DOMESTIC:

Revised Central Bank guidance on Share Classes and updated Central Bank UCITS Questions and Answers

The Central Bank revised its guidance on Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Fund (AIF) Share Classes in order to ensure that the guidance is consistent with the European Securities and Markets Authorities (ESMA) opinion on Share Classes of UCITS which issued on 30 January 2017. The Central Bank also published some additional Q&As on the topic in the eighteenth edition of its UCITS Q&A document.

EUROPEAN:

Money Market Funds Regulation (EU) 2017/1131 published in the Official Journal

Following its adoption by the Council of the EU, the Money Market Funds (MMF) Regulation has been published in the official journal and will enter force on 20 July 2017. It will be effective from 21 July 2018, with the exception of Article 11(4), Article 15(7), Article 22 and Article 37(4) which will be effective from 20 July 2017.

Cross-Border Distribution and Supervision of UCITS and AIFs

On 8 June 2017, the Commission published a communication on its mid-term review of the Capital Markets Union (CMU) action plan which commits to publish an impact assessment for a possible legislative proposal to facilitate the cross-border distribution and supervision of UCITS and AIFs.

On 22 June 2017, the European Commission published an inception impact assessment on reducing barriers to the cross-border distribution of investment funds on a bespoke webpage inviting feedback by 19 July 2017.

EuVECAs and EuSEFs

On 30 May 2017, the European Commission announced that it reached agreement with the Council of the European Union and the European Parliament on the proposed Regulation amending the EuVECA Regulation and the EuSEF Regulation. The European Parliament is expected to consider the proposed Regulation from 11 to 14 September 2017. This proposed Regulation is part of the European Union's CMU aim to diversify funding sources for EU businesses and long-term projects.