Welcome to the June 2025 edition of our Asset Management & Investment Funds Update.
In this month’s edition we look at:
- Dates & Deadlines: Q2/Q3 2025
Stay ahead of upcoming deadlines and key dates with our legal & regulatory tracker.
- Management Company review by Central Bank of Ireland
The Central Bank of Ireland (CBI) launched a review of delegation practices of Irish authorised fund management companies. The CBI has issued a questionnaire with detailed questions and supporting guidance which must be completed and returned by 30 June 2025.
- Central Bank of Ireland and Hong Kong SFC enhance cooperation in public fund distribution
The CBI and the Hong Kong Securities & Futures Commission have signed an updated Memorandum of Understanding which allows a streamlined distribution of eligible funds in each other’s market through a mutual recognition framework.
- Bundling research and execution payments: ESMA Final report
ESMA has issued a final report on the amendments to research provisions under MiFID II.
- EMIR 3: clearing thresholds consultation
ESMA has published a consultation paper on amendments to the RTS set out in Commission Delegated Regulation (EU) 149/2013 on clearing thresholds under EMIR. Responses are invited up to 16 June 2025.
- AIFMD 2 and UCITS Amending Directive: Ireland’s Department of Finance Feedback on national discretions
On 8 May, the Department of Finance published a Feedback Statement on the exercise of the national discretions available under AIFMD 2 and the UCITS Amending Directive.
- SFDR: European Commission call for evidence on SFDR
On 2 May 2025, the European Commission published a Call for Evidence seeking feedback from interested stakeholders on its initiative to reform the SFDR. The deadline for feedback was 30 May 2025.
- UK Financial Conduct Authority AIFM regime review
HM Treasury (HMT) and the FCA commenced their review of the UK regulatory framework governing Alternative Investment Fund Managers (AIFMs) in April 2025. HMT has consulted on the legislation and the FCA has issued a call for input setting out proposals for the future regulation of AIFMs in the UK.
- ESMA consults on rules for ESG ratings providers
ESMA has published a consultation paper on draft regulatory technical standards (RTS) under the ESG.
- European Accessibility Act – Impact on Asset Managers
The European Accessibility Act ((EU) 2019/882) directive has been transposed into Irish law pursuant to the European Union (Accessibility Requirements of Products and Services) Regulations 2023 (“Irish Regulations”). The Irish Regulations come into effect on 28 June 2025.
- Trump’s “One Big Beautiful Bill”: potential DWT implications
The development of the bill is worth monitoring for the asset management and investment funds sector as it would potentially lead to an increase in U.S. dividend withholding tax (DWT) rates.
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