Financial Services Regulation and Compliance - Funds Jan 2021

DOMESTIC

Investment Limited Partnerships (Amendment) Act 2020

The Investment Limited Partnerships (Amendment) Act 2020 has been commenced for all sections, with the exception of new provisions on beneficial ownership for Investment Limited Partnerships and for Common Contractual Funds which come into force on 1 March 2021.  It modernises the Investment Limited Partnership Act which was first introduced in 1994. The legislation now aligns with more recent domestic and EU legislation. It also makes technical amendments to the Irish Collective Asset Management Vehicles Act 2015.

CBI Guidance on share class features of closed-ended QIAIFS

The CBI issued guidance on share class features of closed-ended QIAIFS

CBI fast-track filing process for SFDR updates

The CBI will operate a fast-track filing process for updates based on the Sustainable Finance Disclosure Regulation.

EU & INTERNATIONAL

SFDR- ESA letter to EU Commission on priority areas of uncertainty

The European Supervisory Authorities wrote to the European Commission detailing priority areas of uncertainty in the interpretation of Regulation on sustainability-related disclosures in the financial services sector (SFDR) "that would benefit from a more urgent clarification to facilitate an orderly application of SFDR from 10 March 2021".

ESMA CSA on the supervision of costs and fees of UCITS

ESMA launched a Common Supervisory Action (CSA) with National Competent Authorities (NCAs) on the supervision of costs and fees of UCITS (including EPM). The CSA will be conducted during 2021.

IOSCO and ETFs

IOSCO issued a questionnaire (closing 1 March 2021) for industry participants on exchange traded funds (ETFs). The survey aims to enhance IOSCO's understanding of certain aspects of ETFs, including during the market volatility in March/April 2020 due to the COVID-19 pandemic and, in particular, issues related to fixed-income ETFs.

ESMA AIFMD Leverage Guidelines for NCAs

ESMA issued its final report on AIFMD Leverage Guidelines under Article 25 of AIFMD (AIFMD Leverage Guidelines). The AIFMD Leverage Guidelines will apply to NCAs.

ESMA Guidelines on outsourcing to cloud service providers

ESMA published its final report on guidelines on outsourcing to cloud service providers (CSPs) (CSP Guidelines). The CSP Guidelines aim to help firms identify, address and monitor the risks arising from cloud outsourcing arrangements.

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

Date published:11 February 2021