Central Bank of Ireland June developments
Fund Management Company Boards (CP86)
The Central Bank has published a document in relation to Fund Management Company Boards which includes:
- a Feedback Statement on Consultation on Fund Management Company Effectiveness – Delegate Oversight (CP86);
- a new Consultation on Delegate Oversight Guidance;
- Guidance on Organisational effectiveness; and
- Guidance on Directors time commitments.
Our review of these documents is available in our article attached.
Q&A – Companies Act 2014
Following the implementation of the Companies Act 2014 on 1 June 2015, the CBI published a Q&A Update, it confirms that the CBI does not require regulated financial service providers including UCITS management companies, AIFMs, AIF management companies, fund administrators, depositaries and investment firms to convert to DACs. It believes that corporate structuring is a matter for each entity.
Revised AIF rulebook
The CBI published the Feedback Statement to its Consultation on Fund Management Company Effectiveness – Delegate Oversight (CP86), which confirmed that a new definition of ‘Irish resident’ will apply in the context of Irish resident directors for funds and fund service providers. It is defined as person who is present in Ireland for the whole of 110 working days per year.
The CBI has issued a revised AIF Rulebook dated June 2015 to include this new definition.
Updated AIFMD Q&A
On 12 June 2015, the CBI has published the thirteenth edition of its AIFMD Q&A.
It has been updated with amendments to questions ID 1030 and ID 1058, and new questions ID1089 - ID1093 (Marketing of unauthorised AIF). A summary of the affected Q&A is appended to this briefing.
Updated UCITS Q&A
On the 12 June 2015, the Central Bank published a fifth edition of the UCITS Q&A. A new question ID 1013 on redomiciliations is included.
It clarifies an investment fund which re-domiciles to Ireland as a UCITS is permitted to disclose its past performance in its KIID relating to the period when it was domiciled outside Ireland where the UCITS management company confirms that:
- the UCITS investment policy, strategy and portfolio composition have not been substantially altered as a consequence of the transfer to the UCITS regime;
- there is no change to the entities involved in the investment management of the UCITS;
- it is satisfied that the past performance data is accurate; and
- appropriate disclosure will be included with the past performance in the KIID stating that the data relates to a period when the investment fund was domiciled outside Ireland and was not authorised as a UCITS.