Central Bank of Ireland publishes Markets Update No 5 of 2025

On 9 September 2025, the Central Bank of Ireland (the Central Bank) published Issue No 5 of 2025 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 two items:

1. Central Bank consults on proposed changes to Ireland's UCITS and AIF rules

On 9 September 2025, the Central Bank of Ireland (the Central Bank) published two consultation papers:

• CP 161, on amendments to the Central Bank's UCITS Regulations and Guidance on performance fees for UCITS and certain types of Retail Investor AIFs and

• CP 162, on amendments to the Central Bank's AIF Rulebook.

Both consultations close on 5 November 2025.

CP 161 contains the Central Bank's proposals to

• replace its current UCITS Regulations so the domestic regulatory framework for UCITS is aligned with the revised European rules - this will include changing existing domestic rules in relation to

  • performance fees for UCITS and certain kinds of Retail Investor AIFs and

  • the operation of redemption gates for UCITS

• update its domestic framework to incorporate outstanding updates from previous consultations, clarifying certain provisions, incorporating certain Q&As and guidance and removing out of date provisions.

CP 162 sets out the Central Ban's proposals to amend the AIF Rulebook, in order to (among other things)

• align the AIF Rulebook with the revised EU rules

• take account of market developments and

• provide clarity regarding the Central Bank's expectations for regulated investment funds.

Our summary of the two CPs can be found here.

2. ELTIF Authorisation - the Central Bank updates its application form and website guidance

On 9 September 2025, the Central Bank updated its  ELTIF application form to clarify certain requirements relating to:

(i)      the ability to establish open-ended ELTIFs

(ii)     disclosures required under the Sustainable Finance Disclosure Regulation and

(iii)    performance fee disclosure requirements for open-ended ELTIFs marketed to retail investors.

The Central Bank also updated the ELTIFs section of its Authorisation Process for AIFs webpage in relation to the authorisation process for ELTIFs.