5 June 2026
Deadline for transposition of the Listing Directive (Directive (EU) 2024/2811)
Asset Management Essentials: Ireland - Q2 2026
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This briefing gives a practical overview of recent legal and regulatory developments for the asset management industry in Ireland, including key actions you should take in each case.
If you require further detail about any of the below updates and how they affect you and your business, get in touch with our Ogier key contacts below.
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Newsletter contents
Ireland updates
EU updates
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EU 2026 priorities
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European Commission's 2026 Work Programme
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Recent Commission Delegation Regulations
The European Supervisory Authorities (the ESAS)
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European Securities and Markets Authority (ESMA)
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European Banking Authority (EBA)
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Anti-Money Laundering Authority (AMLA)
2026-2027 timeline for EU Directives and Regulations
Key Ireland updates
Central Bank of Ireland (CBI) updates
CBI 2026 priorities
The Central Bank of Ireland (CBI) initially set out its regulatory and supervisory priorities for 2026 in a letter to Tánaiste and Minister for Finance Simon Harris, which provided detailed advice to the Government on building resilience in the face of unprecedented uncertainty. Our article provides practical guidance for firms on how to prepare for desktop or onsite inspections, based on the priorities in the CBI's letter: Regulatory outlook 2026: the Central Bank of Ireland’s priorities explained.
The CBI also published a full Regulatory and Supervisory Outlook for 2026, with the key priorities for 2026 being:
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maintaining and building resilience to geopolitical and macro-financial uncertainties
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securing consumer and investor interests
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responding to technological-driven transformations
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addressing environmental and societal transitions
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enhancing regulation and supervision
We collated the key priorities for the Irish funds sector, highlighting areas of regulatory focus and providing practical tips for meeting supervisory expectations in this article: A comprehensive review of the Central Bank of Ireland’s 2026 regulatory agenda
Key actions to take: The CBI has identified various regulatory focus areas for 2026 that require firms’ attention. Key areas include:
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reviewing current governance and risk management processes
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stress testing and updating operational and cyber resilience mechanisms
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ensuring adequate oversight of asset valuation; contingency planning and liquidity; and leverage risk reviews
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conducting comprehensive reviews of product costs and disclosures to ensure adequate justification
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implementing enhanced controls around data management and AI frameworks
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maintaining up-to-date ESG risk management plans
Thematic inspection of outsourcing risk
On 6 March 2026, the CBI issued an industry letter regarding the thematic inspection of outsourcing risks for Fund Service Providers (FSPs) which was conducted in 2025. The inspection assessed the outsourcing oversight framework established by FSPs and identified that deficiencies continue to exist in this area. Appendix 1 of the Industry Letter sets out some general (non-exhaustive) good practices observed during the thematic inspection.
Key actions to take: FSPs must strengthen their outsourcing oversight frameworks by adopting robust governance, regular risk assessments, and comprehensive documentation to meet CBI expectations and mitigate operational risk.
AIFM loan origination authorisation process note
On 29 January 2026, the CBI published a process note setting out a streamlined application process for extending authorisation of alternative investment fund managers (AIFMs) managing loan origination AIFs ahead of the AIFMD II effective date.
All AIFMs wishing to continue managing AIFs that originate loans after 16 April 2026 need to seek specific authorisation from the CBI to undertake loan origination as an AIFM function. AIFMs should ensure that their frameworks for loan origination and policies and procedures meet the requirements when formally submitting an application to the CBI.
Key actions to take: AIFMs should review and update loan origination policies and procedures now to ensure they meet the new standards, begin preparing the application and supporting documentation, and engage with the CBI to avoid any interruption of business.
CBI on tokenisation
On 5 March 2026, the CBI published a discussion paper on Distributed Ledger Technology & Tokenisation in Financial Services (DP12). The paper explores the potential benefits, practical enablers, legal and operational risks, and regulatory challenges associated with integrating Distributed Ledger Technology (DLT) and tokenisation into the Irish and European financial services ecosystem. It further notes how these technologies could make financial markets more efficient, transparent, and innovative. The CBI invites feedback from stakeholders on specific questions to inform future policy and regulatory approaches. Submissions remain open until 5 June 2026 following which the CBI intends to publish a feedback statement.
