DOMESTIC

Central Bank Brexit reminder to Fund boards

The Central Bank reminded all boards of funds and fund management companies (which includes self-managed investment funds) of their responsibility to ensure that entities are appropriately prepared for the impact of Brexit. Document updates for UCITS and RIAIFs must be submitted to the Central Bank by 30th September 2019 in order to be in place for 31 October 2019.

Central Bank expectations for liquidity management

The Central Bank issued a letter to fund management companies about the importance of ongoing, effective liquidity management and ensuring compliance with relevant legislative and regulatory obligations for UCITS and AIFs.

Central Bank Review of CP86 implementation

The Central Bank commenced phase two of its assessment of the implementation by fund management companies of CP86 Fund Management Company Guidance. Phase two focuses on the inspection of three elements:

  • the delegation of investment management and the performance of this managerial function
  • the delegation of fund risk management and the performance of this managerial function
  • the organisational effectiveness role

The European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2019

The European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2019 came into force on 13 August 2019.

The European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2019

The European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2019 (S.I. No. 428 of 2019) came into force on 13 August 2019.

EUROPEAN

ESMA Guidelines on liquidity stress testing in UCITS and AIFs will become applicable on 30 September 2020

ESMA issued Guidelines on liquidity stress testing in UCITS and AIFs will become applicable on 30 September 2020.

Harmonisation of cross-border distribution of UCITS and AIFs.

A European Directive and Regulation on the cross-border distribution of funds (CBDF) came into force on 1 August 2019. The CBDF Directive amends relevant provisions of the UCITS Directive and AIFMD. The CBDF Directive is to be transposed by 2 August 2021 and the substantive provisions of the CBDF Regulation are to apply from that date.