To help you stay informed on the latest trends and developments in the asset management industry, KPMG’s Asset Management team, in collaboration with KPMG Law, has curated a selection of key resources. Explore expert insights and stay up to date with the issues shaping the future of the sector.
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Central Bank of Ireland (CBI) updates
Guidance on Money Market Fund Weekly Liquid Asset levels (CP168)
The CBI has published a Consultation Paper proposing guidance setting out its expectations that Money Market Funds (“MMFs”) align their liquidity risk frameworks and Weekly Liquid Asset (“WLA”) levels with the market resilience levels recommended by the European Commission, 20% WLA for Variable Net Asset Value (“VNAV”) MMFs and 40% for Public Debt Constant Net Asset Value (“CNAV”) and Low Volatility Net Asset Value (“LVNAV”) MMFs, supported by enhanced supervisory scrutiny and engagement where MMFs fall below market resilience levels of liquidity.
The enhanced supervisory engagement will reflect the duration and frequency of deviations below market resilience levels and information provided by MMF managers. The consultation process is currently open for submissions until 3 August 2026.
Read more (PDF, 310KB)
Regulatory Impact Assessments and the Central Bank’s Approach to Consultation (CP170)
The CBI has published a Consultation Paper seeking stakeholder views on its proposed approach to Regulatory Impact Assessments and to public consultation. These proposals form part of the CBI’s broader commitment openness, engagement and transparency of the regulatory framework.
They also support the delivery of the CBI’s safeguarding outcomes including, the protection of consumer and investor interests; the safety of the firm's wider system; the integrity of the financial system; and financial stability. This consultation paper does not introduce new regulatory requirements or amend existing rules. The consultation process remains open for submissions until 30 September 2026.
Read more (PDF, 538KB)
Regulatory Framework for Credit Union Investment in Credit Union Service Organisations (“CUSOs”) (CP169)
The CBI has published a Consultation Paper seeking stakeholder views on its proposed regulatory framework for credit union investment in CUSOs. The proposed framework is intended to support the implementation of Section 24 of the Credit Union (Amendment) Act 2023, which, once commenced, will permit credit unions to invest in CUSOs.
The proposed changes are designed to facilitate this new investment activity while supporting the protection of members’ funds and maintaining the financial stability and well-being of the credit union sector. The deadline for submissions is 12 August 2026.
Read more (PDF, 665KB)
Authorisations and Gatekeeping Report
The CBI has published the third annual Authorisations and Gatekeeping Report in June, providing a detailed review of authorisation and gatekeeping activity across all regulated financial sectors in Ireland. The report highlights the CBI’s continuing focus on robust, risk-based and outcomes focused authorisation processes, while providing transparency on authorisation timelines and common issues identified.
The report highlights the growth in the Investment Funds sector, with a significant increase in the number of UCITS, RIAIFs and ELTIFs authorised in 2025 and development of evolving sectors including the authorisation of Ireland’s first group of CASPs.
The report outlines enhancements to the CBI’s Fitness and Probity Regime including a centralised Fitness and Probity unit and a new Gatekeeping Decisions Committee.
Read more (PDF, 810KB)
European Securities and Markets Authority (ESMA) updates
ESMA launches Common Supervisory Action (“CSA”) on CASPs’ digital operational resilience for custody
The CSA will assess the maturity of CASPs’ digital operational resilience frameworks in regarding custody activities, focusing on risks inherent to DLT. The initiative responds to the ESMA’s risk based supervisory priorities, with the aim of enhancing a consistent supervisory approach in a developing sector of the market.
ESMA publishes technical standards on CCP admission criteria elements
The ESMA has published its Final Report on the Regulatory Technical Standards (“RTS”) following the review of the European Market Infrastructure Regulation (“EMIR 3”). The RTS sets out the elements that central counterparties (“CCP”) should consider when establishing their admission criteria, including specific considerations for non-financial counterparty (“NFC”) clearing members and sponsored membership models. The criteria should be non-discriminatory, transparent and objective to ensure fair and open access based on operational capacity.
The RTS will be submitted to the European Commission (“EC”) for decision on adoption. Following adoption, they will be subject to non-objection by the European Parliament and the Council.
Read more (PDF, 840KB)
ESMA Publishes First Market Capitalisation Data for EU Member States
ESMA has published the annual market capitalisation and market capitalisation ratios of EU member states under the FASTER Directive for the reference years 2024-2025. The data will determine which Member States are subject to specific requirements related to withholding tax relief, applicable where the member state’s market size exceeds 1.5% of the total EU market for four consecutive years. The aim of the publication is to provide clarity on Member States’ position and help authorities and market participants to implement these requirements.
Read more (PDF, 130KB)
Market Report on EU Carbon Market
The ESMA has published its third annual EU Carbon Market Report under its monitoring mandate set out in the EU Emissions Trading System Directive. The report shows the significant role that financial firms play in the functioning of the EU carbon market, providing liquidity, acting as counterparties to non-financial firms, supporting risk management, and helping compliance entities access allowances and meet regulatory obligations.
Read more (PDF, 594KB)
Industry and other updates
SupTech - mapping the use of technology in financial supervision
The IOSCO recently published the findings of its first SupTech Survey, highlighting how technology is being integrated into financial supervision. The report shows that SupTech has become a strategic priority for regulators globally.
The report indicates that demand is primarily driven by the need for greater efficiency and timeliness. On the supply side artificial intelligence (“AI”) and improved data access are the key drivers.
While SupTech is seen as a strategic priority there are risks to the implementation stage, with cyber and data security presenting primary barriers to adoption. Adoption remains reliant on mid-level technologies, reflecting pragmatic deployment. Consumer protection and capital markets remain the most established areas in SupTech application. However, growing interest in the digital assets sector, suggests that this may become a key area for future development.
The report’s findings highlight the growing role of AI and the importance of collaboration and engagement between authorities to strengthen supervisory capabilities and support future innovation.
Learn more (PDF, 596KB)
IOSCO publishes Recommendations for Secondary Market Disclosure
IOSCO has published its final report, Recommendations for Secondary Market Disclosure, which consolidates and updates the existing IOSCO guidance pertaining to the disclosure by listed entities in secondary markets. The report addresses duplication, gaps in coverage and outdated references, providing a modernised framework to support regulators in reviewing their disclosure regimes and implementing updates where appropriate, supporting market integrity across jurisdictions.
The recommendations are structured in three parts:
i. Disclosure Principals: guidance on materiality, frequency and timeliness of disclosure and access and availability of information;
ii. Content of Disclosure: guidance on content of periodic disclosure and event driven disclosures; and
iii. Governance and Internal Controls: guidance on accountability for disclosure and internal controls, ensuring timely and reliable disclosure.
Learn more (PDF, 404KB)
Recommendations on Valuing Collective Investment Schemes (“CIS”)
IOSCO has published its final report on Recommendations on Valuing CIS, which updates and consolidates its 2007 and 2013 valuation principles. The recommendations respond to developments in the asset management sector, including the increased complexity of investment products and the greater exposure to less liquid, illiquid and private assets.
The recommendations also reflect lessons learned from recent market disruptions and volatility, including the COVID-19 Pandemic. The recommendations are intended to promote transparency for investors and regulators, accountability of the valuation process and robust, consistent valuation practices across jurisdictions.
Learn more (PDF, 643KB)
Key actions and deadlines
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