CP 119

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CP 119

Central Bank of Ireland ("CBI") Consultation Paper

CP 119 Overview

The CBI invites all stakeholders to provide comments on the proposed changes in the consultation by the 29th of June 2018.

The consultation is divided into 4 sections with a schedule included which contains the draft amending and consolidating CBI UCITS Regulations.

  • Section I contains details of the amendments to take account of matters arising from the 2017 review of the CBI UCITS Regulations.
  • Section 2 contains amendments required to implement the European Securities Markets Authority (ESMA) Opinion to National Competent Authorities on Share Classes of UCITS.
  • Section 3 introduces new obligations relating to UCITS which charge performance related fees, including a restriction on paying a performance fee more frequently than on an annual basis.
  • Section 4 sets out amendments as a result of the Money Market Fund Regulations which came into force on 20 July 2017.

Schedule A contains suggested changes in the draft amending and consolidating CBI UCITS Regulations.

 

The CBI UCITS Regulations will be updated to include the following requirements:

CP86: fund management companies must establish and monitor daily an email address for regulatory correspondence with the CBI and they must keep records that are immediately retrievable in or from Ireland.

Second Set of Semi-Annual Accounts: a management company / depositary is required to provide to the CBI a full 12 month set of unaudited financials and these full year unaudited financials will have to be submitted within one month of the relevant period.

UCITS V depositary requirements: the CBI UCITS Regulations will contain the updated UCITS V requirements in relation to depositary obligations and depositary agreements and depositaries will not have to review each UCITS' valuation methodologies.

Temporary suspension notifications: the CBI will have to be updated within 21 working days of applying for a temporary suspension; and they will have to be notified when the temporary suspension is removed.
 

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