On 25 November 2021, the European Commission (the Commission) adopted a package of measures aimed to deliver on several key commitments in the 2020 Capital Markets Union (CMU) action plan. The package includes four...more
11/30/2021
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Markets Union ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
MiFIR ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
UCITS
For many in the Funds Industry, the issue on 20 October 2020 of the Central Bank of Ireland’s (the “Central Bank”) Industry Letter (the “Industry Letter”) relating to the Central Bank’s Thematic Review of Fund Management...more
10/28/2020
/ AIFMD Passport ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Board of Directors ,
Central Bank of Ireland ,
Corporate Culture ,
Corporate Governance ,
Designated Agent ,
Diversity ,
Enforcement Actions ,
EU ,
European Securities and Markets Authority (ESMA) ,
Full-Time Employees ,
Fund Management Companies ,
Fund Managers ,
ICAV ,
Industry Letters ,
Investment Funds ,
Ireland ,
Oversight Duties ,
Risk Management ,
UCITS ,
UK Brexit
Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...more
3/6/2020
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Central Bank of Ireland ,
CSSF ,
Equivalency Determinations ,
EU ,
EU-27 ,
Free Trade Agreements ,
Implementation Day ,
Ireland ,
Luxembourg ,
Member State ,
Temporary Permissions Regime (TPR) ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit
The Central Bank of Ireland (the “Central Bank”) on 18 July 2019 published a ‘Dear Chair’ letter to the industry (the “Industry Letter”) highlighting the key supervisory issues identified in a thematic review of Irish...more
As a result of the 2008 financial crisis, and to help make money market funds (“MMFs”) more resilient to the potential for heavy redemptions in times of stress, the European Commission issued a proposal for a regulation on...more
If you’ve been involved in the funds industry, you will be well aware of the ever-increasing focus on anti-money laundering and “know your customer” requirements by national and supranational regulatory bodies alike. In...more
9/19/2017
/ Anti-Money Laundering ,
Beneficial Owner ,
Central Bank of Ireland ,
Customer Due Diligence (CDD) ,
Enforcement Actions ,
EU ,
Examination Priorities ,
Internal Reporting ,
Ireland ,
Legal Entities ,
Privately Held Corporations ,
Publicly-Traded Companies ,
Registration Requirement
The Department of Finance has issued its Feedback Statement on its public consultation on national discretions under MiFID II. The consultation dealt with the exercise of national discretions in relation to the implementation...more
7/19/2017
/ Department of Finance ,
EU ,
European Securities and Markets Authority (ESMA) ,
Foreign Investment Entities (FIEs) ,
Ireland ,
MiFID ,
MiFID II ,
MiFIR ,
Public Consultations ,
Safe Harbors ,
UCITS ,
UK
For the past two years, the European Securities and Markets Authority (“ESMA”), Europe’s main securities regulator, has had UCITS share classes in their sights. It has issued two discussion papers on the topic and has now...more
The European Securities and Markets Authority (“ESMA”) published its opinion on 11 April 2016 on the necessary elements for a harmonised European framework for loan origination by funds (the “Opinion”). The Opinion is issued...more
Where are we on implementation? Are we nearly there yet?
Yes and no. The UCITS V directive comes into force on 18 March 2016. But:
Additional implementing rules (known as "Level 2") on the duties of UCITS...more
Following the adoption by the U.S. Securities and Exchange Commission (“SEC”) of amendments to the rules governing U.S. money market funds (“MMFs”), the focus is shifting to Europe. In fact, the prospects for sensible MMF...more
Following Dechert’s series of reports in relation to the Chilean pension funds market and its accessibility to Irish UCITS, see Dechert OnPoint - Moody’s Upgrade Points to Reopening of the Chilean Pension Market to Irish...more
5/9/2014
/ Bailout ,
Cross-Border ,
Equity Markets ,
EU ,
Fitch ,
Foreign Markets ,
Investment Funds ,
Ireland ,
Moody's ,
Pensions ,
S&P ,
UCITS
The European Parliament voted to adopt the UCITS V Directive (“UCITS V”) on 15 April 2014, in advance of Parliamentary elections next month. The final vote followed a period of uncertainty where there was potential for the...more
There has been another very significant twist in the somewhat chaotic implementation of the European Market Infrastructure Regulation (EMIR) as the European Securities and Markets Authority (ESMA) has today requested the...more
The European Market Infrastructure Regulation (Regulation No. 648/2012), known as “EMIR”, requires entities that transact derivatives to report prescribed details of any financial derivative instruments (“FDIs”) they conclude...more
It’s been a rocky road for Dublin over the past few years, but last month’s exit from the European Union-International Monetary Fund bailout and last Friday’s welcome news that Moody’s would follow Fitch and S&P by upgrading...more
The Central Bank of Ireland (“Central Bank”) has today issued a consultation paper (CP 77) on the publication of a draft UCITS Rulebook. The consultation period will close on 28 March 2014.
The UCITS Directive is...more
Having been one of the first countries to implement the Alternative Investment Fund Managers Directive (“AIFMD”) and, as far as we can gather, having been the first country to approve an Alternative Investment Fund Manager...more
The Central Bank of Ireland (Central Bank) is now accepting applications for authorisation under the Alternative Investment Fund Managers Directive (AIFMD) on an informal basis. Applications can be made on the Central Bank’s...more
The first item on the UCITS agenda for 2013 – the ESMA Guidelines on ETFs and Other UCITS Issues (the “Guidelines”) – has gone live. This article provides an update and clarity around the recently finalised Guidelines2 since...more
3/30/2013
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Commodities ,
Derivatives ,
EFTs ,
EU ,
European Central Bank ,
European Securities and Markets Authority (ESMA) ,
Hedge Funds ,
Portfolio Managers ,
Stocks ,
UCITS
First bankers, now managers of UCITS funds are in the firing line for the European Union assault on bonuses.
As widely reported in the financial press this week, the European Parliament’s Economic and Monetary Affairs...more
The European Securities and Markets Authority (“ESMA”) published final guidelines on repurchase (repo) and reverse repurchase agreements for UCITS funds on 4 December 2012. This is a follow-up to ESMA’s publication in July...more