CBI issued the 42nd Edition of its AIFMD Q&A with new Q&As concerning investment by QIAIFs and RIAIFs in UK AIFs originally authorised as UK UCITS.

CBI’s expectations around business growth in third party management companies

The CBI issued the 41st Edition of its AIFMD Q&A and the 33rd edition of the CBI UCITS Q&A. The updated Q&As set out CBI expectations in relation to an AIFM or UCITS management company (as the case may be) operating or planning to operate in the manner of a third party management company.

CBI position with respect to an AIFM whereby its respective AIF is of the view that it no longer meets the criteria of an AIF

The CBI issued the 41st Edition of its AIFMD Q&A. Q&A 1146, sets out the CBI’s position with respect to an AIFM whereby its respective AIF is of the view that it no longer meets the criteria of an AIF as per Regulation 5(1) of the AIFM Regulations.

Cross-Border Distribution of Funds

The CBI issued the 42nd edition of its AIFMD Q&A, the 34th edition of its UCITS Q&A, and a notice of intention in relation to CBDF and the application of the ESMA Guidelines on marketing communications under the Regulation on cross-border distribution of funds.

CBI 1 December 2021 deadline for new MMF daily reporting

The CBI updated its Guidance Note on Money Market Fund Regulation Reporting. The deadline for the filing of the new MMF daily reporting schema has been extended so as to give firms more time to prepare. The new ‘go-live’ date for the automated daily reporting is 1 December 2021 (rather than 1 October 2021).

European

Commission Adopts PRIIPS RTS

The European Commission adopted PRIIPS RTS setting out detail of the content and format of the KID. The RTS will be subject to approval by the European Parliament and Council, hopefully by year end. The text proposes the transition of the UCITS KIID to PRIIPS KID on 1 July 2022.

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

Date published: 18 October 2021