Response to consultation on integrating sustainability into UCITS, AIFMD and MiFID6 July 2020
Irish Funds has responded to the European Commission’s call for feedback on the set of draft Delegated Acts requiring the integration of sustainability risks and factors across UCITS, AIFMD and MiFID (product governance and investment advice and organisational requirements).
Irish Funds has broadly welcomed the draft Delegated Acts which follow a principles-based approach and reflect ESMA’s technical advice to the European Commission.
The draft Delegated Acts will integrate sustainability risks and factors across product governance, investment advice, organisational requirements, due diligence and risk management.
Following closure of this consultation on 6 July 2020, the Commission will adopt the Delegated Acts and the scrutiny period for the Delegated Acts will begin, during which the European Parliament and Council can either approve or reject the texts in their entirety. The Delegated Acts will apply 12 months after publication in the EU’s Official Journal.