IRELAND: CBI Publishes Fifteenth Edition UCITS Q&A

Tuesday December 20 2016

The Central Bank of Ireland (CBI) has published a fifteenth Edition of its UCITS Q&A. Existing question ID 1015 was updated and question ID 1053 was deleted and replaced.  New questions ID 1073 – ID 1075 have been added.

ID 1015

This question concerns regulatory considerations around Irish authorised AIFs seeking to acquire Chinese shares through the China-Hong Kong Stock Connect trading route (‘Stock-Connect infrastructure’). It has been updated to reflect the recent launch of Shenzhen-Hong Kong Stock Connect on 5^th December 2016.

ID 1053

Question: I am a UCITS management Company or UCITS self-managed investment company. What transitional arrangements (if any) apply in relation to (i) the managerial functions listed in Schedule 10 of the Central Bank UCITS Regulations; (ii) new requirements in relation to an effective supervision requirement and the retrievability of records; and (iii) adherence to the fund management company guidance chapters 1-6?

The CBI has added a detailed table detailing the various UCITS provisions and the associated transition dates to implement measures in the fund management company guidance published on 19^th December 2016. This table can be viewed in its entirety by clicking on the link at the top of the page.

ID 1073

Question: I am an umbrella ICAV. Are my sub-funds permitted to have separate auditors?

Answer: No. The Central Bank does not permit sub-funds within umbrella funds, including ICAVs to have separate auditors.

ID 1074

Question: I am a UCITS management company and I want to amend my business plan. Do I need to submit a draft business plan to the Central Bank so that it can review and approve those changes in advance?

Answer: The business plan must be kept up to date but there is no need to submit changes to the business plan to the Central Bank for review or approval. The business plan must be provided on request to the Central Bank.

Where you propose to engage in any significant new activities, you must consult with the Central Bank in advance in accordance with Regulation 103 of the Central bank UCITS Regulations.

ID 1075

Question: I am an existing UCITS Management Company or UCITS self-managed investment company  that is availing of the transitional period per ID 1053. Can I make changes to my organisational structure during the transitional period?

Answer: Yes. You can make changes to your organisational structure during the transitional period but only changes which bring you closer to compliance with the final CP86 rules and guidance.

Click on the above link to view the updated Q&A document.