Financial Services Regulation & Compliance - Funds March 2018
Updated Central Bank authorisation requirements for UCITS ManCos, UCITS SMICs, AIFMs and MiFID Firms
The Central Bank updated its authorisation requirements for UCITS ManCos, UCITS SMICs, AIFMs and MiFID Firms. These changes are aimed at ensuring that authorisation processes are aligned with the ESMA Brexit opinions and that the relevant facts underpinning outcomes are formally documented.
Consultation on updating the Central Bank UCITS Regulations
The Central Bank issued Consultation (CP119) on amendments to (and consolidation of) the Central Bank UCITS Regulations. These deal with:
- amendments arising from a review of the Central Bank UCITS Regulations
- amendments to UCITS Share Class provisions to reflect the ESMA Opinion on Share Classes of UCITS.
- amendments related to UCITS Performance Fee provisions.
- amendments arising from the EU Money Market Fund Regulation.
Improvements to the Loan Originating Qualifying Investor AIF rules
The Central Bank published revised AIF Rulebook and Twenty-Ninth Edition of the AIFMD Q&A. This follows the Central Bank's notice of intention to amend Loan Originating Qualifying Investor AIF (LOQIAIF) rules to broaden the scope of what a LOQIAIF may invest in to include "investment in debt/credit instruments".
EU Commission proposals on cross-border distribution of UCITS and AIFs
On 12 March 2018, the European Commission published proposals intended to boost the cross-border market for investment funds, as part of the Capital Markets Union (CMU) initiative. The proposal is open for feedback until 10 May 2018.
Money Market Funds- stress tests
ESMA published the official translations of its Guidelines on stress test scenarios under Article 28 of the MMF Regulation. The Central Bank must notify ESMA whether it complies or intends to comply with the Guidelines.
For more information please contact a member of the Financial Regulation team.
Date published: 9 April 2018