Tracker, Financial Services Regulation & Compliance - Funds
Irish Funds revise Guidance Paper 6 and Paper 8 on Investment Restriction Breaches, Pricing Errors, Compensation and Reporting
Irish Funds have revised Industry Guidance Papers 6 and 8 and compiled these into one Guidance Paper which has now been recast as Guidance Paper 6. This Guidance Paper relates to investment restriction breaches, pricing errors, compensation and reporting.
European Securities and Markets Authority publishes revised Questions and Answers on the application of Alternative Investment Fund Managers Directive and the Undertakings for Collective Investment in Transferable Securities Directive
On 6 April 2017, ESMA announced that it had updated two sets of Questions & Answers:
- Questions & Answers on application of the Alternative Investment Fund Managers Directive (AIFMD)
- Questions & Answers on application of the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive
European Securities and Markets Authority publishes study on the operation of home and host responsibilities under AIFMD and UCITS
European Securities and Markets Authority (ESMA) published the findings of its thematic study on notification frameworks and home-host responsibilities under the AIFMD and the UCITS Directives. ESMA carried out the study in 2016. National competent authorities also identified further issues around the day-to-day functioning of the passporting frameworks that were outside the scope of the study. ESMA will carry out further work to resolve these issues. It will also assess the possibility of contributing to the work on barriers to cross-border distribution of funds carried out by the European Commission.
Money Market Funds Regulation has been adopted
On 5 April 2017, the European Parliament announced that it had adopted the proposed Regulation on Money Market Funds (MMF) Regulation. A provisional version of the adopted text was published. The next step is for the MMF Regulation to be formally adopted by the EU Council. It will then be published in the Official Journal of the EU and enter into force 20 days after its publication.
Commission Delegated Regulation supplementing the Key Information Documents for the Packaged Retail And Insurance-Based Investment Products Regulation has been published
On 12 April 2017, Commission Delegated Regulation (EU) 2017/653 (the Delegated Regulation) supplementing the Regulation on Key Information Documents (KIDs) for Packaged Retail and Insurance-Based Investment Products (PRIIPs) (Regulation 1286/2014) by laying down Regulatory Technical Standards (RTS) regarding the presentation, content, review and revision of KIDs and the conditions for fulfilling the requirement to provide KIDs, was published in the Official Journal of the EU. The Delegated Regulation will apply from 1 January 2018 (Article 14(2) will apply until 31 December 2019).
For further information please contact a member of the Financial Regulation team.
Date published: 09 May 2017