Financial Services Regulation and Compliance - Funds December 2022

Domestic

Fund management company guidance

The CBI issued a letter to fund management companies following up on its thematic review of fund management companies' governance, management and effectiveness. The CBI expects that this letter will be discussed by Boards and that any areas requiring improvement that directly relate to a firm are given due consideration to ensure robust and appropriate governance arrangements are in place.

CBI Q&As for UCITS - updated for PRIIPs KID

The CBI published the 37th Edition of its UCITS Q&A with new Q&A's concerning PRIIPs Key Investor Document (PRIIPs KID) filing requirements which come into effect from 1 January 2023.

CBI Q&A AIFMD - updated for PRIIPs KID

The CBI published the 46th Edition of its AIFMD Q&A with a new Q&A concerning PRIIPs KID filing requirements.

CBI guidance on PRIIPs KID filing requirements.

The CBI published guidance on PRIIPs KID filing requirements.

European

New ESMA AIFMD Q&A- SPACs

ESMA issued updated AIFMD Q&As with a new Q&A concerning special purpose acquisition companies (SPACs).

ESMA publishes draft technical standards on cross border activities under the UCITS Directive and the AIFMD

ESMA published a report with regulatory technical standards (RTS) and implementing technical standards (ITS) specifying the information to be provided, and the templates to be used, to inform competent authorities of the cross-border marketing and management of investment funds and the cross-border provision of services by fund managers.

ESMA submitted the RTS and ITS to the European Commission for adoption within three months respectively in the form of a Commission Delegated Regulation and a Commission Implementing Regulation. Following their adoption, the Commission Delegated Regulation and the Commission Implementing Regulation will then be subject to the non-objection of the European Parliament and of the Council.

For more information on these topics please contact any member of A&L Goodbody's Asset Management & Investment Funds team.

Date published: 12 January 2023