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22 July 2026

Funds Focus – July 26

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William Fry

Contributor

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.
This July 2026 edition of Funds Focus examines critical regulatory developments affecting asset management and investment funds, including new CBI UCITS Regulations, ESMA's risk management supervision initiative, and the EU Retail Investment Strategy updates. The briefing provides fund managers with essential compliance deadlines, regulatory changes, and supervisory actions that will shape the investment funds landscape in the coming months.
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Welcome to the July 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.
  • New CBI UCITS Regulations
    On 7 July 2026, CBI UCITS Regulations 2026 were published with immediate effect, repealing and replacing the 2019 Regulations.
  • ESMA Risk Management function CSA
    ESMA is launching a Common Supervisory Action on the risk management function of UCITS management companies and Alternative Investment Fund Managers across the European Union.
  • CBI Delegation review
    The CBI provided a high-level overview of the findings from its 2025 delegation review of Fund Management Companies to Irish Funds. The full industry report is expected in July.
  • EU Retail Investment Strategy update
    The EU Retail Investment Strategy package was endorsed by the European Council in June 2026. Updates include value-for-money proposals for retail UCITS and AIFs and PRIIPs KID changes.
  • EU Markets Integration and Supervision Package update
    Draft amendments in June 2026 to the European Commission’s MISP proposal by representatives of the European Parliament’s Economic and Monetary Affairs Committee.
  • CBI Authorisations and Gatekeeping report
    The CBI published the third edition of its Authorisations and Gatekeeping Report providing a comprehensive overview of authorisation and gatekeeping activity across all regulated sectors in 2025.
  • ESMA MiFID conflicts of interest in distribution CSA
    ESMA will launch a common supervisory action in 2026 with national competent authorities on conflicts of interest in the distribution of financial instruments.
  • Money Market Fund consultation
    The CBI recently published a consultation paper on Guidance on Money Market Fund Weekly Liquid Assets levels (CP168).
  • UCITS Regulations: update to derivatives classification
    Amended UCITS Regulations classifying derivatives as centrally or non-centrally cleared with a CCP authorised or recognised under EMIR instead of either exchange-traded or over-the-counter.

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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