Key actions to take: The paper highlights a need for clear legal frameworks, robust governance, operational resilience, and appropriate oversight to balance innovation with financial stability, consumer protection, and market integrity. Firms should submit feedback where appropriate and monitor further updates in this area.
Fitness and Probity Regime
The CBI published its consultation on Prohibition Notices Under the Fitness and Probity Regime and is now seeking stakeholders' views to supplement its existing guidance on the main "Fitness and Probity Investigations, Suspensions and Prohibitions" in relation to imposition, termination, cessation and publication of prohibition notices.
Key actions to take: Firms should ensure that their Fitness and Probity frameworks and procedures are robust and responsive to address the proposed CBI guidance on the imposition, management, and publication of prohibition notices.
Consumer Protection Code
The CBI has revised the 2012 Consumer Protection Code and published the Consumer Protection Code 2025 (the Code), which came into force on 24 March 2026. It outlines rules and business standards that regulated firms must follow when dealing with certain types of customers. The CBI has published an FAQ document covering a number of key areas within the Code, including:
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scope and application of the Code
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application of the Code to credit intermediaries
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definition of consumer vs personal consumer
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requirement for suitability statements for unsecured lending products
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trusted contact person
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complaints
Key actions to take: Firms should actively review the Code and FAQs and ensure compliance by updating terms and conditions, website disclosures, record retention procedures, staff training and communication with customers.
AIF and UCITS updates
The enabling Statutory Instruments transposing AIFMD II have been signed by the Tánaiste and became effective on 1 May 2026 (S.I No. 181 of 2026 and S.I No. 182 of 2026).
The updated CBI AIF Rulebook (the Rulebook) was published on by 5 May 2026, incorporating AIFMD II – (Directive (EU) 2024/927) and includes updated rules for RAIFs, QIAFs, ELTIFs, AIFMs and AIF depositaries.
The Rulebook establishes core compliance requirements which must be adhered to. Key areas of change include a new loan origination framework, liquidity management tools, rules on the use of subsidiaries, alignment between ELTIF and QIAIF guidelines and the structuring of QIAIFs.
Notably, there has been a removal of the prohibition on QIAIFs acting as guarantors for third-party obligations and third-party security. You can read more about this in our recent article: Central Bank of Ireland's AIF Rulebook - reforms bring welcome development for fund finance transactions.
The main significant changes that the Rulebook has introduced for Irish QIAIFs is outlined in our industry insight: Central Bank of Ireland AIF Rulebook overhaul - strengthening Ireland’s position in private assets, credit funds and alternatives.
Key actions to take: The Rulebook contains key requirements and guidance for compliance with AIFMD II. Firms may need to enhance internal policies and fund documentation following the update.
The CBI has published a process clarification for updates to fund documentation for UCITS and AIFs arising from AIFMD II which provides guidance for updating and filing fund documentation for both UCITS and AIFs looking to make fund documentation updates to comply with AIFMD II. It only applies to existing funds for non-material amendments to prospectuses, supplements and constitutional documents. The filing window opened on 2 March 2026, with no confirmed or fixed closing date for the fast-track process but it is anticipated that CBI will give advance notice.
The CBI has also released updates to certain forms including the UCITS section 1 form, ELTIF application form, RIAIF section 1 and QIAIF sections 1 and 2 forms. The updated forms can be accessed here: UCITS and AIFs.
- On 19 February 2026, the CBI published a Guide to Submitting DORA Registers on the CBI's Portal.
Key actions to take: Financial entities subject to DORA must submit an annual Register of Information detailing all contractual arrangements with ICT third-party service providers, in accordance with Article 28(3) of DORA. The submission must be made via the CBI's Portal within the designated window and using the approved file format and structure. The guide details procedures for avoiding, identifying, and resolving common submission and validation errors. Firms should closely follow EBA technical standards, FAQs, and sample files. Many errors can be avoided by frontloading submissions and following referenced materials. -
In March 2026, the CBI published this notice of intention outlining proposed changes to the Minimum Competency Code 2017 to incorporate crypto-asset knowledge and competence requirements, aligning with the ESMA MiCA Guidelines. The changes will apply from 28 July 2026 (same date as the application of the ESMA MiCA Guidelines) and will bring CASP staff within the same competency framework that already applies to other regulated investment and financial services staff. Standards apply to staff who give information or advice.
