Ireland – Global Investment Law Watch

Europe: European Commission Delays “Non-Essential” Level 2 Measures Concerning AIFMD II and the UCITS Review

Oct 08 2025

By: Gayle Bowen, Shane Geraghty, Mathieu Volckrick, and Dr. Philipp Riedl

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 “non-essential” measures now postponed includes technical standards (i) for loan-originating funds to maintain open-ended features and (ii) on information exchange between national regulators and EU institutions.

It is further reported that the Commission has considered amending, or even repealing, certain acts via an Omnibus package dedicated towards Level 2 measures.

The European Securities and Markets Authority was due to deliver the final draft measures on open-ended loan-originating funds to the Commission this month following their earlier consultation on this topic. It is unclear whether this will now happen.

The Commission letter comes as EU Member States are preparing for AIFMD II implementation.

In Ireland, the Department of Finance issued a Feedback Statement exercising a number of discretionary provisions provided to Member States under the Level 1 Directive. The Central Bank has also commenced a consultation on a complete overhaul of the Irish private funds regime, proposing a copy-out approach to AIFMD and relaxing a number of its requirements, to align with other EU jurisdictions.

On 3 October, Luxembourg published its draft transposition legislation implementing the AIFMD/UCITS review into national law. According to an initial assessment, the Bill implements the provisions of the AIFMD review on a one-to-one basis, without gold plating and exercises several options provided to Member States under the Level 1 Directive.

Germany published its draft legislation implementing AIFMD/UCITS review on 9 July and has also adopted a copy out approach without any gold plating.

Europe: ESMA Issues Technical Advice to the Commission for Its Review of the UCITS Eligible Assets Directive (EAD)

Jun 30 2025

By: Gayle Bowen and Hazel Doyle

ESMA finally published its long-awaited technical advice for the review of the EAD, which proposes changes to the existing UCITS framework (the Report).

Europe: Ireland Agrees Mutual Recognition of Funds Framework With Hong Kong

May 16 2025

By: Michelle Lloyd and Shane Geraghty

The Central Bank of Ireland (CBI) and the Securities and Futures Commission of Hong Kong (SFC) entered into a Memorandum of Understanding on 14 May 2025 establishing a framework for the mutual recognition of funds (MRF) between the two jurisdictions.

Europe: Central Bank of Ireland Updates its UCITS Q&A on Portfolio Transparency for ETFs

Apr 17 2025

By: Lucy Deane, Hazel Doyle, and Nicola McCaffrey

In a move that will be welcomed by asset managers conducting ETF business in Ireland, or those who are hoping to move into the Irish ETF space, the Central Bank of Ireland has moved to allow for the establishment of semi-transparent ETFs by amending its requirements for portfolio transparency.

Europe: National Regulators Announce Digital Operational Resilience Act Reporting Windows

Feb 26 2025

By: Shane Geraghty, Dr. Ulrike Elteste, and Ruth Hennessy

EU national supervisory authorities will collect the Register of Information (ROI) pursuant to the EU’s Digital Operational Resilience Act (DORA) from in scope financial entities in April 2025, with the reference date set as 31 March 2025. ROIs are reports by in-scope EU financial entities on all contractual arrangements on the use of information and communication technology (ICT) services provided by ICT third-party service providers. The financial entity must differentiate between providers who are not critical and providers who are considered critical and important.

Europe: ESMA and National Regulators Launch Coordinated Review of Fund Manager Compliance and Internal Audit Functions

Feb 24 2025

By: Shane Geraghty, Hazel Doyle, and Gayle Bowen

On 14 February 2025, the EU’s securities and markets regulator, the European Securities and Markets Authority (ESMA), launched a Common Supervisory Action (CSA) with EU Member State National Competent Authorities (NCAs), in relation to compliance and internal audit functions of UCITS management companies and Alternative Investment Fund Managers (AIFMs) across the EU.

Europe: Proposed UK and EU Rules on More Research Cost Re-Bundling Move Closer

Jan 15 2025

By: Phillip Morgan, Andrew Massey, and Raghu Meena

In the United Kingdom, the FCA has proposed to give fund managers (including UCITS Mancos and full-scope UK AIFMs) an option to use fund assets to pay jointly for execution and research (so-called ‘bundled’ payments). The existing options of paying for research from manager funds or operating a customer-financed research payment account would remain. Final rules are expected in the first half of 2025. This follows the introduction on 1 August 2024 of a similar option for separate account managers as discussed here.

Europe: Ireland’s New Participation Exemption – An Opportunity for Private Markets Asset Managers

Nov 07 2024

By: Shane Geraghty, Michelle Lloyd, and Sneha Thomas

The Irish Finance Bill 2024 will, with effect from 1 January 2025, create a new participation exemption for foreign dividends. This exemption will bring Ireland into line with the rest of the EU which has a similar exemption. It is specifically designed to benefit Irish-resident companies that receive foreign-source dividends. The development has been broadly welcomed and is particularly noteworthy for the asset management industry and investment funds engaged in cross-border investments.

Europe: Irish Central Bank Discusses Its Approach to Exchange Traded Funds

Oct 24 2024

By Hazel Doyle and Nicola McCaffrey

In an important speech, Derville Rowland, the Central Bank of Ireland’s Deputy Governor for Consumer and Investor Protection has outlined the Central Bank’s approach to ETFs in Ireland. Some of the points she made are highlighted in this blog.

Europe: Publication of Irish Funds Sector 2030 Report

Oct 23 2024

By: Gayle Bowen and Hazel Doyle

Following a review of the Irish funds industry and wide engagement with industry participants, discussed in our earlier blog here, the Department of Finance has issued its Final Report on the Funds Sector 2030. The report sets out the Irish government’s framework and recommendations to enhance growth in the funds sector and maintain Ireland’s prominent position.

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