Financial Services Regulation and Compliance - Funds January 2023

Domestic

Central Registers of Beneficial Ownership

Following a European Court of Justice ruling in November 2022, the CBI has updated its guidance on the beneficial ownership register of CFVs to reflect that access requests by members of the public will not be processed, pending clarification of the legislative position.

CBI Themed Inspection of ETFS

The CBI plan to commence a themed inspection of ETFs in Q1 2023, with a view to mapping the ETF ecosystem in Ireland.

European

ESMA draft RTS/ITS for cross-border marketing and management of investment funds and the cross-border provision of services by fund managers under the UCITS directive and the AIFMD.

ESMA published a final report specifying the information to be provided, and the templates to be used, to inform NCAs of the cross-border marketing and management of investment funds and the cross-border provision of services by fund managers.

EU Ecolabel: Calibrating green criteria for retail funds

ESMA published a report which considers the proposal for an EU ecolabel for retail financial products. 

PRIIPs KID

The ESAs published an updated Q&A on the PRIIPs KID. The joint ESA supervisory statement concerning the performance scenarios in the PRIIPs KID of 6 March 2019 was updated on 13 January 2023 to reflect that the statement no longer applies.

ESMA AIFMD Q&A on whether managers of SPACS are subject to AIFMD

ESMA issued an update to its AIFMD Q&A with a new Q&A looking at whether managers of special purpose acquisition companies are subject to the AIFMD.

ESMA peer review report on NCAS handling of firms' relocation to the EU in the context of the UK's withdrawal from the EU

ESMA published a peer review report on National Competent Authorities' (NCAs') handling of firms' relocation to the EU in the context of the UK's withdrawal from the EU.

Money market funds (MMF)

ESMA issued a consultation paper on the review of the methodology included in the guidelines on stress test scenarios under the MMF Regulation. ESMA's annual update of its guidelines on stress test scenarios under the MMF Regulation issued and will apply from 27 March 2023 (with respect to parts in red, which have been updated – the other parts of the guidelines already apply).

ESMA's fifth annual report on the costs and performance of EU retail investment products

ESMA published its fifth annual report on the costs and performance of European Union (EU) retail investment products.

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

Date published: 8 February 2023