Financial Services Regulation and Compliance - Funds September 2022
Domestic
European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) (No.2) Regulations 2022
The European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) (No.2) Regulations 2022 implement the UCITS delegated directive (EU) 2021/1270 on integrating sustainability risks & factors. These regulations came into effect on 12 September 2022.
CBI levies
The Central Bank Act 1942 (Section 32D) Regulations 2022 has issued and sets out the CBI regulatory levies for 2022.
European
Additional SFDR queries for the EU Commission
The European Supervisory Authorities (ESAs) submitted some further queries to the EU Commission relating to the interpretation of the Sustainable Finance Disclosure Regulation (SFDR). The ESAs submitted nine questions, with the aim of helping the market preparing for the formal application of the Level 2 requirements.
The EC quickly provided the ESAs with answers, to provide guidance to the investment funds managers who want to anticipate the implementation of the RTS regarding:
- the PAIs consideration
- the application of SFDR to financial advisors
- the application of SFDR to closed-ended funds
- the good governance criteria
- the taxonomy-related disclosures
Sanctions imposed in response to the crisis in the Ukraine
Since February, the EU imposed a number of sanctions in response to the crisis in the Ukraine. Given that the crisis is developing and sanctions are continuing to evolve, the CBI is publishing details of new restrictive measures/sanctions that are adopted in this regard, as well as any associated EU/UN guidance, on their dedicated webpage.
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