Financial Services Regulation & Compliance - Funds August 2018

DOMESTIC

The European Union (money market funds) Regulations 2018

The European Union (money market funds) Regulations 2018 came into operation on 21 July 2018.

Minor amendments to the ICAV Act and the UCITS Regulations

We expect the bulk of the Companies (Statutory Audits) Act 2018 to be commenced on 21 September 2018. The final position will only be known once the relevant commencement order is published. The act will make minor amendments to the ICAV Act 2015 and the UCITS Regulations.

Central Bank of Ireland (CBI) inspection into performance fees for Undertakings in Collective Investments in Transferable Securities (UCITS)

The CBI published the outcome of an inspection into UCITS performance fees. The review was carried out in parallel to Consultation Paper 119, which proposes that the Central Bank UCITS Performance Fees Guidance will be transitioned into Central Bank UCITS Regulations by year-end 2018.

UK FCA proposed "Temporary Permissions Regime"

The UK Financial Conduct Authority (FCA) has issued an update on its proposed "Temporary Permissions Regime" which will enable inbound passporting EEA firms and funds to continue operating in the UK if the passporting regime falls away abruptly when the UK leaves the EU.

EUROPEAN

European Securities and Markets Agency (ESMA) outlines views on Alternative Investment Fund (AIF) leverage and sub-threshold AIFMs 

ESMA published a letter to the EIOPA answering two AIFMD-related questions which concern AIF leverage and sub-threshold AIFMs. The questions were raised by EIOPA in the context of EIOPA advice to the European Commission on specific issues in the Solvency II Delegated Regulation.

For further information please contact a member of the Financial Regulation team.

Date Published: 7 September 2018