By: Áine Ní Riain and Shane Geraghty
On 20 March 2024, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) voted in favour of draft modernisation measures for the PRIIPs Key Information Document (KID).
Read MoreBy: Gayle Bowen and Shane Geraghty
After much anticipation, the new ELTIF 2.0 regime has gone live in Ireland. The Central Bank has, this morning, issued a feedback statement outlining how its new regime will work. Key points include the following:
Read MoreBy: Shane Geraghty, Aoife Maguire, Andrew Massey, Philip Morgan, and Courtney Hunter
The UK’s overseas funds regime has been in development for several years and is finally close to becoming a reality. It will create a more streamlined method by which non-UK funds given “equivalence” status may be marketed to UK retail investors.
Read MoreBy: Shane Geraghty and Gayle Bowen
The Irish Department of Finance has published a Progress Update on their ongoing review of the funds sector in Ireland. The review, under interlinked themes of open markets, resilient markets and developing markets, is seeking to ensure that the Irish funds sector is resilient, future-proofed, supportive of macro-prudential stability, and continues to meet international best-practice standards.
Read MoreBy: Áine Ní Riain and Lucy Deane
Under the EU PRIIPs Regulation “manufacturers” are required to prepare a key information document (KID) where relevant packaged retail investment products (including most funds) are made available to retail investors.
Read MoreBy: Gayle Bowen and Shane Geraghty
On 19 December, the European Securities and Markets Authority (ESMA) published its final report setting out draft Regulatory Technical Standards under the amended European Long-Term Investment Funds Regulation.
Read MoreThe FCA has published its final rules on the UK’s Sustainability Disclosure Requirements (SDR) regime. The key features include:
Read MoreBy: Áine Ní Riain and Gayle Bowen
Following their adoption and publication in draft form by the European Commission last June, two new EU Taxonomy delegated acts were published in the Official Journal on 21 November, and will apply from January 2024. They confirm new and amended technical screening criteria (TSCs) in relation to the environmental objectives in the Taxonomy Regulation. This is a significant build-out in the application of the Taxonomy Regulation given that for an economic activity to be taxonomy-aligned, it must:
Read MoreBy: Gayle Bowen and Shane Geraghty
On 1 November 2023, the Central Bank of Ireland, published its European Long Term Investment Fund (ELTIF) consultation paper (the “CP”) which is now open for industry feedback for an expedited six week period until 13 December 2023. The CP relates to the proposed standalone ELTIF chapter set to be introduced into the Central Bank’s Alternative Investment Fund Rulebook, which will facilitate ELTIFs becoming a standalone regulated product in Ireland as discussed in our previous blog here.
Read MoreBy: Gayle Bowen and Áine Ní Riain
On 14 September, the European Commission launched both a public consultation and a targeted consultation on the implementation of the Sustainable Finance Disclosure Regulation (SFDR).
The Commission aims to understand how the SFDR has been implemented since its initial application in March 2021, as well as to gain an understanding of its potential deficiencies, and to explore potential improvements of the European framework for sustainable finance. These consultations form part of the Commission’s comprehensive assessment of the SFDR framework that was first announced by Commissioner Mairéad McGuinness in December 2022. While the public consultation is addressed to a wide range of individuals and organisations with a general knowledge of the SFDR, the targeted consultation is aimed at financial market participants (FMPs), investors, NGOs, public authorities, regulators, and others that are either subject to the provisions of the SFDR or otherwise have an in-depth knowledge or experience in the area of sustainable finance disclosures.
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