The European Securities and Markets Authority (ESMA) has published its third report on marketing requirements and marketing communications under the regulation on cross border distribution of funds. Drawing on data submitted...more
The UK Financial Conduct Authority (FCA) has published its quarterly consultation paper No 50 inviting feedback on proposed amendments to its Handbook across reporting, fees, primary markets rules, the new Public Offers and...more
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/37, as part of the consumer duty requirements review and the workplan announced in the March feedback statement. The FCA sets out targeted...more
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/38 on enhancing fund liquidity risk management. The FCA sets out in detail the context for this consultation, citing the work carried out both in...more
The Council of the EU and the European Parliament (EP) have reached a provisional political agreement on an updated retail investment strategy package to empower and protect consumers and increase competitiveness in the EU's...more
The European Securities Markets Authority (ESMA) has published a report with amended guidelines on liquidity management tools (LMTs) of Undertakings for Collective Investment in Transferable Securities (UCITS) and open-ended...more
The FCA has published a policy statement setting out its final rules for providing information on Consumer Composite Investments (CCIs). The new regime for CCIs is the replacement for the Packaged Retail and Insurance-based...more
Under the current regime, eligible UCITS funds from specified jurisdictions are afforded a streamlined authorisation process with the SFC in order to be marketed and sold to retail investors in Hong Kong. All SFC-authorised...more
In May 2025, the Securities and Futures Commission (the “SFC”) formally launched the mutual recognition of funds arrangement between Hong Kong and Ireland (the “Ireland-HK MRF”) in collaboration with the Central Bank of...more
On 17 November 2025, in a welcome development the European Commission (Commission) adopted its proposed regulatory technical standards (RTS) relating to the use of LMTs by open-ended AIFs and UCITS....more
The European Commission has adopted two Delegated Regulations specifying the characteristics of liquidity management tools (LMTs) for (i) alternative investment funds (AIFs) and (ii) UCITS, respectively....more
The European Securities and Markets Authority (ESMA) has published a peer review report on the supervision of depositary obligations under the Undertakings for Collective Investment in Transferable Securities Directive...more
The European Commission has adopted two Delegated Regulations: (i) Delegated Regulation supplementing the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) and; (ii) Delegated Regulation...more
On 17 November 2025, ESMA published the findings of a peer review on the supervision of depositaries, focusing on their oversight and safekeeping duties under the UCITS and AIFMD frameworks (the Peer Review). The Peer Review...more
On 14 October, the UK Financial Conduct Authority ("FCA") issued a consultation paper setting out proposed new rules and guidance for fund tokenisation and direct-to-fund dealing (“D2F”)....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 UK Financial Conduct Authority (FCA) published a consultation paper on tokenized funds (CP25/28) on October 15, 2025, proposing changes to its rules and guidance to enable authorized funds to use distributed ledger...more
In a letter dated 1 October 2025, the European Commission has announced that it will not adopt any non-essential Level 2 acts in respect of AIFMD II or the UCITS review, before 1 October 2027 at the earliest. The list of...more
BMF Publishes Draft Bill on Fund Risk Limitation Act - On 8 August 2025, the German Federal Ministry of Finance (Bundesministerium der Finanzen) (BMF) published a draft bill for the Fund Risk Limitation Act...more
The European Banking Authority (EBA) has published its report under Article 21c(6) of the Capital Requirements Directive VI on whether to amend the provisions governing the direct provision of core banking services from third...more
The European Securities and Markets Authority has published an updated Q&A under the Undertakings for Collective Investment in Transferable Securities Directive...more
On the 30 June 2025, the European Securities and Markets Authority (“ESMA”) published its final report on the 2023–2024 Common Supervisory Action (“CSA”) on the integration of sustainability risks and disclosures. This...more
ESMA has recently recommended notable amendments to the UCITS Eligible Assets Directive, which sets the standards for permissible investments by UCITS funds across Europe. These reforms could redefine permissible investment...more
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
The European Securities and Markets Authority (ESMA) has published its final report on the 2023-2024 common supervisory action (CSA) carried out with national competent authorities (NCAs)on the integration of sustainability...more