Some existing providers will be able to avail of transitional grandfathering periods.
- In April 2026, the CBI published a guide on Good Practices in respect of incorporating implicit costs into the calibration of price-based LMTs (P-LMT). The document does not relate to any tool specifically but rather offers considerations which managers should make when calibrating the use of LMTs. The ESMA Guidelines set out that the market impact of a transaction should be used to price in the P-LMTs, such as swing pricing, anti-dilution levies, dual pricing and redemption fees. The guide aims to give managers guidance on how to estimate the cost of liquidity, with a focus on how to estimate the market impact of transactions.
Key actions to take: By focusing on the effect of transactions, the guidance supports firms in accurately calculating and incorporating expected market impact into each P-LMT. This not only promotes more robust risk management and pricing practices but also ensures compliance with regulatory expectations, which can assist firms avoid potential supervisory issues.
CBI Board Effectiveness Review
The CBI has published its Board Effectiveness Review through the Lens of Diversity and Inclusion. The report examines the effectiveness of fund management company boards, focusing specifically on how diversity and inclusion (D&I) influences governance, oversight, and decision-making. The CBI outlines that board effectiveness is a key element of good governance and that D&I strengthens boards by bringing a wider range of perspectives and skills. The review encompasses board and senior management composition, the board evaluation process, succession planning, strategic decision-making, and broader D&I practices such as policy, reporting, and training.
Our article provides some key takeaways for consideration: D&I in focus: key considerations for governance among Irish fund managers
Key actions to take: Firms should proactively assess and strengthen board effectiveness by fully integrating diversity and inclusion into their governance processes and decision making.
Irish legislative updates
Upcoming changes
In October 2025, the Department of Finance published a statement on the outcome of the public consultation on the transposition of Directive (EU) 2023/2673 on distance marketing of consumer financial services in relation to five national discretions in the Directive. Directive (EU) 2023/2673 will be transposed into Irish law primarily by amendments to the Consumer Rights Act 2022. The date for transposition was 19 December 2025, (with measures taking effect from 19 June 2026), however transposition has not yet occurred. The European Commission has recently opened several infringement proceedings against Ireland including a formal letter of notice for failing to communicate the complete transposition of this Directive.
Key actions to take: Firms that provide consumer financial services at a distance, such as online or telephone sales of financial products to consumers should assess whether their activities fall within scope. If so, carry out a gap analysis against existing frameworks and potentially update policies, procedures, and client documentation where necessary once transposition occurs, to ensure compliance by the effective date.
New Irish Statutory Instruments (S.I.s)
S.I. No.20 of 2026: The Central Bank Reform Act 2010 (Section 20 and 22) (Amendment) Regulations 2026 came into operation on 10 February 2026 and amend the Central Bank Reform Act 2010 (Sections 20 and 22) Regulations (S.I. No 437 of 2011) (the 2011 Regulations). These Regulations replace Schedule 2 to the 2011 Regulations dealing with Pre-Approval Controlled Functions.
S.I. No. 111 of 2026: The Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Consumer Protection) (Amendment) Regulations 2026 amend the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Consumer Protection) Regulations 2025, the purpose of which is to prescribe CBI consumer protection requirements.
S.I. No. 81 of 2026: European Union (Markets in Financial Instruments) (Amendment) (No.2) Regulations 2026 will come into operation on 31 August 2026 and amends the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017) (the 2017 Regulations). They amend Schedule 3 of the 2017 Regulations which deal with safeguarding client financial instruments and funds.
S.I. No. 80 of 2026: European Union (Markets in Financial Instruments) (Amendment) Regulations 2026 will come into operation on 31 August 2026 to amend regulations 4 and 36 of the 2017 Regulations which deal with exemptions and client order handling rules, respectively.
