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The Central Bank of Ireland (the "Central Bank") has issued its latest markets update which includes a revised Process Clarification for updates to UCITS and AIF pre-contractual documents to ensure consistency with the disclosures included in the annexes laid down in Commission Delegated Regulation (EU) 2023/363 (the "Delegated Regulation"). The Delegated Regulation came into force on 20 February 2023 and amends the regulatory technical standards contained in Commission Delegated Regulation (EU) 2022/1288, in particular reflecting the inclusion of gas and nuclear activities in the Taxonomy Regulation and other corrections.
This streamlined filing process is only available for certified updates to pre-contractual documents related to:
- Commission Delegated Regulation (EU) 2023/363,
- other SFDR Level 1 or 2 requirements,
- updates to ensure consistency with the disclosures included in the annex laid down in the Commission Delegated Regulation (EU) 2022/1288, or
- other SFDR related updates that arise due to clarifications from European Commission, ESAs or Central Bank.
Any other changes must comply with the usual Central Bank review process for the relevant fund and should be submitted to allow sufficient consideration time.
This streamlined process will not apply in the case of SFDR re-classifications or for any new fund/sub-fund application that has been made with the Central Bank for which the disclosures made in relation to SFDR requirements will be reviewed as part of the normal review processes. The Central Bank will apply a version of the streamlined process where the SFDR related updates also involves a change of name, provided the submission includes the attestation referenced.
The Central Bank also indicates it will keep the submission of the revised documents under review, that it intends to incorporate these changes in the proposed review of a sample of the submissions received in respect of the recent SFDR Level 2 updates and that the streamline process will be time limited.
This is a welcome clarification for industry as the process is similar to previous SFDR fast-track filings facilitated by the Central Bank with no hard deadline, although filings should "be submitted as soon as possible and at the earliest available opportunity".
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
