IRELAND: CBI Consultation on Amendments to UCITS Regulations

Wednesday June 6 2018

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”) was 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 by the Central Bank and are set out in CP119.

The Central Bank is also proposing to incorporate previous amendments to the Central Bank UCITS Regulations into a consolidated version of the Central Bank UCITS Regulations.

The purpose of CP119 is to set out details of the amendments and to elicit feedback from stakeholders on the following proposals:

• 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 and Markets Authority’s (“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 Central Bank has invited all stakeholders to provide comments on the proposed changes no later than 29 June 2018.