- English
-
Legal Services
Fiduciary Services
- AIFM & UCITS Management Company Services
- Accounting, Tax & Agency Services
- Commodity Pool Operator Services
- Company Secretarial & Board Support Services
- Conflict Review & Advisory Services
- Directorship Services
- Facilities Agent Services
- Permanent Office Solutions
- Power of Attorney & Proxy Agent Services
- Private Client Services
- Trustee Services
Fund Services
Regulatory & Compliance
-
Americas and Caribbean
Europe
-
PUT YOUR CAREER INTO GEAR
-
ICLG Aviation Law 2024: Cayman Islands
11 Apr 2024
Industry Updates
Central Bank of Ireland Provides Details for Taxonomy Regulation and SFDR Level 2 Fast-Track Processes
23 Nov 2021
On 15 November 2021, the Central Bank of Ireland ("Central Bank") issued a Notice formally confirming its intention to establish a fast-track filing process and also clarified the filing requirements for pre-contractual documentation updates in relation to the Taxonomy Regulation ("TR") and Sustainable Finance Disclosure Regulation Level 2 measures ("SFDR L2").
The TR requirements will apply from 1 January 2022. SFDR Level 1 requirements came into force on 10 March 2021 and SFDR L2 requirements will apply from 1 July 2022. UCITS, RIAIFs and QIAIFs ("AIFs") will have to update pre-contractual documentation accordingly.
Process Clarifications
The fast-track regime will involve a specific filing process and both UCITS management companies and AIFMs will be required to certify compliance, through a prescribed attestation, that the amendments relate to the TR requirements only and do not contain any other amendments to the pre-contractual documentation.
The attestation and the updated pre-contractual documentation must be submitted by email in a prescribed format to a dedicated mailbox.
The Central Bank will note these filings on a same day basis but intends to review / spot-check a sample of submissions received.
Both UCITS and AIFs will have to follow the fast-track process.
The proposed filing deadline for the 1 January 2022 TR requirements is 14 December 2021, although late filings may be permitted on an exceptions basis.
In a positive development, the Central Bank has indicated that it will operate a similar fast-track filing process for SFDR L2 filings and confirmed the window for filings for the SFDR L2 fast-track process will be from 1 April 2022 to 27 May 2022 for the 1 July 2022 requirements.
How can Maples Group help?
The Maples Group has developed language to address the TR disclosures required on 1 January 2022 and is also working with numerous managers to assess the SFDR L2 requirements. If you would like further information, please liaise with the below or usual Maples Group contact or visit our dedicated ESG Hub.
Related Services
Funds & Investment Management
Central Bank of Ireland Provides Details for Taxonomy Regulation and SFDR Level 2 Fast-Track Processes
Related Contacts
Related Articles
-
Industry Updates
ELTIF 2.0 - A Welcome Communication on the Draft RTS from the European Commission
11 Apr 2024
-
-
Industry Updates
New CSSF Circular on NAV Calculation Error and Other Breaches
04 Apr 2024
-
Technical Publications
Considerations for Canadian Managers Operating Non-Canadian Funds
26 Mar 2024
-
-
-
Industry Updates
Cayman Islands Update: Upcoming Fundamental Changes to Beneficial Ownership Regime
12 Mar 2024
-