On 27 September 2024, the Central Bank of Ireland (the Central Bank) published Issue No 8 2024 of its regular Markets Update, in which it sets out alerts of interest to Irish regulated firms and other market participants.
For our summaries of the previous issues, please see the Related Articles at the foot of this page.
The new Update contains the following three items:
- Pre-Contractual Document Updates based on the SFDR Level 2 Requirements - Streamlined Filing Process to close
In 2022, a streamlined filing process was established for pre-contractual document updates, which were based on the SFDR Level 2 requirements.
This filing process will close from Friday, 18 October 2024.
It should be noted that submissions related to SFDR Level 2 implementation filed via SFDR@centralbank.ie after 18 October will not be noted but must, instead, be submitted in line with standard post-authorisation processes.
- The process for submitting certain applications to the Central Bank is set to change
From 1 October 2024, the process for submitting applications for clearance of investment managers and non-EU AIFMs and for UCITS mergers and AIF amalgamations will change as follows:
(a) Applying for clearance of Investment Managers and non-EU AIFMs:
From 1 October 2024, these applications will need to be submitted only via the Central Bank’s Portal, rather than, as now, via Orion or by email.
The Investment Manager mailbox will be retained for notifying changes to details for existing, previously cleared investment managers only.
New applications for clearance, though, will not be accepted by email and where an application for clearance is submitted to Orion this will be either accepted or redirected.
More information can be found here.
(b) Applying for UCITS mergers/AIF amalgamations:
From 1 October 2024, these applications will need to be submitted only via the Central Bank’s Portal, and will no longer be accepted by email.
More information can be found here.
- ESMA guidelines on fund names using ESG or sustainability-related terms – new filing process for UCITS and AIFs
The Central Bank has announced that it has established a new streamlined filing process for updates to fund names based on the requirements set out in ESMA’s guidelines.
The Guidelines will start to apply from 21 November 2024.
Further information can be found here
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