On 28 May 2012, the Central Bank of Ireland (the “Central Bank”) issued Consultation Paper 59 with respect to proposed changes to the regulatory reporting requirements as they apply to Irish authorised collective investment schemes (“CIS”). The Central Bank proposed that all reports required to be filed with it will now be submitted through the Online Reporting System (“ONR”).

The Central Bank has now introduced improvements to the ONR which took effect on 29 November 2012 in order to improve the functionality of the system for financial service providers.

The main enhancements are as follows:

  1. Automated Filing Reminders and Acknowledgements
    • firms can now manage their own reminders; and
    • every return has a maximum of 2 reminders for pre and post filing.
  2. Self-Service Password Reset Facility
    • the password can be reset by answering a series of questions.
  3. Unlock Requests and Query Forms
    • ability to unlock requests;
    • ability to submit requests from a drop down menu;
    • ability to add detail to queries; and
    • email notifications will confirm receipt.
  4. An ONR User Manual has issued to provide guidance to authorised firm personnel who use the ONR to submit and/or view their returns.

A copy of the User Manual can be found here.