Tracker, Financial Services Regulation & Compliance - Funds


DOMESTIC

Updated AIFMD Q&A

The Central Bank issued an updated AIFMD Q&A (15th edition) with a new question ID 1096  which concerns Feeder AIFs and the meaning of "assets" for a QIAIF which raises capital from investors on a formally agreed commitment basis.

Updated ICAV Q&A

The Central Bank issued an updated ICAV Q&A with a new Q&A concerning the process for access to the ONR for submitting IQs for PCF holders in respect of an ICAV and a variety of Q&As concerning registration of charges.

EU AND INTERNATIONAL DEVELOPMENTS

ESMA launches consultation on ELTIFs

ESMA published a consultation paper on draft regulatory technical standards (RTS) under the Regulation on European Long-Term Investment Funds (ELTIF Regulation). In accordance with the ELTIF Regulation, ESMA is consulting on draft RTS to determine the criteria for establishing the following:

  • Circumstances in which the use of financial derivative instruments solely serves hedging purposes;
  • Circumstances in which the life of an ELTIF is considered sufficient in length;
  • Criteria to be used for certain elements of the itemised schedule for the orderly disposal of the ELTIF assets;
  • Costs disclosure;
  • Facilities available to retail investors.

The deadline for responses to the consultation is 14 October 2015. Responses to the consultation paper will be taken into account by ESMA when it finalises the draft RTS, which it will submit to the European Commission for endorsement.

Irish Funds is preparing a response and invites contributions from interested parties.

European Commission reports on its exercise of powers under UCITS IV and AIFMD

The European Commission published a report on the exercise of delegation of powers to the Commission to adopt implementing measures pursuant to Article 112a of the UCITS IV Directive and a report on the exercise of delegation of powers to the Commission to adopt delegated acts pursuant to Article 56 of the AIFMD.  In each of the reports, the Commission lists the Articles in UCITS IV and the AIFMD giving powers to the Commission and the specific legislative acts, and the provisions within those acts that were adopted using those powers.

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

Date published: 04 September 2015