The Central Bank of Ireland (Central Bank) has issued updated application forms for UCITS management companies and UCITS self-managed investment companies (SMICs). The Central Bank has requested that law firms arrange that submissions be made in three blocks at the end January, March and May 2012 for existing SMICs. These are not hard timelines, and they aim to avoid a situation whereby all of the business plans are filed in one go and so the Central Bank will accept updated business plans before and after the dates set out. The Central Bank will not carry out a formal review of each SMIC business plan but rather it will rely on a letter confirming compliance with UCITS IV and may subsequently carry out spot checks to assess the level of compliance. All new SMIC applications from 1 January 2013 need to comply with all requirements. The Central Bank has not specified any additional detail around how SMICs should address the level 2 requirements, but has provided that SMICs should apply the nature, scale and complexity test to any requirements which may not seem appropriate for a SMIC.