But even under the Payment Services Directive, the issuer of a local currency that can only be used within a limited network may be exempt from many of its provisions 17. In Belgium the National Bank of Belgium is designated as the competent authority for grating licenses to payment institutions and to assess the compliance with the grounds of exclusion for limited networks.
As you know, these new requirements will require Irish investment funds to make extensive updates to their fund documentation (prospectus, supplements etc) by 1 January. This will require a significant volume of funds to make more in-depth sustainability disclosure amendments to their pre-contractual documents.