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 proposes that all reports required to be filed with it will now be submitted through the Online Reporting System.

The following reports must be filed with the Central Bank:

  1. Annual Financial Statements;
  2. Interim Financial Statements;
  3. Key Investor Information Document (applies to UCITS only);
  4. FDI Report (applies to UCITS only);
  5. Suspension Notification;
  6. Sub-Fund Profile;
  7. Regulatory Report; and
  8. Annual Statutory Duty Confirmation Return and Supporting Reports.  

The reports numbered 6 and 7 above are new reports introduced by the Central Bank and CIS will be required to submit the relevant data in a pre-specified format. The CIS can delegate the filing of the reports listed 1 to 6 above to either its administrator or legal advisor.

The Sub-Fund Profile Return, which is a new requirement, is required to be submitted annually before 30 June. It will aid the Central Bank in gathering information on the characteristics of Irish CIS and will help to monitor trends within the Irish funds industry. Some of the information required will include (i) dealing frequency, (ii) investment strategy, and (iii) master/feeder relationships.

In addition, the Regulatory Report is another new return that the Trustee to the CIS is required to file. This new return will enable the Trustee to independently report breaches and errors to the Central Bank. It can be noted that the filing of the Regulatory Report is only necessary on the occurrence of:

  • a material breach;
  • a material error;
  • a significant matter;
  • an inadvertent breach; or
  • a Net Asset Value/dealing suspension.  

In filing the Regulatory Report on foot of any of the above listed events, the Trustee will be required to outline (i) who detected the breach/error, (ii) the impact on the Net Asset Value of any sub-funds, (iii) whether compensation was required, and (iv) if so, who paid the compensation.