ESMA has already done some good work in its recent guidelines on the use of indices, but there may be more that can be done. We can  2  BIS central bankers’ speeches  also expect the output from the debate on shadow banking and systemic risk in the money market funds industry to feature heavily in UCITS VI.
As I mentioned, I will come back to this topic of shadow banking a bit later. Domestic developments Europe will clearly be the main driver of the regulatory framework for the funds industry in Ireland. But there is also, as you know, a domestic regulatory framework in place that is not derived from EU law and which in many cases predates it.