In this quarter's edition of the legal and regulatory report, we include a number of key outputs from ESMA, including its updates to Q&As on the application of the AIFMD and the UCITS Directive (outlined at sections 1.2 and 2.2 of the report) and its final report following the completion of its common supervisory action outlining its supervisory expectations on asset valuation rules (4.6(e)).

The Central Bank in a welcome development updated its AIFMD Q&A to increase the investment limits for QIAIFs seeking exposure to digital assets (1.3). It has also published its template data return to facilitate its active monitoring of the progress made by funds with Irish property asset exposure to implement its published leverage limits (3.3).