In a welcome development, ESMA published its proposed Level 2 measures on the conditions for the operation of open-ended loan-originating alternative investment funds (OE LOFs) pursuant to the AIFMD II mandate.
The RTS...more
Welcome to the July - September 2025 issue of our Irish Quarterly Legal and Regulatory report for asset management and investment funds.
This quarterly report covers key developments from Q3 2025, including:
Central...more
The Central Bank of Ireland (Central Bank) has issued a consultation paper, CP162, seeking market feedback on a number of proposed enhancements to their AIF Rulebook including, in a fund finance context, the proposed removal...more
On 9 September 2025, the Central Bank of Ireland (Central Bank) published a public consultation (CP162) setting out significant changes it proposes to make to its AIF Rulebook, with a specific focus being placed on changes...more
9/11/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
ELTIF ,
EU ,
Investment Funds ,
Investment Management ,
Ireland ,
Loan Originating Qualifying Investor Alternative Investment Funds (L-QIAIFs) ,
Private Funds ,
Regulatory Reform ,
Regulatory Requirements
Welcome to the latest edition of our ESG newsletter.
In this issue we identify a number of key highlights from European legislative and regulatory developments as well as updates from the wider sustainable finance...more
ESMA has published its final report on the CSA on the integration of sustainability risks and disclosures in the investment fund sector and a thematic note on sustainability-related claims focusing on ESG credentials. ...more
7/17/2025
/ Compliance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Greenwashing ,
Investment Funds ,
Regulatory Oversight ,
Regulatory Requirements ,
Sustainability
On 26 June 2025, ESMA published its keenly awaited technical advice to the Commission on the review of the UCITS Eligible Assets Directive 2007/16/EC (EAD).
The report assesses EAD implementation across member states and...more
On 12 June 2025, ESMA published its principles on third-party risk supervision which are designed to assist supervisory authorities to identify, assess and supervise the third-party risks of EU entities operating across the...more
On 17 April 2025, the Central Bank of Ireland published its latest UCITS Q&A (42nd Edition).
The Q&A contains its updated policy position regarding portfolio transparency requirements for exchange traded funds ("ETFs")...more
Welcome to the January - March 2025 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds.
This report covers key dates and developments during the quarter, such...more
4/17/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Central Bank of Ireland ,
Digital Operational Resilience Act (DORA) ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
Investment Management ,
Regulatory Reform ,
Regulatory Requirements ,
UCITS
On 15 April 2024, the Alternative Investment Fund Managers Directive II (AIFMD II) as regards delegation arrangements, liquidity risk management, supervisory reporting, the provision of depositary and custody services and...more
Subject to certain requirements, a QIAIF may now guarantee the obligations of third-party entities in respect of investments and/or intermediate vehicles in which the QIAIF has a direct or indirect economic interest. This is...more
3/13/2025
/ Alternative Investment Funds ,
Central Bank of Ireland ,
EU ,
Financial Services Industry ,
Investment ,
Investment Funds ,
Investment Management ,
Private Funds ,
QIAIF ,
Regulatory Requirements ,
Risk Management ,
Third-Party
The Platform on Sustainable Finance has published its report on categorisation of products under SFDR ahead of the European Commission's proposal for review of the SFDR, expected in Q4 2025.
ESMA released new Q&As...more
2/28/2025
/ Asset Management ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Investment Funds ,
Ireland ,
Regulatory Agenda ,
SFDR ,
Sustainability
Welcome to the October - December 2024 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds....more
On 13 December 2024, ESMA published three new questions and answers ("Q&As") which provide welcome clarification on the application of some key elements of its Guidelines on funds' names using ESG or sustainability-related...more
On 12 December 2024, ESMA published its consultation paper containing draft regulatory technical standards ("RTS") pursuant to Directive (EU) 2024/927 ("AIFMD II") on requirements with which loan-originating AIFs ("LOAIFs")...more
On 22 November 2024, the Department of Finance ("DoF") launched its public consultation on the exercise of the national discretions in Directive (EU) 2024/927 amending AIFMD (2011/61/EU) and the UCITS Directive (2009/65/EC),...more
This second instalment of our AIFMD II 101 series focuses on the new EU-wide legal framework for liquidity management tools ("LMTs") under AIFMD II.
The new rules in relation to the use of LMTs will apply to alternative...more
On 15 April 2024, Directive 2024/927/EU ("AIFMD II") entered into force, which marked a significant milestone for the European asset management industry. AIFMD II will introduce a harmonised framework for loan-originating...more
On 19 July 2024, the European Commission (the "Commission") adopted a delegated regulation and accompanying annexes containing its regulatory technical standards ("RTS") supplementing Regulation EU 2015/760, as amended by...more
8/13/2024
/ Anti-Dilution Terms ,
Central Bank of Ireland ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Final Report ,
Illiquid Assets ,
Investors ,
Liquidity ,
Regulatory Standards ,
Retail Investors ,
Swing Pricing
On 7 May 2024, ESMA published its call for evidence ("CfE") on the review of the Commission Directive (2007/16/EC) on UCITS Eligible Assets ("EAD"). The CfE follows the formal request from the European Commission (the...more
Welcome to the January – March 2024 issue of our Irish Quarterly Legal and Regulatory Developments report for Asset Management and Investment Funds.
This report covers key developments during the quarter, such as: ...more
4/17/2024
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Central Bank of Ireland ,
ELTIF ,
EMIR ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
ESA Listings ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
MiFIR ,
Regulatory Agenda ,
UCITS
In March, the Council of the European Union published the Alternative Investment Fund Managers Directive (AIFMD II), aimed at harmonising the rules on delegation, reporting and liquidity management, together with bringing in...more
On 29 February 2024, the Central Bank of Ireland (the "Central Bank") published a new Regulatory & Supervisory Outlook Report outlining the key trends and risks which the Central Bank has identified as moulding the financial...more
3/29/2024
/ Artificial Intelligence ,
Central Bank of Ireland ,
Climate Change ,
Conflicts of Interest ,
Cybersecurity ,
FinTech ,
Interest Rates ,
Investors ,
Liquidity ,
Price Inflation ,
Regulatory Standards ,
Risk Assessment ,
Risk Management ,
Supervisory Guidance ,
Sustainable Finance ,
Valuation
On 11 March 2024, the Central Bank of Ireland (the "Central Bank") reached a significant milestone in finalising its framework for authorisations under the revised European Long-Term Investment Funds Regulation (EU) 2023/606...more
3/12/2024
/ AIFs ,
Asset Management ,
Central Bank of Ireland ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investors ,
Ireland ,
Long-Term Investment Funds ,
QIAIF ,
Retail Investors