Tracker, Financial Services Regulation & Compliance - Funds


DOMESTIC

Central Bank issues deadlines for pre-Christmas/year-end applications

The Central Bank has issued details of its deadlines for receipt of applications for:

  • approval of funds and sub-funds and manager applications that have pre-Christmas or pre year-end approval deadlines (this includes self-managed/internally managed investment company applications and risk management processes); and
     
  • approval of post-authorisation amendments that have pre-Christmas or pre year- end approval or noting deadlines.

New prescribed jurisdictions for ICAV migrations

The Minister for Finance signed new ICAV Regulations which provide for the prescription of the British Virgin Islands and the Cayman Islands for the purposes of ICAV migrations.

Minister for Finance passes Regulations amending the 2005 Prospectus Regulations

On the 24 September 2015 the Minister for Finance passed the Prospectus (Directive 2003/71/EC) (Amendment) Regulations 2015 which makes certain amendments to more accurately transposed, in the Prospectus (Directive 2003/71/EC) Regulations 2005, the Prospectus Directive and transposes into Irish law Article 1(1) of Directive 2014/51 amending, amongst other things, the Prospectus Directive and the Solvency II Directive in respect of the powers of EIOPA and ESMA. The Prospectus Regulations are amended to clarify that Article 24 (concerning the omission of certain information) is a standalone provision. Also effect is given to Directive 2014/51/EU (the Omnibus Directive), which seeks to, amongst other things, amend the Prospectus Directive to place an obligation on the national competent authority (i.e. the Central Bank of Ireland) to notify the competent authority of each host member state and ESMA of the final terms of an offer where these were not available in the base prospectus or in a supplement.

EU AND INTERNATIONAL DEVELOPMENTS

ESMA issues UCITS V implementing technical standards on penalties and measures

ESMA issued its implementing technical standards (ITS) on penalties and measures under UCITS V to the European Commission for endorsement. UCITS V requires national competent authorities (NCAs) to provide ESMA annually with aggregated information on all the penalties and measures they impose on companies and persons in respect of infringements under UCITS. In addition, when NCAs make public any administrative penalties or measures, they must report this information to ESMA at the time of publication. These technical standards set out the procedures and forms NCAs must use when submitting this information to ESMA.  UCITS V and these technical standards are to apply from 18 March 2016.

ESMA issues updated AIFMD Memorandum of Understanding (MoU)

ESMA issued an updated list of AIFMD MoUs which have been signed by EU authorities for the purposes of AIFMD.

IOSCO publishes report on peer review of regulation of money market funds

IOSCO published its final report following its peer review of the regulation of money market funds (MMFs). IOSCO looked at the progress of adopting legislation, regulation and other policies relating to MMFs. The review found that the 31 participating jurisdictions (including Ireland) had made progress in introducing implementing measures across all of the reform areas. The progress varied between jurisdictions and reform areas.

UK FCA launches consultation paper on regulation of investment funds

The UK FCA is consulting on (a) rules and guidance to transpose the most recent changes to UCITS V (required to be transposed by 18 March 2016), (b) a set of changes to the Handbook to ensure the EU Regulation introducing European long-term investment funds (ELTIFs) will operate effectively (the ELTIF Regulation will apply from 9 December 2015), and (c) a number of changes to the Handbook to keep the FCA rules and guidance for authorised investment funds up to date. Comments must be submitted by Monday 9 November 2015 in respect of (a), Monday 5 October 2015 in respect of (b), and Monday 7 December 2015 in respect of (c).

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

Date published: 02 October 2015