Irish and EU legal and regulatory update: 1 April 2020 to 30 June 2020

On 10 June 2020, the European Commission published the much-anticipated report on its review of AIFMD. The European Commission also published draft amendments to the MiFID, AIFMD and UCITS regimes on 8 June 2020, as part of the EU Action Plan on Financing Sustainable Growth. It is expected that the CBI will write to industry in September 2020 in relation to the Investment Limited Partnerships (Amendment) Bill 2020. On 17 April 2020, the CBI published a statement which provides some relief for managers of UCITS and AIFs while the financial services sector struggles with the challenges from the COVID-19 pandemic. ESMA has published its final report “Guidelines on performance fees in UCITS and certain types of AIF” dated 3 April 2020.