ARTICLE
26 June 2026

Funds Focus - June 26

WF
William Fry

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William Fry is a leading corporate law firm in Ireland, with over 350 legal and tax professionals and more than 500 staff. The firm's client-focused service combines technical excellence with commercial awareness and a practical, constructive approach to business issues. The firm advices leading domestic and international corporations, financial institutions and government organisations. It regularly acts on complex, multi-jurisdictional transactions and commercial disputes.
A comprehensive regulatory update for asset management and investment funds covering ESMA reports, Central Bank of Ireland reviews, SFDR 2.0 developments, and key compliance deadlines for Q2 2026.
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Welcome to the June 2026 edition of our Asset Management & Investment Funds update – ‘Funds Focus’.

In this month’s edition we look at:

  • Key Dates & Deadlines: Q2 2026
    Stay ahead of upcoming deadlines and key dates with our legal & regulatory tracker along with possible dates and impacts for fund managers.
  • ESMA report on compliance and internal audit functions
    ESMA released a report following its Common Supervisory Action on the establishment of effective compliance and internal audit functions in the investment management sector.
  • ESMA report on MiFID sustainability aspects
    ESMA released the results of its Common Supervisory Action on how sustainability is integrated into firms’ suitability assessment and into processes and procedures for product governance.
  • CBI letter on Depositaries’ risk management assessment of FMCs
    The letter follows a Thematic Review to assess how Depositaries apply UCITS and AIFMD requirements to assess risks associated with fund management company organisation at onboarding and on an ongoing basis.
  • CBI thematic review: Compliance function MiFID firms
    The CBI released findings from its Thematic Assessment: Compliance Function in the MiFID Investment Firm Sector. The CBI sent the report directly to any firms directly involved in the thematic review process.
  • ESMA T+1 consultation
    ESMA launched a consultation on the updated guidelines on standardised procedures and messaging protocols used between investment firms and their professional clients under CSDR.
  • CBI Notice of Intention: ESMA LMT Guidelines
    The CBI published a notice of intention regarding application of ESMA’s Guidelines on LMTs of UCITS and open-ended AIFs. The CBI expects full compliance with the Guidelines from 7 May 2026.
  • IOSCO report on valuing open-ended funds
    IOSCO published a report setting out 13 recommendations to enhance the reliability, consistency and transparency of valuation practices across global investment funds.
  • European Commission Money Market Fund report
    The European Commission published a report on the adequacy of the MMF Regulation from a prudential and economic perspective.
  • SFDR 2.0; European parliament and Council proposals
    The European Parliament has released its draft proposed edits to SFDR 2.0 and the European Council has also given preliminary indications of its position.

Click the pdf below to download our full briefing. 

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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.

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