Financial Services Regulation & Compliance - Funds April 2018

DOMESTIC

A new Retail Investor AIF (RIAIF) application process has been introduced by the Central Bank for the submission of Risk Management Process (RMP) documents. RIAIFs will be required to submit a new Central Bank form confirming compliance with legislative and regulatory requirements with the RMP and other authorisation/ approval documentation.

EUROPEAN

Regulation on investment requirements under the MMF Regulation

The European Commission adopted a Delegated Regulation on STS securitisations and asset-backed commercial papers (ABCPs), requirements for assets received as part of reverse repurchase agreements and credit quality assessment methodologies under the Regulation on money market funds (MMFs). The next step is for the Council of the EU and the European Parliament to consider the Delegated Regulation. If neither of them objects, it will enter into force twenty days after it is published in the Official Journal of the EU. It will apply from 21 July 2018, with the exception of Article 1 which will apply from 1 January 2019. The MMF Regulation enters into force on 21 July 2018.

For further information please contact a member of the Financial Regulation team.

Date Published: 4 May 2018