Tracker, Financial Services Regulation & Compliance - Funds

DOMESTIC
 
UCITS V
Ireland transposed UCITS V into national law by virtue of The European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016. 
 
Investor money regulations / Umbrella cash accounts
The Central Bank issued updated Guidance on umbrella funds - cash accounts holding subscription, redemption and dividend monies.

AIFMD Q&A 
The Central Bank issued the Eighteenth Edition of the AIFMD Q&A. which reflects the publication of guidance entitled “Umbrella funds – cash accounts holding subscription, redemption and dividend monies” and guidance on the Securities Financing Transactions Regulation. 

UCITS Q&A  
The Central Bank issued the Twelfth Edition of the UCITSQ&A. which reflects the publication of guidance entitled “Umbrella funds – cash accounts holding subscription, redemption and dividend monies” and guidance on the Securities Financing Transactions Regulation.


EUROPEAN
 
Corrigendum to UCITS V Directive 
On 27 February 2016, a corrigendum to the text of the UCITS V Directive (2014/91/EU) was published in the Official Journal of the EU (OJ). The amendment replaces the phrase "management of the UCITS accounts" with "management of UCITS accounts" in the first paragraph of Article 14b(1)(m).
 
UCITS V Delegated Regulation
European Commission Delegated Regulation (EU) 2016/438) supplementing the UCITS V Directive (2009/65/EC) with regard to obligations of depositaries was published in the Official Journal of the EU and shall apply from 13 October 2016.

ESMA Guidelines on sound remuneration policies under the UCITS Directive and AIFMD
ESMA published its final Guidelines on sound remuneration policies under the UCITS Directive and AIFMD.  These will apply from 1 January 2017. ESMA also issued a related press release and a letter to the European Commission, European Council and European Parliament on the proportionality principle and remuneration rules in the financial sector and suggested that further legal clarity is needed.

UCITS Infringement reporting form template
ESMA published its UCITS Infringement reporting form template. This is to be used to report a potential or actual infringement of national provisions transposing the UCITS Directive.

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

Date published: 05 April 2016