Financial Services Regulation and Compliance – November 2021 Fund

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National

CBI speeds up deadline for filing EU taxonomy

Irish regulated AIFs and UCITS are required, by 1 January 2022, under the Sustainable Finance Disclosure Regulation (SFDR), as amended by the EU Taxonomy Regulation, to make disclosures related to the environmental objectives of the EU taxonomy for climate change mitigation and climate change adaptation. This involves updating prospectuses and supplements. The CBI has announced an expedited e-mail filing process for UCITS and AIFs in order to meet this January 1 deadline.

CBI – KIID filing by UCITS that implement ESMA performance fee guidelines from December 31, 2021

The CBI has published details of its expectations for UCITS with a financial year ending December 31, 2021, which implement changes to the performance fee methodology to comply with ESMA’s fee guidelines performance.

CBI consultation on borrowing limits and repayment arrangements in Irish real estate funds

The CBI published a consultation document (CP 145) on the proposals to introduce borrowing limits and guidance on repayment arrangements in regulated real estate funds.

DAoFI backup – list of authorized non-financial asset classes updated to include aircraft

The BCI has updated its list of non-financial instrument assets permitted as a depositary of assets other than financial instruments (DAoFI) may contain aircraft.

CBI AML / CFT / FS Bulletin on Funds and Fund Management Companies

The CBI has published its latest anti-money laundering bulletin focused on fund entities (UCITS, QIAIF, RIAIF) including SMICs, UCITS ManCos and AIFMs. Companies need to introduce “improvements” to ensure that they can “sufficiently demonstrate compliance” with the legislation.

CBI beneficial owner register for certain financial vehicles

All ICAVs, mutual funds, CCFs and ILPs are required to resubmit beneficial ownership information by December 21, 2021. Resubmission of deposits to the CBI’s beneficial ownership register of CFV to include PPSN will likely be required in Q2 2022

European

AIFMD proposal and legislative package on Capital Markets Union

Proposals to revise the AIFMD have been published as part of the European Union Capital Markets package and will now go through the EU legislative process.

Rapid changes to the PRIIPS regulation and the UCITS directive extending the transition until December 31, 2022

The European Parliament has adopted texts amending the PRIIPs regulation and the UCITS directive. The transitional regime of Article 32 of the PRIIPs will extend until December 31, 2022. The revisions of the UCITS Directive will apply from January 1, 2023. The next step is for the Council of the EU to adopt the legislative proposals. The regulation and directive will then enter into force on the day following their publication in the Official Journal of the European Union.


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