On 24 January 2023, the ECON Committee of the EU Parliament adopted its report on proposed amendments to the EU’s main fund rules, AIFMD and the UCITS Directive, ahead of trilogue negotiations with the EU Council and Commission set to begin in March. When agreed, the revised Directives are expected to come into force in 2025 in light of the 24 months transposition period. Notable proposals include:
Read MoreBy Áine Ní Riain and Gayle Bowen
On the 17th February 2023, a new Delegated Regulation was published which amends and corrects the existing Sustainable Finance Disclosure Regulation (SFDR) regulatory technical standards with the main changes introducing disclosure requirements for Article 8 and Article 9 funds in respect of fossil gas and nuclear energy related activities to ensure alignment with the EU Taxonomy. The Delegated Regulation does not provide for a transition period and entered into force on 20 February.
The Central Bank of Ireland in order to accommodate the Delegated Regulation published their Process Clarification which confirms that the Central Bank will facilitate a fast-track filing process for the update of pre-contractual disclosure documents pursuant to the Delegated Regulation. Compliance with the Delegated Regulation is now a matter of priority for financial market participants and funds sponsors.
For more information on this regulatory update we suggest a read of our full Article or contact one of our authors.
By Robert Lloyd, Maya Ffrench-Adam and Philip Morgan
On 20 February 2023, the FCA published a discussion paper (DP23/2) on improving the UK asset management regime. Key themes include:
Alignment with relevant international standards – The FCA does not want to create unnecessary complexity for firms operating in multiple jurisdictions. It aims to develop the regime to interact effectively with international requirements, while promoting the international competitiveness of the UK economy.
Read MoreBy Jim Bulling, Anabelle Weinberg and Oliver Herrmann
The Australian Government has released Michelle Levy’s Quality of Advice Review Final Report (Final Report) after a year-long consultation process that includes 22 recommendations across 13 areas to improve the regulatory framework of financial advice.
Read MoreBy Matthew Watts and Rebecca Mangos
The Australian Securities and Investments Commission (ASIC) has revealed its key enforcement priorities for 2023. This year, ASIC has signalled an expanded focus on enforcement activity targeting:
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