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
ESMA published a consultation (the “Consultation”) on draft guidelines for UCITS performance fees (the “Draft Guidelines”) on the 16 July 2019. The objective of the Consultation is to obtain stakeholder feedback on the...more
8/30/2019
/ Broker-Dealer ,
Central Bank of Ireland ,
Draft Guidance ,
European Securities and Markets Authority (ESMA) ,
Investment Adviser ,
Investment Funds ,
IOSCO ,
Ireland ,
Performance Fee Rule ,
Public Consultations ,
Transparency ,
UCITS
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
On 7 August 2019, the Central Bank of Ireland (the “Central Bank”) issued an industry letter (the “Industry Letter”) regarding the importance of ongoing, effective liquidity management and ensuring compliance with relevant...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
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
The European watchdog has issued its much anticipated opinions on outsourcing/delegation of: (i) fund management companies; (ii) MiFID entities; and (iii) trading venues. This Newsflash focuses on the opinions as they relate...more
7/15/2017
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Delegation Authority ,
European Securities and Markets Authority (ESMA) ,
Investment Management ,
MiFID ,
Outsourcing ,
Relocation ,
Secondary Markets ,
UCITS ,
UK Brexit
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
For more than 25 years, the essential text for anybody wishing to navigate the regulatory environment for UCITS in Ireland has been the UCITS Notices which were supplemented by UCITS Guidance and then the UCITS Q&A....more
There has been an increasing focus within Europe on alternatives to bank-based credit. Loan origination funds, which look to source loan assets for their investment portfolio by directly originating loans (rather than...more
4/16/2015
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Diversification ,
Borrowers ,
Central Bank of Ireland ,
Closed-End Funds ,
Disclosure Requirements ,
Due Diligence ,
ESRB ,
European Securities and Markets Authority (ESMA) ,
Institutional Investors ,
Lenders ,
Loans ,
Risk Mitigation ,
Stress Tests
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
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
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