DOMESTIC:

Central Bank UCITS Regulations, UCITS Q&A and Guidance

The Central Bank signed the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2017, S.I. No. 344 of 2017, on 27 July 2017 and these amending regulations are now in force. The regulations are of particular value in clarifying some of the requirements which derive from the CP86 location rules.

The Central Bank subsequently published an updated version of the UCITS Questions and Answers along with updated Guidance on UCITS Financial Derivative Instruments and Efficient Portfolio Management.

Central Bank publishes Market Update - Issue 6 2017

This issue of the Markets Update includes the speech given by the Director of Asset Management Supervision, Michael Hodson, (to the IDA) on industry preparedness for MiFID II and regulatory implications stemming from Brexit. In addition, the Update contains information on topics such as the first edition of the Prospectus Regulatory Framework Q&A, the updated UCITS Financial Derivative Instruments and Efficient Portfolio Management Guidance, the nineteenth edition of a the Central Bank UCITS Q&A the Consultation Paper on the Protection of Retail Investors in relation to the Distribution of CFDs, the Central Bank UCITS (Amendment) Regulations 2017 and the Transparency (Directive 2004/109/EC) (Amendment) Regulations 2017.

Central Bank publishes QIAIF ORION User Manual

The QIAIF Orion User Manual has been published to provide guidance for persons using the Online Regulatory Information System for Authorisations (ORION) to submit, or view, QIAIF authorisation applications.

EUROPEAN:

European Supervisory Authorities publish updated guidance on the Key Information Document requirements pursuant to the Packaged Retail and Insurance-Based Investment Products Regulation (EU) 1286/2014

Updated guidance on the Key Information Document (KID), which is required by the Packaged Retail and Insurance-Based Investment Products Regulation (PRIIPs Regulation), has been published by the European Supervisory Authorities (ESAs). The guidance includes:

  • additional Questions and Answers on the KID required by PRIIPs Regulation including on topics such as the categorisation of retail investors, assessing credit risk, the presentation of information on costs and biometric risk premiums; and
  • flow diagrams for the risk and reward calculations in the PRIIPs KID (which were published alongside the updated Questions and Answers).