IRELAND: IFSRA Consultation on UCITS Eligible Asets Implementation

Thursday December 20 2007

The Irish Regulator has published Consultation Paper 31 -Amendments to the UCITS Notices and related Guidance Notes. The Consultation Papers can be found at the above link.

This covers the following matters:

* Amendments to the UCITS Regulations arising from the Eligible Assets Directive;

* Guidelines issued by the Committee of European Securities Regulators (CESR) concerning eligible assets for investment by UCITS and the classification of hedge fund indices as financial indices;

* A proposed Guidance Note – Valuation of Assets of Money Market Funds, which proposes additional requirements on the use of the amortised cost valuation methodology for collective investment schemes established as money market funds;

* Revisions to Notice UCITS 12 to amend rules in relation to stock lending; and

* Technical amendments to Guidance Note 3/03 – UCITS Financial Derivative Instruments to clarify a number of areas including the treatment of fully funded swaps in the context of global and counterparty risk exposure and to highlight the requirement to measure and monitor all exposures relating to the use of FDI on a daily basis.