On Sep. 27, IRE CB established streamlined filing process for updates.
IRE CB issued guidelines setting out streamlined filing process for updates to fund names per requirements in ESMA guidelines, regarding Implementation of ESMA’s guidelines on funds’ names using ESG or sustainability-related terms (the guidelines).
And in relation to process clarifications with respect to UCITS and AIFs fund name changes and pre-contractual document -prospectus/supplement/SFDR annex- updates.
Follows Aug. 2024 ESMA published translations in all official EU languages of its guidelines on funds' names using ESG or sustainability-related terms, see #153820.
Overview
The Guidelines set out recommendations for UCITS management companies and AIFMs on use of ESG and sustainability-related terms in the name of a UCITS or an AIF.
Guidelines were issued Aug. 21, 2024, applicable from Nov. 21, 2024 for new UCITS, AIFs; for those existing prior to Nov. 21, 2024, Guidelines apply from May 21, 2025.
Central Bank Approach
To facilitate orderly implementation of the Guidelines, IRE CB established a streamlined filing process for UCITS and AIFs seeking a change of name and for updates to fund prospectuses, supplements, SFDR annexes per requirements within the Guidelines.
UCITS management companies and AIFMs -collectively managers- will be required to certify compliance with the Guidelines via an attestation that must be submitted to the Central Bank with the request seeking a change of name of the UCITS or AIF.
Overarching Expectations
Streamlined filing process limited to name changes for UCITS and AIFs to comply with the Guidelines; IRE CB will carry out sample review of submissions via streamlined filing process; changes may be required to fund documentation at a later date.
Effectiveness
Filings must be made within transition period for existing in-scope funds which runs from Nov. 21, 2024 to May 21, 2025; this deadline applies to all UCITS and AIFs.
Regulators
IRE CB
Entity Types
HF; IA; Inv Co
Reference
Gd, PR, 9/27/2024
Functions
Compliance; C-Suite; Environment; Product Design; Social
