Domestic

CBI’s Investment Funds Supervision Bulletin

On 16 December 2024, the Central Bank of Ireland (the CBI) published its Investment Funds Supervision Bulletin. Topics include: recently completed thematic reviews (including advice to fund management companies), other significant updates (including exchange traded funds, data led supervision and the new daily investment fund return, Irish property funds, other reviews with communications to follow and some commentary on the future.

CBI PCF annual confirmation guidance updated to include certification obligations

In December 2024, the CBI published updated pre-approval controlled functions (PCF) annual confirmation and controlled functions (CF) certification guidance, dated December 2024. The PCF annual confirmation guidance has been updated by the addition of CF certification guidance. Enhancements to the current Fitness & Probity (F&P) Regime under the Individual Accountability Framework require regulated financial service providers to proactively certify that individuals carrying out CF and PCF roles meet the CBI’s standards of F&P.

European

ESMA consultation on RTS for loan-originating AIFs

On 12 December 2024, the European Securities and Markets Authority (ESMA) published a consultation paper on draft regulatory technical standards (RTS) on open-ended loan-originating alternative investment funds (LO AIFs) under the Alternative Investment Fund Managers Directive (AIFMD). Under AIFMD II, LO AIFs are closed-ended by default. However, by way of derogation, a LO AIF may be open-ended provided that the AIFM is able to demonstrate to its competent authority that the AIFs liquidity risk management system is compatible with its investment strategy and redemption policy. AIFMD II mandates ESMA to draft RTS to determine the requirements with which LO AIFs are to comply to maintain an open-ended structure.

ESMA Q&As on fund names guidelines

On 13 December 2024, ESMA published Q&As on aspects of the practical application of its guidelines on funds' names using ESG or sustainability-related terms. The Q&As address three topics: green bonds, “meaningfully investing in sustainable investments” and controversial weapons.

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

This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.