DOMESTIC:

Central Bank publication of new AIF Rulebook and Central Bank AIFMD Q&A

The Central Bank of Ireland (Central Bank) has implemented an important change to their requirements for loan originating Qualifying Investor AIFs (LQIAIFs), effective 3 January 2017. As expected, a revised AIF Rulebook has been published, accompanied by an updated CBI AIFMD Q&A (with new Q&A 1117-1122 dealing with LQIAIFs). LQIAIFs may now invest in debt and equity securities of entities or groups to which the LQIAIF lends. In addition, debt and equity securities may be held for treasury, cash management or hedging purposes. The revised Rulebook also incorporates a revision to the organisational requirements for boards of directors of Central Bank authorised AIFMS to align with the outcome of CP86.

Feedback Statement on CP 105 - Amendment to UCITS Regulations

The Central Bank published its Feedback Statement to CP 105 – Consultation on amendments to the Central Bank UCITS Regulations. The Central Bank will now proceed to amend the Central Bank UCITS Regulations to give effect to the changes described in the CP 105 feedback statement. In addition, changes resulting from CP86 will also be reflected in the amending regulations.

EUROPEAN:

ESMA Opinion on UCITS Share Classes

The European Securities and Markets Authority (ESMA) issued an opinion on UCITS Share Classes. In its Opinion, addressed to national regulators, ESMA sets out four high-level principles which UCITS must follow when setting up different share classes in order to ensure a harmonised approach across the EU.

FSB recommendations to address structural vulnerabilities from asset management activities

Following consultation, the Financial Stability Board (FSB) published a report containing 14 policy recommendations to address structural vulnerabilities from asset management activities.

ESMA opinion on impact of exclusion of fund managers from scope of MiFIR intervention powers

ESMA published an opinion on the impact of the exclusion of fund management companies from the scope of the Markets in Financial Instruments Regulation (MiFIR).