Welcome to the December 2024 edition of our Asset Management & Investment Funds Update.

In this month’s edition we look at:

Dates & Deadlines: Q4 2024 / Q1 2025

• Stay ahead of upcoming deadlines and key dates with our legal & regulatory tracker.

CBI ETF review –actions required

• The CBI publishes an industry communication on the outcomes of its ETF Review, setting out its expectations on fund management companies’ governance of authorised participants and market makers.

CBI year end deadlines

• The CBI sets dates by which fund applications and filings must be received to ensure authorisation, approval or noting by year end.

Costs in AIFs and UCITS – data collection exercise

• ESMA commences data collection exercise on the costs linked to investments in AIFs and UCITS.

EMIR survey for UCITS and AIFs in scope of initial margin model authorisation

• EBA launches survey on UCITS and AIFs in scope of initial margin model authorisation.

Consultation on non-bank financial intermediation

• ESMA publishes response to the European Commission’s consultation on non-bank financial intermediation.

ESMA report on European Union move to T+1

• ESMA recommends a migration to T+1 settlement in Q4 2027.

IOSCO consultations on liquidity risk management

• IOSCO issues a consultation report on revised recommendations for liquidity risk management.

CBI enforcement action under AIFM Regulations

• The CBI has issued a reprimand and monetary penalty to an Irish AIFM for contraventions of the 2013 AIFM Regulations.

ESG ratings regulation adopted

• The European Council has adopted a Regulation on environmental, social and governance rating activities.

Transition risk losses alone unlikely to threaten EU financial stability

• ESAs report that transition risk losses alone unlikely to threaten EU financial stability.

Exchange of information on F&P assessments – ESA guidelines

• ESAs publish joint guidelines for NCAs on exchange of information on F&P assessments.

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