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Irish Funds MiFID II Q&A and other MiFID II-related developments

6 September 2017

Irish Funds has published a Q&A document on MiFID II (member login required) which addresses implications for the Irish funds industry. Q&A are included on:

  • General scoping matters
  • Inducements, payments for research and disclosures of costs
  • Product governance
  • Investment Managers/Advisers of AIFs/UCITS

The Q&A also sets out action points for UCITS Management Companies (“ManCos”) and AIFMs to consider.

MiFID II does not apply directly to UCITS ManCos and AIFMs which are not authorised to carry out MiFID investment services. However, UCITS ManCos and AIFMs typically contract with service providers who provide MiFID investment services in respect of Irish UCITS and AIFs as part of a delegation model framework. The Q&A has been prepared by the Irish Funds MiFID II Working Group to assist these UCITS ManCos and AIFMs with regard to matters relating to the implementation of MiFID II. As industry progresses with the implementation of MiFID II by 3 January 2018, further Q&As may be published in order to address issues arising. The MiFID II WG continues to monitor and engage on MiFID II implementation.

Irish MiFID II Regulations

On 15 August 2017 the Department of Finance issued S.I. No. 375 of 2017 transposing MiFID II (the “Irish MIFID II Regulations”). The MIFID II Working Group continues to analyse these Regulations, which largely mirror MiFID II. While a number of technical amendments may be desirable, no major substantive issues have been identified to date. The publication of the Irish MiFID II Regulations follows the publication of the Department of Finance’s Feedback Statement on MIFID II in July 2018.

European MiFID Template

It should be noted that EFAMA has endorsed and published the European MiFID Template (“EMT”), a MiFID information exchange template jointly designed by European product manufacturers.

The template includes data fields for product manufacturers to provide to distributors to help them fulfil the new regulatory requirements. The use of this template is not compulsory and is free of intellectual property and copyright. A copy of the template is available on the EFAMA website.

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