Financial Services Regulation and Compliance - Funds Feb 2022

Domestic

CBI Securities Markets Risk Outlook Report 2022

The CBI published its Securities Markets Risk Outlook Report. The report details key conduct risks to securities markets and sets out actions firms should take to identify, mitigate and manage those risks. The report also outlines the CBI's supervisory priorities for securities markets in 2022.

European

MMFs- proposed reforms and stress testing

ESMA issued its proposed reforms to the money market fund framework. ESMA also published the annual update of the guidelines on MMF stress tests.

ESMA's implementation timeline for UCITS, AIFMD, SFDR, Taxonomy

ESMA published a helpful implementation timeline for sustainability provisions in UCITS and AIFMD, the Sustainable Finance Disclosures Regulation, the SFDR Regulatory Technical Standards, the Taxonomy Regulation and the Taxonomy Regulation Article 8 Delegated Act.

ESMA's fourth annual statistical report on the AIF sector

ESMA published its fourth annual statistical report on the alternative investment fund sector. The report covers the 30 members of the European Economic Area and shows that the sector increased by 8% in 2020 to €5.9tn in net assets from €5.5tn in 2019.

ESMA report on AIF exposures to commercial real estate – 2020

ESMA published data on the exposures of AIFs subject to its supervision to commercial real estate markets in the EU, as of 31 December 2020.

Cross Border Distribution of Funds - ESMA update of NCA requirements, summaries and fees

ESMA issued a reference document with information on the applicable national provisions governing marketing requirements for AIFs and UCITS, with the fees and charges levied in relation to the cross-border distribution of funds. 

Sanctions imposed in response to the crisis in the Ukraine

Over the course of February, the EU imposed a number of sanctions in response to the crisis in the Ukraine. Given that the crisis is developing and sanctions are continuing to evolve, the CBI is publishing details of new restrictive measures/sanctions that are adopted in this regard, as well as any associated EU/UN guidance, on their dedicated webpage.

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

Date published: 13 March 2022