The Central Bank of Ireland (Central Bank) published updated UCITS Notices and related Guidance Notes on 15 February 2013 (as detailed in the February Front Page). The updates implemented guidelines on ETFs and other UCITS issues (the ESMA guidelines) which were published by the European Securities and Markets Authority (ESMA) on 17 December 2012 (as detailed in the December Front Page). The ESMA guidelines came into effect on 18 February 2013. On 28 March 2013, the Central Bank published revised UCITS Notices to rectify two errors which were subsequently identified.

  • Notice UCITS 10, paragraph 22: A reference to “leveraged” has been inserted in order that the amendments to this paragraph which were made on 15 February are applied to leveraged index tracking UCITS.
  • Notice UCITS 12, paragraph 14: This paragraph re-instates eligibility criteria for counterparties to repurchase/reverse repurchase and securities lending agreements which were omitted in error in February. Subsequent paragraphs are re-numbered.

The UCITS Application Forms were also updated in February 2013 to reflect the revised UCITS Notices which issued at that time. The UCITS application forms have accordingly been amended in April 2013 to clarify that such disclosure applies to UCITS which are tracking or replicating the performance of an index.