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

Q2 Asset Management and Funds Update 2023


Q1 Asset Management and Funds Update 2023


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


Costs and Charges:


Central Bank Update on UCITS Costs and Fees


Fund costs and ESG


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


New ESMA Opinion on Undue Costs for Funds





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


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


ESAs Progress Reports on Addressing Greenwashing





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


New EU Retail Investment Package


ESMA Guidelines on MiFID II





GDPR Decision may facilitate EU-US Data Transfers


Further GDPR Fines for Meta


Meta fined another €265 million for GDPR breach


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- Largest Ever Fine Issued


EU-US Data Privacy Framework


GDPR and the Funds Industry


Tik Tok Challenges GDPR Fine





UCITS Liquidity and the Risk Management Framework


Irish Fund Directors Association Q&A on UCITS Liquidity





New Guidance for Irish Crypto AIFs


Central Bank clarifies position on Crypto-UCITS


Crypto Fund Update from Irish Regulator


ESMA Response to FTX Collapse


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


MiCA Goes Live



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


Largest Ever Whistleblower Payout


Jail for Irish Investement Fraud


Penalties for Whistleblower Retaliation


Irish State Litigation Principles


Central Bank updates


PRIIPs KIDs – New Q&A issued


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





New Rules for ELTIFs Adopted


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


New Regulatory Agreement between the EU and UK


ELTIF Draft Regulatory Technical Standards Issued


Features of ELTIF 2.0 Regulation


New Irish Client Asset Rules Effective






Crowdfunding Regulations – New Questions and Answers


Central Bank Consultation Paper 154


MiFID II-Briefing on advice





CP86 and Appointing a Fund Management Company


Key Considerations in Assessing a Third-Party Entity to be appointed as a Fund’s Management Company




Key Considerations When Launching a Fund on a Third-Party UCITS or AIFMD Compliant Platform



Recent Presentations


CL Presentation on Mancos




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


AIMA Ireland members update


Investment Limited Partnership Structure

International perspectives on limited partnership structures (including the ILP)





Mark Browne


Mark Browne is a partner in Clerkin Lynch LLP 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 LLP 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.

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