The Central Bank has clarified its requirements in relation to the filing of Business Plans and related documents by UCITS self-managed investment companies (“SMICs”) demonstrating compliance with the organisational requirements of UCITS IV in advance of 1 July 2013 (the date imposed by the Central Bank for compliance).

Over the last year, following discussions with the industry in which William Fry has been involved, the Central Bank has clarified the UCITS IV Level 2 requirements applicable to SMICs and has reiterated that “UCITS management companies and SMICS should be subject to the same basic regime but that requirements applicable to SMICs can be considered in light of the less complex nature of a SMIC.  This means that for the most part the same requirements will apply to SMICs and UCITS management companies but the steps to be taken to ensure compliance will differ for SMICs given their less complex nature”.

It is anticipated that revised UCITS Notices and Guidance Note 4/07 will be issued to reflect the requirements of UCITS IV for SMICS by 1 January 2013. 

As distinct from the procedure with UCITS-managed companies in 2011, the Central Bank will not be conducting a full review of documentation submitted but will carry out spot checks. 

The Central Bank envisages that, in support of an orderly filing process, SMICs will file the necessary documentation at either end January, end March or end May 2013.   We will be in contact with all our SMIC clients to discuss individual filings in detail.