Welcome to the August 2025 edition of our Asset Management & Investment Funds Update.
In this month's edition we look at:
- Dates & Deadlines: Q3 2025 / Q4 2025
Stay ahead of upcoming deadlines and key dates with our legal & regulatory tracker. - Sustainability risks and disclosures: ESMA final
report
ESMA released its final report dated 30 June 2025 on the common supervisory action on the integration of sustainability risks and disclosures (CSA). While there was a satisfactory level of compliance with the framework on the integration of sustainability risks and disclosures, ESMA considers that there is room for improvement based on some vulnerabilities found by national competent authorities (NCAs) in the course of the review. - UCITS eligible assets review: ESMA final report
As reported in the July 2025 update, ESMA issued its technical advice to the European Commission (EC) on revising the UCITS Eligible Assets Directive (EAD). ESMA's technical advice is non-binding and the current regulatory environment for UCITS eligible assets continues to operate as is. - ESMA thematic notes on sustainability claims:
mitigating greenwashing
ESMA has released the first of four thematic notes on clear, fair and not misleading sustainability-related claims for financial services firms. It relates to ESG credentials in non-regulatory communications such as fact sheets. The notes do not create new disclosure requirements and apply to non-regulatory oral and written communications such as marketing materials and voluntary reporting. - Updates to European and Irish CSRD legislation
The European Commission has adopted a proposal for a "Quick Fix Regulation" to support "wave one" companies reporting under CSRD. Wave one companies include insurance companies and credit institutions. The Quick Fix Regulations comes in the wake of the "Stop the Clock" Directive which postponed reporting requirements under CSRD by 2 years for "wave two" and "wave three" companies which includes large companies and listed SMEs. - Central Bank of Ireland improved reporting mechanism
– Beneficial ownership register
The CBI has circulated an update in relation to a new reporting mechanism for the Beneficial Ownership Register for certain financial vehicles, including ICAVs, unit trusts, CCFs and ILPs (CFVs). - ESMA UCITS Q&A performance fees for feeder
funds
ESMA has published a Q&A confirming that a feeder fund cannot charge a performance fee to investors. - ESG ratings regulation: potential implications for fund
management companies
The ESG Ratings Regulation, which come into effect from July 2026 aims to standardise the ESG ratings landscape. Based on the provisions of the regulatory technical standards published in May 2025, some fund management companies may be in scope based on their use and disclosure of in-house rating systems. - Continuing supervisory focus on certain fund cohorts:
Central Bank of Ireland financial stability review for 2025
The CBI financial stability review for 2025 includes commentary on the Irish NBFI sector during increased market volatility in April 2025. - ESMA T+1 webpage
ESMA has created a webpage which is a useful resource for tracking the progress of activities related to shortening the settlement cycle to T+1 in the EU.
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