IRELAND: IFSRA publish updated UCITS Notice 15 – notification procedure for UCITS

Monday November 20 2006

In November 2006, the Financial Regulator amended Notice UCITS 15 to give effect to the Committee of European Securities Regulators (“CESR”) guidelines to simplify the notification procedure of UCITS (06-120b). The CESR Paper issued in June 2006, with the aim of presenting guidelines for a common approach to the administration, by host authorities, of the notification procedures set out in the UCITS Directive.

UCITS 15 reflects the recommendations of the CESR paper in this regard and addresses matters such as:

*the two month period;

*treatment of umbrella funds;

*certification of documents;

*translation issues.

UCITS 15 also provides a standard notification letter for completion by inward marketing UCITS.

The UCITS notices can be found at the above link.