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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KPMG insights
Central Bank of Ireland (CBI) updates
Central Bank of Ireland Consultation: UCITS & Performance Fee Amendments (CP161)
Topic: Proposed updates to UCITS Regulations and performance fee guidance.
Deadline to submit responses: 5 November 2025
Key changes include:
- Annual crystallisation of performance fees, with redemption-based exceptions.
- Minimum 95% hedge coverage for share class hedging.
- Streamlined reporting: only active share classes listed.
- Integration of EU Money Market Funds Regulation and alignment with IOSCO standards.
Central Bank of Ireland Consultation: AIF Rulebook Amendments (CP162)
Topic: Proposed updates to the AIF Rulebook to align with revised AIFMD and market developments.
Deadline to submit responses: 5 November 2025
Key changes include:
- Removal of domestic loan origination rules; full alignment with EU framework.
- Simplified rules for QIAIFs using intermediary investment vehicles.
- Greater flexibility in share class features and fund structuring.
- Removal of restrictions on guarantees and subsidiary requirements.
- Enhanced clarity on liquidity management tools and investor protections.
CBI designated a market surveillance authority for the purposes of the EU’s AI Act
The CBI has been designated as the market surveillance authority for the purposes of Article 74(6) of the AI Act by virtue of the European Union (Artificial Intelligence) (Designation) Regulations 2025 (S.I. No. 366/2025).
Cross-Industry Guidance on Operational Resilience to align with the Digital Operational Resilience Act (DORA)
In July 2025, the CBI updated its Cross-Industry Guidance on Operational Resilience to align with the Digital Operational Resilience Act (DORA). This update reflects the growing importance of ICT risk management and third-party oversight.
European Securities and Markets Authority (ESMA) updates
ESMA promotes clarity in sustainability-related communications
On 1 July 2025, the European Securities and Markets Authority (ESMA) published a thematic note on the use of sustainability-related claims in non-regulatory communications.
DORA Oversight Guide
On 15 July 2025, ESMA (with EBA and EIOPA) released a non-binding guide on oversight of critical ICT third-party providers under DORA. It outlines governance structures, supervisory tools, and expectations for financial institutions and service providers.
Outsourcing Guidelines to cloud service providers
ESMA updated its guidelines on outsourcing to cloud service providers, excluding entities now covered by DORA. These apply to depositaries under AIFMD and UCITS not subject to DORA.
Prospectus Regulation RTS
ESMA published final Regulatory Technical Standards (RTS) to expand the list of documents that can be incorporated by reference into prospectuses. Includes sustainability-linked bond disclosures under the European Green Bond Regulation
Securitisation Disclosure Framework
ESMA issued a feedback statement on simplifying disclosure for private securitisations. While simplification was welcomed, the proposed template was deemed insufficient by stakeholders, and no changes will be made until further clarification.
Statements/Speeches
- Capital Markets in the Digital Age, 1 September 2025
Sustainable Finance
ESMA and the European Environment Agency signed a Memorandum of Understanding to strengthen their cooperation in sustainable finance area.
Knowledge and competence of staff providing information on crypto-assets – ESMA criteria published
Principal Adverse Impact report on disclosures under the Sustainable Finance Disclosure Regulation (SFDR):
The European Supervisory Authorities (ESAs) – the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), and the European Insurance and Occupational Pensions Authority (EIOPA) – published their annual report on Principal Adverse Impact (PAI) disclosures under the SFDR on September 9th, 2025.
It is the fourth annual report to the Commission under Article 18 of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector.
Industry and other updates
IOSCO
The International Organisation of Securities Commissions (“IOSCO”) published their World Investor Week 2024 public report on Retail Investors.
EFAMA
Following continuously monitoring the emerging trends in asset management and investment funds, EFAMA released their Annual Review in June 2025.
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