Asset Management and Funds

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

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:

 

Central Bank Information Note on SFDR

 

ESG disclosures now a priority for ESMA

 

ESMA Releases Common Enforcement

 

Fund costs and ESG

 

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

 

SFDR Level II Finalised

 

RTS Issued – Further details of EU requirements for Green Funds Released

 

EU ESG Regulatory Update

 

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

 

 

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:

 

Article 60 submissions by the Irish DPC

 

Record Fine for Meta

 

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

 

GDPR and the Funds Industry

 

 

Liquidity:

 

UCITS Liquidity and the Risk Management Framework

 

Irish Fund Directors Association Q&A on UCITS Liquidity

 

 

Cryptos:

 

Final draft agreed for the Markets in Crypto-Assets Regulation

 

Crypto Funds in Ireland

 

Central Bank More Accepting of Limited Crypto-Exposure for Funds

 

New Central Bank Warning on Cryptos

 

 

Litigation and Enforcement:

 

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

 

 

General:

 

ECJ Rules Publication of Beneficial Owner

 

Two New Q&A’s for the Central Bank AIFMD

 

Central Bank of Ireland clarifies its Priorities and Focus

 

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

 

CL Presentation Mancos

 

Regulatory-update-ESG-Investing-July2022

 

Overview of the ICAV

 

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

Partner

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.

More about Mark Browne