Irish Funds and Regulatory Update Q1 2024

In this edition we cover updates from the CBI, the Irish Government and the European Union. Our highlights are as follows:

• The independent Irish Financial Services Appeals Tribunal rejects the CBI’s handling of a PCF approval application. The decision published by the Tribunal found that the CBI’s decision and its decision-making process were both flawed. The Tribunal has returned the PCF application to the CBI for further consideration and re-assessment.
• The CBI issued a dear chair letter on asset valuation setting out findings arising from the 2022 ESMA CSA on net asset valuation under the UCITS Directive and AIFMD.
• Ireland is ELTIF 2.0 ready as the CBI include a new chapter in the AIFM rulebook catering for ELTIFS.