Ireland Cross-Border Fund Distribution - Update

Following on from our recent publication (click here) and in advance of the forthcoming EU elections, the European Parliament voted on 16 April 2019 to adopt the trilogue agreement on the Commission's initiatives to ease cross-border distribution of collective investment schemes.

The legislative texts will enter into force 20 days after their official publication in the Official Journal and in light of the 24 month transposition period the current expectation is that the new regime will go live in 2021.

ESMA has been mandated to develop implementing technical standards within 18 months of entry into force of the Regulation to determine standard forms, templates and procedures for the publications and notifications provided for therein.

EFAMA has also issued a statement welcoming the Parliament's decision to adopt the new harmonising regime and the recognition of the need to postpone the application of the PRIIPs disclosure regime for UCITS by two years.