IRELAND: Central Bank of Ireland Press Release Re: Consultation Paper on Proposed Changes to the Regulatory Reporting Regime for Irish Authorised Collective Investment Schemes Whereby Reports will now be submitted via the Online Reporting System

Monday May 28 2012

Funds-Axis would like to draw your attention to a recently issued Consultation Paper by the Central Bank of Ireland in relation to Proposed Changes to the Regulatory Reporting Regime for Irish Authorised Collective Investment Schemes, whereby Reports will now be submitted via the online reporting system.

The Central Bank currently requires Irish Authorised Collective Investment Schemes (“CIS”) to file annual and interim financial statements within 4 and 2 months, respectively, of the relevant reporting periods. These financial statements are currently filed in hardcopy via post or soft copy via e-mail. It is proposed that the submission of financial statements will now be made online in a PDF format using an online reporting system. These financial statements must be accompanied by a completed, short questionnaire. In addition, the CIS auditor will be required to separately file online the annual statutory duty confirmation return and any additional reports relating to the annual financial statements.  

It is further proposed that the annual financial derivatives instrument (“FDI”) report filed on completion of the annual financial statements will separately be submitted online.

In addition to the above, the Central Bank of Ireland wishes to introduce two new structured online returns, which will require CIS to submit data in a pre-specified format.

These returns are entitled:

• Sub-Fund Profile Questionnaire; and

• Regulatory Report. Notification of suspensions form part of the Regulatory Report and must also be filed online.

Finally, it is proposed that the annual update to the Key Investor Information Document (“KIID”) will now be filed online.

It will be necessary to amend the provisions of the Central Bank’s UCITS and Non-UCITS Series of Notices to reflect the proposed changes. These amendments will be the subject of a separate industry consultation, which will be issued by the Central Bank of Ireland in due course.

A full copy of the consultation paper containing the details of the proposed changes can be found at the link below:

Consultation Paper on Proposed Changes to Regulatory Reporting Regime

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