IRELAND: CBI Consultation on Publication of UCITS Rulebook

Friday January 3 2014

The Central Bank of Ireland has published Consultation Paper CP77 on the publishing of a UCITS Rulebook which will consolidate into one document all of the conditions which the Central Bank imposes on UCITS, their management companies and depositaries. In addition, the Central Bank is also addressing the question as to whether any aspects of the current regulatory regime which are within the discretion of the regulator are no longer necessary or appropriate.

The Central Bank put in place an Alternative Investment Fund (“AIF”) Rulebook in July 2013 in conjunction with the implementation in Ireland of Directive 2011/61/EU on Alternative Investment Fund Managers. The format of the UCITS Rulebook which the Central Bank is proposing follows closely that of AIF Rulebook.

The proposed UCITS Rulebook contains the following three chapters:

Chapter 1 – Product Requirements

Chapter 2 – Management Company Requirements

Chapter 3 – Depositary Requirements

Draft versions of each of these chapters form part of the Consultation Document. The proposed structure is hoped to constitute a more accessible and readable regulatory framework.

Comments on the consultation should be submitted to the Central Bank no later than 28 March 2014.

Click on the above link for more details.