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In this issue we consider some SFDR updates including, the
Central Bank s fast-track filing process and the European
Supervisory Authorities request for clarifications from the
European Commission on the application of certain SFDR provisions.
Ahead of the commencement of the ILP (Amendment) Act 2020 on 1
February we take a look at the Irish Investment Limited Partnership
structure. We also consider ESMA s announcement of its CSA on
costs and fees in UCITS and its recent statement regarding reverse
solicitation rules.
If you would like to discuss any of the topics covered, please
Central Bank opens new Beneficial Ownership Register
Updated / Monday, 1 Feb 2021
13:00
The new register was established by the Central Bank on foot of EU anti-money laundering and counter-terrorism directives
Economics Correspondent
The Central Bank has opened its Beneficial Ownership Register to make available information on the owners of certain types of investments and funds.
The Register was established on foot of EU anti-money laundering and counter-terrorism directives.
Its purpose is to deter money laundering and terrorist financing by preventing the ultimate identity owners of certain funds from being revealed.
The funds covered are Irish Collective Asset-Management Vehicles (ICAV s), Unit Trusts and Credit Unions.
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In this issue we consider a number of recent Central Bank
updates including some of its post-Brexit requirements for UK
Investment Managers and UK AIFMs, its recent consultations on
performance fees and on changes to the AIF rulebook in relation to
permissible features of closed-ended AIFs, and some clarifications
for unit trust funds in respect of their central register filings.
We also note the passing of the Investment Limited Partnerships
(Amendment) Bill and consider the implications for investment funds
following the Central Bank s thematic inspections on Fitness
3,000 jobs in pipeline due to new finance law Independent.ie 18/12/2020 John Mulligan
An extra 3,000 jobs could be created in Ireland’s fund industry by 2025 after a new financial services bill comes into law, it has been predicted.
Irish Funds, which represents 140 members with $4.9 trillion (€4 trillion) of funds under their umbrella, said the new legislation could attract up to €20bn a year in global private capital to Ireland.
The Investment Limited Partnerships (Amendment) Bill, which has just been passed in the Dáil, should enable companies here to expand their private equity, infrastructure, renewables and property finance offerings.
“This is game-changing in terms of Ireland’s global competitiveness and will enable and drive new business and opportunities, as well as retain business which has previously been lost overseas,” said Pat Lardner, the chief executive of Irish Funds.
Irish funds legislation could create 3000 jobs
Written by Robert McHugh, on 17th Dec 2020. Posted in General
Irish Funds today welcomed completion of a key financial services bill that has been in the works for over five years and is expected to create 3,000 jobs by 2025 while attracting up to €20bn per annum in global private capital.
The Investment Limited Partnerships (Amendment) Bill 2020, passed in the Dáil, is set to accelerate Irish fund industry growth, help firms facilitate the green recovery and open the door for new global private fund market entrants to domicile in Ireland as a key base for European capital raises.