The European Single Access Point (ESAP) Framework is a centralised platform, managed by the European Securities and Markets Authority housing required disclosures for entities under the EU financial services regulations. A number of statutory instruments have been introduced under the ESAP Framework:
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S.I. No. 32 of 2026: The European Union (European Single Access Point) Regulations 2026 are already in force and give effect to Regulation (EU) 2023/2859 establishing a European single access point providing centralised access to publicly available (the ESAP Regulation). They designate the CBI, the Registrar of Companies, the Irish Auditing and Accounting Supervisory Authority, the Irish Takeover Panel and the Pensions Authority as collection bodies.
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S.I. No.33 of 2026: The European Union (European Single Access Point) (No.2) Regulations 2026 is partly in force and gives effect to Directive (EU) 2023/2864 amending certain Directives as regards the establishment and functioning of the European single access point (the ESAP Omnibus Directive) and amends a wide variety of Irish statutes. The commencement dates vary depending on the regulation, commencing on either 10 January 2028 or 10 January 2030.
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S.I. 34 of 2026: The European Union (European Single Access Point) (No.3) Regulations 2026 give effect to Regulation (EU) 2023/2869 amending certain regulations as regards the establishment and functioning of the European single access point (the ESAP Omnibus Regulation). The commencement dates vary depending on the regulation, commencing on either 10 July 2026, 10 January 2028 or January 2030. The ESAP Regulation, the ESAP Omnibus Directive and the ESAP Omnibus Regulation were published in the OJ of the EU on 20 December 2023. They collectively amend existing EU financial services, capital markets and sustainability-based legislation to enable the functioning of ESAP.
In December 2025, the Presidents of the European Parliament, Council and Commission signed a Joint Declaration on the EU legislative priorities for 2026 (the Declaration). The Declaration builds on the EC 2026 Work Programme and prioritises legislative steps that focus on boosting the EU's competitiveness and resilience while pursuing simplification goals. The Declaration specifically highlights the savings and investments union proposals and certain simplification proposals which will be focused on by the EU during 2026.
Key actions to take: Firms should review the programme of work to anticipate changes and adjust their compliance and business strategies accordingly.
The 2026 European Commission's Work Programme was published on 21 October 2025 (the Programme). The Programme outlines an ambitious legislative agenda for the coming year and includes the following updates:
Integration proposal
On 4 December 2025, the European Commission adopted a comprehensive package to fully integrate EU financial markets (the Integration Proposal). You can find further information in the European Commission's press release: Commission launches major package to fully integrate EU financial markets
The scope of this proposal package is substantial and amends a number of existing level 1 measures regulating the asset management, trading, post-trading, innovation and the supervisory structure. This includes amendments to the AIFMD and the UCITS Directive. The current iteration of the Integration Proposals would significantly reshape cross-border operations for UCITS management companies and EU AIFMs with benefits like faster passporting, streamlined marketing notifications, an EU depositary passport, simplified EU group delegations' rules, removal of "gold plating" and national discretions as well as enhanced supervisory convergence.
The Integration Proposal also includes proposals amending markets in crypto-assets (MiCA). For example, under the Integration Directive Proposal, there are proposals to move the authorisation of crypto-asset service providers (CASPs) from national crime agencies to the European Securities and Markets Authority (ESMA).
The Integration Proposal will now go to the European Parliament and the Council for consideration. Phased implementation has been indicated by the Commission (12-24 months after entry into force).
Key actions to take: Firms should prepare for major changes to cross-border operations, marketing, and compliance processes as sweeping EU market integration and fund directive reforms move towards adoption and phased implementation.
SFDR 2.0 proposal
On 30 March 2026, Irish Funds published a press release confirming that it has submitted its industry response to the EC's consultation on the proposed revisions to SFDR.
For further information on the proposed changes, see our article: SFDR 2.0: a closer look at the European Commission’s published proposals
Corporate Sustainability proposals
Changes to the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) under Directive (EU) 2026/470 (the Omnibus I Directive) were published in the Official Journal and entered into force on 18 March 2026. The Omnibus I Directive substantially limits the application of both CSRD and CSDDD, easing compliance obligations for many companies previously within scope due to broader criteria. The CSRD now applies only to companies with at least €450 million net turnover and an average of more than 1,000 employees over the course of the financial year. Value chain entities with less than 1,000 employees may refuse to provide sustainability information beyond voluntary standards. Reporting under CSRD continues to use European Sustainability Reporting Standards (ESRS), with the Commission required to introduce a streamlined version by September 2026, removing or clarifying certain data points, distinguishing mandatory and voluntary reporting, and emphasising material, quantitative information.
