Knowledge is Power

With the 1 August deadline for implementation fast approaching, our ESG legal experts examine the requirements for sustainability risks.

Katrina Crampton explores a recent update from the Central Bank of Ireland (the “Central Bank”) regarding changes to the list of pre-approval controlled functions (“PCFs”) applying to Irish Regulated Financial Service Providers (“RFSPs”) other than credit unions.

Zeidler Group's ESG glossary contains a list of ESG and industry-related terminologies, regulations and definitions to help you better navigate the ESG landscape.

On 3 May 2022, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungen – “BaFin”) stated that it will now apply certain principles from the draft Guideline for Sustainable Investment Funds (the “draft Guideline”) in Germany, whilst not formally issuing it.

Regulation (EU) 2016/679 (“GDPR”) requires that in certain circumstances entities, which are not established in the EU, appoint a “data representative”. The failure to appoint a data representative in circumstances where an entity is required to do so is a breach of GDPR.  Peter Sherwood provides an overview of the role of a data representative, when it is required, and the requirements in the UK.

On Monday, 28 February, the EU Platform on Sustainable Finance presented the publication of its final report on Social Taxonomy. Elisa Forletta-Fehrenberg, Head of ESG, provides a brief outline of the key takeaways and next steps.

BaFin updated their FAQ on MIFID II Conduct of Business Rules on 15 February 2022. This update provided specific clarification in relation to the topic of inducements.

On 23 February 2022, the European Commission unveiled a proposal for a Directive on corporate sustainability due diligence, whose aim is to encourage sustainable and responsible corporate behaviour as well as to put human rights and environmental considerations at the core of companies’ operations and corporate governance.

The ESMA Guidelines on marketing communications under the Regulation on cross-border distribution of funds apply from today, Wednesday, 2 February 2022. Fund managers who have not already done so should review their marketing communications for compliance with the Guidelines.

Senior Associate, Gemma Capelo shares her perspective on the latest PRIIPs legal update.

On 7 September 2021, the European Commission published an updated Delegated Regulation and supporting Annexes to amend the regulatory technical standards (RTS) for packaged retail and insurance-based investment products (PRIIPs). Senior Associate, Gemma Capelo provides her view and analysis of what to expect in the latest update of the UCITS to PRIIPs KID transition.

The Cross-Border Distribution Regulation sets out requirements for marketing communications in relation to UCITS and AIFs. This blog focuses on the Regulation’s requirements for UCITS’ marketing communications.

On 2 August 2021, Directive (EU) 2019/1160 with regard to cross-border distribution of collective investment undertakings (the “Directive”) came into force in many EU jurisdictions. One of the important changes introduced by the Directive is the new harmonised pre-marketing regime for AIFs across the EU. Kunal Grover and Sarah Noville provide a concise summary of the new pre-marketing regime.

On 20 July 2021, the Financial Conduct Authority (“FCA”) published a consultation paper (CP 21/23) on the post-Brexit scope rules under the Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation and amendments to the supplementary UK Regulatory Technical Standards (“RTS”).

The topic of diversity and inclusion has become an international conversation that continues to challenge society on how we treat people who belong to different groups. As a dynamic international law firm working across different cultures and practices, it is important to us that every member of our team feels welcome and safe. Our Head of Recruitment & Talent, Fola Oguntoye, shares why and how Zeidler invests in a positive work culture.

The Belgian Financial Services and Markets Authority (FSMA) recently published a settlement agreement agreed with a large Belgian retail bank.

The European Commission confirmed yesterday (8 July 2021) that it intends to delay the full implementation of the Sustainable Finance Disclosure Regulations (SFDR) by 6 months.

Under the Investment Firms Directive and Investment Firms Regulation, MiFID firms will be subject to a new prudential regime from 26 June 2021.

On June 1 2021, the HM Treasury announced intentions to extend the current five year exemption for Undertakings for the Collective Investment in Transferable Securities (UCITS) funds from requirements of the Packaged Retail Investment and Insurance-based Products (PRIIPs) Regulation.

The key provisions of the Cross-Border Distribution Directive and Regulation will take effect from 2 August 2021, at the latest. The directive and regulation contain provisions that should improve and simplify cross-border distribution of investment funds within the EU. Kunal Grover analyses the directive and regulation and provides a breakdown of the advantages and disadvantages on cross-border distribution of AIFs and UCITS within the EU.

ESMA recently updated its Q&A on MiFID II and MiFIR investor protection and intermediaries topics. The update concerns one of the conditions specifying when an inducement can be considered as designed to enhance the quality of the relevant service to the client. Brigid Dolan discusses 3 elements of Article 11(2)(a) , ESMA has outlined.

The asset management industry has been discussing Brexit and its impact on the investment funds industry since 2016. Brexit and its many uncertainties has led to a multitude of different approaches within the investment funds industry. Kunal Grover examines the various approaches taken, the current status and future possibilities of Brexit and its impact on the asset management industry.