Some Approaching Deadlines

  • 28 April 2017. Dedicated email address. The Central Bank has written to UCITS management companies, self-managed UCITS, AIFMs and internally managed AIFs requesting that they notify a dedicated e mail address in line with Fund Management Companies – Guidance by 28 April 2017 (this is earlier than the 30 June 2017 deadline indicated in the Guidance).
  • 30 June 2017. Sub-Fund Profiles. Deadline for filing the Investment Funds Annual Sub-Fund Profile Return on the Central Bank's ONR.

This list does not cover ad hoc filings (such as regulatory reports) or filings of annual accounts (and related documents which include annual FDI Return) and semi-annual accounts because these dates will vary to reflect the particular year end.

AIFMD: Updated Rulebook and Q&A

The Central Bank published the latest version of the AIF Rulebook dated March 2017 together with the twenty-fourth edition of the AIFMD Q&A with amendments made to Q&A 1021, Depositary Services. This amendment was made to reflect the publication of the Central Bank (Supervision and Enforcement Act) 2013 (Section 48(1)) (Investment Firms) Regulations 2017 (see below). Q&A 1021 clarifies that entities authorised under the Investment Intermediaries Act, 1995 may be appointed by an AIFM to provide certain services without prior authorisation.

UCITS: Updated Q&A

The Central Bank published the sixteenth edition of the UCITS Q&A. Existing Q&A 1056 - Central Bank (UCITS) Regulations- Transitional arrangements, is amended to reflect the publication of the Central Bank (Supervision and Enforcement Act) 2013 (Section 48(1))(Investment Firms) Regulations 2017 (see below), clarifying that fund administrators are now subject to Parts 2-5 of those Regulations.

Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017

On 13 March 2017, the Central Bank of Ireland (Central Bank) published the Central Bank Investment Firms Regulations 2017 (S.I. No. 60 of 2017) which set out all of the requirements which the Central Bank imposes on certain Investment Firms. These regulations supplement existing legislative requirements, in particular the European Communities (Markets in Financial Instruments) Regulations 2007 and the Investment Intermediaries Act 1995. The Central Bank has also published Guidance and Q&A to assist firms in complying with these requirements. The Central Bank issued a letter dated 7 March 2017 following its review of outsourcing of Fund administration activities with a list of recommendations for administrators who outsource their activities.

Companies (Accounting) Bill 2016

The Companies (Accounting) Bill 2016 (the Accounting Bill), has passed through the Report and Final Stages in Dáil Eireann (when a number of technical amendments were discussed and agreed). See our newsalert here.

The Accounting Bill will amend the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (UCITS Regulations) to update audit requirements and to provide that UCITS investment companies formed under the Companies Act 2014 must file financial statements and directors' reports with the Registrar of Companies. The Bill will also amend the European Union (Alternative Investment Fund Managers) Regulations 2013 (AIFMD Regulations) to update audit requirements.

Central Bank consultation on its Funding Levies for Credit Institutions, Investment Firms, Fund Services Providers and EEA insurers

The Central Bank has launched a consultation, CP108 New Methodology to Calculate Funding Levies, Credit Institutions, Investment Firms, Fund Services Providers and EEA insurers to elicit views on revised methodologies for calculating the industry funding levy for credit institutions, investment firms and fund service providers. The paper also outlines and seeks views in relation to industry funding levy changes for EEA insurers, investment firms and fund service providers operating in the State. The revised methodologies do not increase the aggregate amounts levied from each sector but propose revised allocations of individual levies within each sector. The consultation closes on 28 April 2017.