Whilst the proposals are still to be finalised, the AIFMD review is likely to bring targeted changes to the current regime to enhance the reporting of delegation activity, particularly to third countries, and ESMA is positioned to conduct an in-depth review of delegation in the funds sector.
Ireland has robust requirements in place to protect against letterbox entities and to ensure effective oversight of delegates by fund management companies. We continue to develop and refine our domestic rules to ensure they reflect not only EU level requirements, but that firms also meet our expectations in terms of their substantive structures, activities and risk profile in Ireland.