Tuesday, 13th August 2019
The European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2019 (S.I. No. 428 of 2019)
The European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2019 (S.I. No. 428 of 2019) came into force on 13 August 2019. They
- Amend the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013)
- Update references (and requirements) to reflect:
- the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017)" in place of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007)
- the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017 (S.I. No. 604 of 2017)
- Update client asset and investor money requirements to align with current legislation
- Update depositary requirements as regards branches including branches of depositaries and AIFMs operating cross border
- Provide for segregation/ remoteness of AIF assets generally and from the assets of a depositary or its agent.
- Provide for segregation/remoteness of AIF assets on the insolvency of a depositary or sub-custodian located in the EU
- Oblige auditors of AIFMs to report matters to the Central Bank
- Update requirements for branches of AIFMs operating cross border
- Empower the Central Bank to require the suspension by the AIFM of the repurchase, or redemption, of units in the interest of the unit-holders or the public.
The European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2019 (SI 430 of 2019)
The European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2019 came into force on 13 August 2019. They
- Amend the European Union (Undertakings for Collective Investment in Transferable Securities) Regulations (S.I. No. 352 of 2011)
- Update references (and requirements) to reflect:
- the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017)" in place of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007),
- the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017 (S.I. No. 604 of 2017)
- Update client asset and investor money requirements to align with current legislation
- Provide for segregation/ remoteness of UCITS assets generally and from the assets of a depositary or its agent.
- Provide for segregation/remoteness of UCITS assets on the insolvency of a depositary or any third party located in the EU.
