The Central Bank of Ireland (Central Bank) published a new Markets Update (Issue 7 2015, dated 4 November) which includes:

Also on 4 November 2015, the Central Bank issued revised UCITS Guidance in respect of Permitted Markets (at paragraph 1) and UCITS FDI and EPM at paragraphs 126-128. It is worth noting that UCITS management companies authorised before 1 November 2015 must provide for the managerial functions listed in Schedule 10 by 30 June 2016. New UCITS management companies authorised after 1 November 2015 must have these managerial functions in place upon authorisation (UCITS Q&A 1053). Accordingly existing UCITS management companies, AIFMs, self- managed UCITS companies and ICAVs and internally –managed AIFs will need to update their business plans or programmes of activity by 30 June 2016.

It is also worth noting that the Fund Management Company Boards - Feedback statement on consultation on delegate oversight guidance states, in response to submissions concerning the distinction between the role of designated persons and directors, and pointing out that Irish funds should not need to appoint another Irish delegate (in addition to the administrator and depositary) in order to be able to meet the Central Bank’s requirements on managerial functions, that the Central Bank does not require Irish funds to appoint another Irish delegate to carry out the management roles. Matters concerning designated persons will be dealt with in a future Central Bank consultation.