Tuesday April 3 2018

News Source: Fund Regulation

Focus: UCITS

Type: General

Country: Ireland




On 29th March 2018, the Central Bank has published a Consultation Paper (CP 119) proposing amendments to (and consolidation of) the Central Bank UCITS Regulations. The Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the “Central Bank UCITS Regulations”) were published in October 2015 and came into effect 1 November 2015. The Central Bank undertook to keep the Central Bank UCITS Regulations under review and, if necessary, to update them periodically.

In the process of the annual review of the Central Bank UCITS Regulations a number of amendments have been identified and are set out in the Consultation paper. It is also proposed to incorporate previous amendments to the Central Bank UCITS Regulations into a consolidated version of the Regulations.

The consultation is divided into the following sections:

  • Section I contains details of the amendments to take account of matters arising from the 2017 review of the Central Bank UCITS Regulations.
  • Section II contains amendments required to implement the European Securities Markets Authority (ESMA) Opinion to National Competent Authorities on Share Classes of UCITS.
  • Section III introduces new obligations (formerly Central Bank guidance) relating to UCITS which charge performance related fees.
  • Section IV sets out amendments as a result of Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on Money Market Funds which came into force on 20 July 2017.
  • The references to specific regulations in the text below reflect their existing position in the Central Bank UCITS Regulations 2015 (as amended by S.I. No. 307 of 2016 and S.I. No. 344 of 2017). For any new regulations inserted, their location in the consolidated version of the regulations is set out in a footnote.
  • Schedule A of the Consultation contains the draft amending and consolidating Central Bank UCITS Regulations.

Click on the above link for further information.