Financial Services Regulation and Compliance - Funds September 2023

Domestic

CBI speech on Sustainable Finance in Practice for Fund Managers

Patricia Dunne, Director of Securities and Markets Supervision in the Central Bank of Ireland (CBI) delivered a speech on sustainable finance including CBI’s findings from its review of the implementation of existing SFDR disclosure requirements.

European

European Commission consults on SFDR implementation and options to improve the SFDR framework

The European Commission launched a general and a targeted consultation seeking feedback from financial market participants and other relevant stakeholders (including national competent authorities and investors) on the implementation of the SFDR.

ESA report on voluntary disclosure of PAIs under SFDR

The Joint Committee of the three European Supervisory Authorities published their second annual report on the extent of voluntary disclosure of principal adverse impacts (PAIs) of investment decisions on sustainability factors under Article 18 SFDR. The results of the report are based on survey feedback from NCAs.

ESMA Work Programme 2024

ESMA published its work programme for 2024. Priorities include follow up work under the recently concluded reviews of the AIFMD and UCITS Directives, assisting in the finalisation (and possibly start of implementation) of the new retail investment strategy and delivering its final report on greenwashing, proposing actions to combat this practice.

ESRB paper on the EU regulatory framework for investment funds and systemic risks

The European Systemic Risk Board published an issues note describing how the EU regulatory framework for investment funds could enhance the prevention and mitigation of systemic risks. While the note focuses on investment funds with large exposures to corporate debt and real estate, the policy options might also apply to other fund types with vulnerabilities similar to those present in corporate debt funds and real estate funds.

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

Date published: 25 October 2023