The second Shareholders’ Rights Directive (SRD II) is due to be implemented into national law by 10 June 2019.
SRD II contains transparency provisions which are applicable specifically to AIFMs, UCITS ManCos and SMICs. One requirement is to have a shareholder engagement policy - or explain why one is not in place. Another is a requirement to disclose certain information annually to institutional investors with which a certain arrangement is in place. There is no member state discretion to exempt UCITS or AIFs from these requirements.
The requirements of the first Shareholders’ Rights Directors (SRD I) applied to listed companies having their registered office in a member state, including listed corporate UCITS and AIFs. Ireland exercised the member state discretion afforded in SRD I to exempt UCITS and AIFs from the provisions of the Irish implementing legislation.
SRD II provides for a similar discretion with some of its requirements. Once the Irish implementing legislation for SRD II is available it will become clear if any exemptions provided for UCITS and AIFs under SRD II have been introduced into Irish law.