The role of the Funds section within the Markets and Securities Unit is to:

  • Monitor and engage in the EU legislative process as it relates to investment fund structures;
  • Development primary and secondary domestic legislation; and
  • Engage with all of the relevant stakeholders in the investment funds regulatory sphere including the European Institutions, other Government Departments, the Central Bank and relevant Industry representative bodies.

The following are the main EU financial services files which the Funds section is currently engaged with:

Undertakings for Collective Investment in Transferable Securities Directive (UCITS V)

UCITS V makes a number of changes to the main Undertakings for Collective Investment in Transferable Securities (UCITS) Directive in the following areas:

  • Depositary Eligibility
  • Re-use
  • Standard of Depositary Liability
  • Sanctions

Packaged Retail Investment Products Regulation (PRIPS)

PRIPs aims to provide simplified information to investors in retail investment products that come in ‘packaged’ form, where the products intercede between the investor and the markets through a process of “packaging”, wrapping or bundling together assets so as to create different exposures, provide different product features, or achieve different cost structures, as compared with a direct holding.

European Long-Term Investment Funds Regulation (ELTIFS)

ELTIFs sets out a new investment fund framework designed for investors who want to put money into companies and projects for the long term. These funds would only invest in businesses that need money to be committed to them for long periods of time.

Credit Rating Agencies Directive (CRA III)

This Directive amends a number of existing pieces of European legislation to prevent issuers from relying mechanistically on credit ratings agencies. The funds unit deals with those elements of the Directive that effect UCITS and Alternative Investment Fund Managers.

EU Social Entrepreneurship Funds Regulation

The Regulation sets out a new “European Social Entrepreneurship Fund” label, so investors can identify funds that focus on investing in European social businesses.

EU Venture Capital Regulation

The Regulation sets out a new “European Venture CapitalFund” label, so investors can identify funds that focus on investing in European ‘start-up’ businesses.

Money Market Fund Regulation (MMF)

Money Market Funds (MMFs) are an important source of short-term financing for financial institutions, corporates and governments. The MMF Regulation aims to preserve the integrity of the internal market by promoting more resilient and robust MMFs.

Upcoming Proposals from the European Commission:

  • Securities Law Directive

Domestic Legislation

In addition to its work on EU financial services files, the funds unit is responsible for primary and secondary legislation applicable to investment fund structures. As part of this role the unit has been responsible for the recently passed Irish Collective Asset-management Vehicles (ICAV) Act 2015.

Irish Collective Asset-management Vehicles (ICAV)Act 2015

Through the ICAV Actthe funds unit have introduced a new funds structure which will streamline the way in which funds are established and operated. The ICAV Act minimises the administrative complexity and cost of establishing and maintaining collective investment schemes in Ireland and allows Ireland to maintain its competitive advantage as a funds domicile of choice in Europe.

Useful links

Links to the European Commission sites on the following files:


Money Market Funds

EU Social Entrepreneurship Funds

EU Venture Capital Regulations

Packaged Retail Investment Products

Insurance Mediation Directive II

Long-Term Investment Funds

Credit Rating Agencies Directive

Securities Financing Transactions Regulations

Link to the Central Bank of Ireland Collective Investment Schemes site