IRELAND: CBI Issues Updated Regulatory Reporting Requirements for Irish Investment Funds

Wednesday June 24 2015

The Irish Central Bank (CBI) has issued an updated guidance note relevant for Irish-authorised investment funds. The purpose of this guidance note is to provide information and direction to the Investment Fund’s (IF) Board of Directors/Management Company/AIF Management Company/General Partner, as appropriate on the reporting requirements relating to the extension of the Central Bank of Ireland’s (the ‘Central Bank’) Online Reporting System (‘ONR System’) to IF’s.

There are two specific sections of relevance to UCITS at page 48 and 52 respectively.

The first section concerns UCITS annual update of Key Investor Information Document (KIID). Relevant updates include:
• The upper case terms that are used throughout are now taken to have the same meaning as defined in the Central Bank UCITS Series of Notices;
• A UCITS IF is now required to update its KIID (key investor information document) on an annual basis for each sub-fund/standalone fund within 35 business days of the end of each calendar year;
• The user is required, at a minimum, to complete a single KIID return per UCITS IF sub-fund/standalone fund.

The second section concerns the Annual Financial Derivative Instruments (‘FDI’) Return. Relevant updates include:
• All UCITS must now complete the FDI Return regardless of whether the sub-Fund is engaged in the use of FDI or not during the past financial year;
• The Annual FDI Return must now be filed for each UCITS for each annual financial reporting period;
• The return must be made within four months of the UCITS Umbrella/Standalone Fund financial year-end. The Annual FDI Return is separate to the annual audited financial statements return and requires a separate submission.

Click on the above link for more details.