For CSDDD, the new threshold covers companies with 5,000 or more employees and at least €1.5 billion net turnover, either on a standalone or group basis. Application is deferred to 26 July 2029, with first disclosures due from 1 January 2030. The mandatory climate transition plan has been removed, civil liability will be handled under local tort law, and administrative penalties are capped at 3% of global turnover. EU Member States must implement CSRD changes by 19 March 2027 and CSDDD by 26 July 2028. In Ireland, the earlier “Stop the Clock Directive” (Directive (EU) 2025/794) already delayed some CSRD requirements and refined the scope, reducing impact on Irish funds and some managed entities.
Key actions to take: Firms should carry out an analysis to determine if they are in scope for the new Omnibus I Directive, consider potential indirect obligations from in-scope partners, and prepare for upcoming changes to reporting standards.
Recent Commission Delegation Regulations
| Delegated Regulation | Entered into force | What the regulation covers | |
| (EU) 2026/73 | Simplification of Reporting under the EU Taxonomy Regulation | 1 January 2026 | Simplifies the reporting requirements required under Article 8 of Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment. |
| (EU) 2026/323 | Fees for ESMA supervision of benchmark administrators endorsing third country benchmarks. | 10 January 2026 | Amending Delegated Regulation (EU) 2022/805 as regards fees for the supervision by ESMA of benchmark administrators endorsing third-country benchmarks. |
| (EU) 2026/305 | Active Account Requirement RTS under EMIR 3 | 11 January 2026 | Containing RTS specifying the operational conditions, the representativeness obligation and the reporting requirements related to the active account requirement under EMIR. |
| (EU) 2026/482 | Equity transparency under MiFIR | 24 March 2026 | Amends Delegated Regulation (EU) 2017/567 reflecting changes to MiFIR because of MiFIR II. |
| Regulatory Technical Standards on liquidity management tools under AIFMD and UCITS Directive. | 16 April 2026 | Containing RTS's specifying the characteristics of the liquidity management tools set out in the relevant Annexes to the directives. The published versions contain no amendments from the original versions adopted by the EC. Both apply from 16 April 2026, with a 12-month transition period for existing UCITS and AIFs. | |
| Disclosures and Trading under the Markets Abuse Regulation (MAR) | 5 June 2026 | Supplements MAR by setting out requirements for the disclosure and delay of inside information in protracted processes and amends existing rules regarding permission to trade during closed periods, the list of designated trading venues with significant cross-border impact, and indicators of market manipulation. |
Active account requirement and EMIR 3
ESMA published updated reporting templates and instructions on 13 April 2026, clarifying how entities subject to the active account requirement under EMIR 3 must report to competent authorities. Final reports were also published on margin transparency and the disclosure of clearing fees and associated costs. These measures are designed to enhance market oversight and transparency ahead of new EMIR 3 obligations.
Key actions to take: Firms should review and update their EMIR 3 reporting processes to ensure compliance with the latest ESMA templates and instructions for active accounts, margin transparency, and clearing fee disclosures.
Operational guidance and Q&As
On 1 April 2026, ESMA released new Q&As addressing the onboarding of data contributors to the EU’s consolidated tapes for bonds and equities, aiming to provide operational clarity and certainty ahead of the consolidated tape regime’s launch. Updated supervisory briefings have also been released in February and March, providing practical resources regarding the active account requirement representativeness obligation and the supervision of algorithmic trading under MiFID II.
Retail Investor Journey and MiFID II developments
In March 2026, ESMA published a report summarising stakeholder feedback on the retail investor experience, highlighting:
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further streamlining of disclosure requirements and reduction of information overload
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simplification of suitability and appropriateness assessments
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adjustments to MiFID II requirements on sustainability preferences
These topics will inform ESMA’s future technical advice and guideline updates.
