IRE CB issued process clarification document for UCITS and AIFs in respect of EU ESMA's guidelines on funds' names using ESG or sustainability-related terms.
Follows ESMA Aug. 2024 published translations in all the official EU languages of its Guidelines on funds' names using ESG or sustainability-related terms, see #153820.
Background
ESMA's guidelines set out recommendations for UCITS management companies and AIFMs on the use of ESG and sustainability-related terms in name of UCITS or AIF.
Guidelines were issued Aug. 21, 2024, apply from Nov. 21, 2024 for new UCITS, AIFs.
For UCITS and AIFs existing before Nov, 21, 2024, will apply from May 21, 2025.
IRE CB Approach
To facilitate orderly application of ESMA Guidelines, IRE CB has established streamlined filing process of UCITS and AIFs seeking a change of name, and for updates to fund prospectuses, supplements and annexes based on requirements in the Guidelines.
UCITS management companies and AIFMs will be required to certify compliance with Guidelines via attestation submitted along with request for UCITS/AIF name change.
Streamlined filing process limited solely to name changes required in order to UCITS and AIFs to comply with the Guidelines, other changes made as per usual process.
IRE CB update notes documents that need to be filed for name change requests, format for email filing, deadline for filings regarding existing funds re Guidelines.
Funds using streamlined process should allow 10 business days for the process.
Effectiveness
For existing funds, filings must be made in transition period, i.e. up to May 21, 2025.
The streamlined process for name changes will cease to exist after that date.
Regulators
IRE CB
Entity Types
HF; IA; Inv Co
Reference
Gd, PR, 9/27/2024; ESMA34-1592494965-657; ESG
Functions
Compliance; Environment; Financial; Product Design; Reporting; Risk; Social
