In terms of key trends for Irish funds in 2022, we expect to see continued interest in the investment limited partnership with a number of managers establishing Irish funds using this structure since the implementation of practical improvements in early 2021. Liquidity is set to continue being a key focus for regulators with proposals relating to liquidity management tools forming part of the proposed amendments to AIFMD and the UCITS Directive currently going through the EU's legislative process and liquidity mismatches being one of the two principal issues being considered by the Central Bank as part of its consultation on macro-prudential measures for the property fund sector. Outsourcing is another key area of focus – the Central Bank published its cross-sectoral guidance on outsourcing in December 2021, the proposed amendments to AIFMD and the UCITS Directive include proposals relating to delegation and ESMA plans to launch a discretionary peer review on delegation and outsourcing in 2023.
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