Financial Services Regulation and Compliance - Funds Dec 2020

DOMESTIC

CBI consultation on performance fee guidance

The CBI published Consultation Paper 134 “Central Bank performance fee guidance for UCITS and certain types of retail AIFs." The CBI consultation closes on 15 January 2021.

CBI clarification of CP86 and location rule

The CBI furnished some clarification in respect of the outcome of its thematic review of the implementation of its framework for governance, management and oversight in fund management companies (CP86).

Notification requirements for UK investment managers acting for Irish entities following the end of the Brexit transition period

The CBI clarified its requirements for UK investment managers acting as discretionary investment managers to Irish collective investment schemes after the end of the Brexit transition period.

Marketing of AIFs in Ireland by UK AIFMs

The CBI provided some clarifications on the marketing of AIFs in Ireland by UK AIFMs following the end of the Brexit transition period.

 Central Register of Beneficial Ownership of ICAVs and Unit Trusts

The deadline for filing beneficial ownership information on the CBI central register for ICAVs and unit trusts in existence before 25 June 2020 was 25 December 2020. The CBI updated its Beneficial Ownership Register FAQ which sets out the CBI's interpretation of the legislation and its expectations for ICAVs and unit trusts. ICAVs registered and unit trusts authorised after 25 June 2020, have 6 months from their date of registration or authorisation to file.

EU & INTERNATIONAL

MMFR reporting

ESMA announced that it had further updated its reporting instructions under the Regulation on money market funds (MMFR). These were last updated in October 2020.

For more information on these topics please contact any member of A&L Goodbody's Financial Regulation team.

Date published: 7 January 2021