We advise on the structuring, establishment and ongoing operation of investment funds in Ireland, including UCITS and Alternative Investment Funds, for international distribution. We assist clients in liaising with and obtaining appropriate regulatory authorisations from the national regulatory authority, the Central Bank of Ireland. We also advise on issues affecting clients throughout the asset management and broader financial sector, including with regard to AML, MiFID, crypto-currencies, distance selling and internet-based products and investments. ESG is an area of particular focus for the practice and one the team has specific expertise in.
The Asset Management and Funds team liaises with other departments of the firm, including Banking and Financial Services, Corporate, Data Protection and Technology to assist clients with a comprehensive range of legal services when appropriate. The result is ensuring that client issues can be addressed in a seamless and efficient manner. We only provide Irish legal services but work though our network of international legal firms to provide comprehensive cross border legal services, as and when required, to provide cost efficient solutions in related contexts.
In addition to advising on transactional work and obtaining regulatory authorisations, we advise financial service providers and corporations on the complex regulatory issues and the potential litigation problems that can arise from breach of such regulations in a solutions driven manner.
Recent Publications:
Quarterly Funds Update
Q4 Asset Management Funds Update 2022
Asset Management Legal Updates Q3 2022
Asset Management Legal Updates Q2 2022
Asset Management Legal Updates Q1 2022
Asset Management Legal Updates Q4 2021
Asset Management Legal Updates Q3 2021
Legal Updates
ESG:
ESMA Consults on ESG Related Fund Names
ESAs launch joint call for evidence on greenwashing
Central Bank Information Note on SFDR
ESG disclosures now a priority for ESMA
ESMA Releases Common Enforcement
Central Bank Clarifies Fast Track Process
ESAs propose new disclosures for aspects of SFDR
Supervisory Authorities issue Clarifications on SFDR RTS
Guidance for Regulators on Application of ESG laws
ESG Manco Deadline Fast Approaching
RTS Issued – Further details of EU requirements for Green Funds Released
Central Bank Focus on Greenwashing
Distribution:
New MiFID II Suitability Rules
ESMA Focus on Reverse Solicitation
New Requirements for Marketing European Investment Funds
EU’s New Cross-Border Distribution Framework – Local Facilities in Member States
Pre Marketing of Investment Funds – Updated Guidance
Central Bank focus on Investor Suitability under MiFID
ESMA Clarification on Fund Marketing
Further Regulatory Focus on Marketing Communications
Costs:
Updated ESMA Report on Fund Costs and Fees
Regulatory Focus on Fund Charges
Costs and Charges under MiFID II
Central Bank Structured Retail Product Review
GDPR:
Meta fined another €265 million for GDPR breach
Article 60 submissions by the Irish DPC
GDPR Fine of €17 million for META
GDPR article – data access requests
GDPR and Data Breach Notifications – Updated Guidance
Data Protection and GDPR New Standard Contractual Clauses
Liquidity:
UCITS Liquidity and the Risk Management Framework
Irish Fund Directors Association Q&A on UCITS Liquidity
Cryptos:
Crypto Fund Update from Irish Regulator
Final draft agreed for the Markets in Crypto-Assets Regulation
Central Bank More Accepting of Limited Crypto-Exposure for Funds
New Central Bank Warning on Cryptos
Litigation and Enforcement:
Further Legal Support for Irish Whistle-blowers
INED Directors held personally liable for Company Fraud
Central Bank Fines UCITS ManCo Regulatory Breaches
Bank of Ireland Fined €100m for regulatory breaches
Central Bank imposes €1.82 million fine on Danske Bank
AML – New Guidance on Penalties for Breaches
Record Fine by Irish Financial Regulator
Central Bank updates
Central Bank Update on UCITS Costs and Fees
Central Bank issues Consultation on SEAR
Central Bank Updates Marketing Rules for Funds
Central Bank Announces New Filing Process for SFDR Update
PRIIPs and UCITS – Updated Guidance
PRIIPs KIDs – New Q&A issued in the Central Bank AIFMD Guidance
Pre-submission process for a Qualifying Investor AIF Central Bank of Ireland
Two New Q&A’s for the Central Bank AIFMD
Central Bank of Ireland clarifies its Priorities and Focus
New Rules for Irish Property Fund Sector
General:
AIFMD Reform Proposals Approved
Crowdfunding Regulations Questions and Answers
ECJ Rules Publication of Beneficial Owner
Central Bank focuses on Payment and Electronic Money Firms
CP86 Compliance – Is a Plan B Required?
Investment Funds and the Irish Property Market
Articles:
CP86 and Appointing a Fund Management Company
Key Considerations in Assessing a Third-Party Entity to be appointed as a Fund’s Management Company
SMICs-Appointing-an-Affiliated-Management-Company-Key-considerations-for-Boards
Key Considerations When Launching a Fund on a Third-Party UCITS or AIFMD Compliant Platform
Recent Presentations
Regulatory-update-ESG-Investing-July2022
Regulatory Enforcement Issues Presentation to Irish Fund Directors Association
AIMA Webinars featuring Mark Browne
Financial services between the EU and Switzerland: Latest updates
https://www.aima.org/regulation/regulatory-webinars.html
AIMA Ireland members update
https://www.aima.org/regulation/regulatory-webinars.html
Investment Limited Partnership Structure
International perspectives on limited partnership structures (including the ILP)
https://www.aima.org/regulation/regulatory-webinars.html
Mark Browne is a partner in Clerkin Lynch and head of the Asset Management and Funds Department. Mark has in excess of fifteen years related experience and has worked in a number of the world’s leading fund domiciles. Prior to joining Clerkin Lynch to lead this Department Mark had been a partner in both a large Irish and an international law firm where he specialized in advising on related legal issues.