Consultations and upcoming changes
ESMA has launched several significant consultations, including on post-trade risk reduction services, guarantees as central counterparty collateral under EMIR 3 and guidance regarding delay in the disclosure of inside information under the Market Abuse Regulation. Final reports and guidelines are expected in Q4 2026.
Assessment of knowledge and competence the Markets in Crypto Assets Regulation
New guidelines on the assessment of knowledge and competence under MiCA have been published and will apply to CASPs from 28 July 2026.
The objectives are to ensure staff advising and informing clients about crypto-assets meet the minimum standards of knowledge and competence, with expectations to correlate with other EU member states.
Key actions to take: Firms should identify all relevant staff, address qualification gaps through training and supervision, implement annual CPD, update policies and documentation, and ensure readiness to demonstrate compliance with MiCA’s knowledge and competence guidelines.
Consultations on initial margin models under EMIR 5
On 17 March 2026, the EBA launched consultations on draft guidelines and draft RTS for the Initial Margin Model (IMM) authorisation under EMIR 5. Both consultations are open until 17 June 2026 with final guidelines and RTS expected following the analysis of feedback and will apply on a phased basis over 18 months, subject to adoption by the European Commission.
Key actions to take: Firms must prepare for a harmonised and more rigorous authorisation process for initial margin models under EMIR 3, ensure their teams and documentation are ready for tighter deadlines and notification obligations, and proactively coordinate with authorities to avoid business disruption.
Third-country branch supervisory reporting under the CRD Directive
On 2 March 2026, the EBA released final guidelines on the use of risk instruments for third-country branches to address losses under the CRD Directive and sets out what counts as acceptable assets for the required capital endowment that non-EU branches must hold in the EU. These guidelines are applicable from 11 January 2027.
On 5 March 2026, the EBA published its final report and draft ITS on the supervisory reporting of third-country branches. The package is designed to achieve high-quality, consistent supervisory data and ensure proportionality and operational feasibility. The final ITS will be submitted to the European Commission, with reporting requirements expected to apply from 31 March 2027.
Key actions to take: Firms should prepare to collect and report more detailed branch and group data, and ensure systems and teams are ready for the new EU reporting standards by early 2027.
PSD2 transition actions for CASPs
On 12 February 2026, guidance was issued for national authorities as the PSD2 transition period ended on 2 March 2026, providing CASPs a nine-month window for e-money tokens to qualify as payment services while authorisation applications are processed under PSD2.
The EBA has issued a “No Action” letter clarifying that EU crypto-asset firms dealing in electronic money tokens (EMTs) won’t need to be authorised under both the Payment Services Directive (PSD2) and MiCA at the same time. Some PSD2 rules will be deprioritised, though key protections like strong customer authentication and fraud reporting will still apply.
Key actions to take: Firms transacting EMTs should prepare for a careful transition, expect streamlined authorisation and avoid dual licensing, but maintain compliance with core consumer protection requirements from March 2026.
The New AML Framework, as discussed in our Q1 2026 regulatory update is being introduced on a phased basis and requires AMLA to produce a significant number of measures. A de-prioritisation announcement by the Commission regarding the New AML Framework means the measures will not be adopted before 1 October 2027.
Single Programming Document 2026-2028
The Single Programming Document (SPD) is the first multi-year plan of priorities and timelines of work. From 2026 to 2028, AMLA will focus on setting common standards, rolling out risk analysis tools, and creating digital databases to support supervision and information sharing. It will build up direct supervision, review national authorities, and ensure the non-financial sector is included in its oversight. AI and digital innovation are central to its strategy.
AMLA will organise regular consultations, industry partnerships, and training for both financial and non-financial sectors. It plans to operate transparently, involve stakeholders, and increase efficiency through modern IT systems and sustainable workspaces in Frankfurt.
The Authority aims to enhance consistency, enforceability, and effectiveness of AML / CFT defences across the EU, supporting both public authorities and private firms in anticipating and fighting financial crime.
Key actions to take: Firms should review and strengthen AML controls and keep an eye on AMLA consultations and publications to ensure you can comply with any new standards.
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