Insights

Firms that are in scope of the AIFMD, UCITS and MiFID regimes need to become familiar with the changes that are applicable to their business activity and analyse how they will comply with the new obligations. Firms will need to review and update their existing business plan, systems and policies to incorporate the concept of sustainability into their daily operations.

The European Central Bank (ECB) is beginning to provide tangible guidance to financial institutions as to how climate change and environmental risks should be managed within an organisation.

The Non-Financial Reporting Directive (Directive 2014/95/EU) (‘NFRD’) is currently in place, and is the forerunner to the proposed Corporate Sustainability Reporting Directive.

On 26 June 2021, the European regulatory authorities introduced new legislation, referred to as the Investment Firms Regulation EU 2019/2033 (‘IFR’) and Investment Firms Directive EU 2019/2034 (‘IFD’), which aims to establish a tailored prudential framework for investment firms.

The Investment Firms Regulation EU 2019/2033 (IFR) and Investment Firms Directive EU 2019/2034 (IFD) establishes a tailored prudential framework for investment firms.

European regulatory authorities have introduced new legislation, referred to as the Investment Firms Regulation EU 2019/2033 (‘IFR’) and Investment Firms Directive EU 2019/2034 (‘IFD’), which aims to establish a tailored prudential framework for investment firms. For most investment firms, they were required to comply with the Captial Requirements Regulation (CRR), which was originally designed for large and complex banks and trading institutions.

The European Commission has adopted a proposal for a revised Directive on Security of Network and Information Systems (NIS 2 Directive).

The Irish Investment Limited Partnership (ILP) structure is a regulated partnership structure that is authorised as either a Qualifying Investor Alternative Investment Fund (QIAIF) or Retail Investor Alternative Investment Fund (RIAIF) that will appeal to global investments managers and promoters in particular for Private Equity, Private Credit, Real Estate, sustainable finance and infrastructure assets.

The Investment Firms Regulation EU 2019/2033 (IFR) and Investment Firms Directive EU 2019/2034 (IFD) establishes a tailored prudential framework for investment firms. The new prudential regime applies to investment firms that not systemic by virtue of their size and interconnectedness within the wider financial system, i.e. primarily Class 2 type firms (see the classification criteria in our previous publication). Small and non‐interconnected investment firms may receive regulatory requirement exemption from the competent authorities.

The Investment Firms Regulation EU 2019/2033 (IFR) and Investment Firms Directive EU 2019/2034 (IFD) establishes a tailored prudential framework for investment firms. As outlined in our previous publication, the new prudential regime for investment firms applies to class 2 & firms primarily, which are not systemic by virtue of their size and their interconnectedness within the wider financial system.

Guidelines on performance fees in UCITS and certain types of AIFs were published by ESMA on 5th November 2020 and will become applicable from 5th January 2021.

The asset management industry in Ireland is in good health. Despite global economic pressures, the sector continues to develop. Our asset management team has the skills and knowledge required to help you manage the challenges in the sector and develop your business.