The Central Bank has issued a new Guide to “UCITS authorised in another Member State intending to Market UCITS in Ireland.”
Directive 2009/65/EC (the “UCITS Directive”) was transposed into Irish law by the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (the “Regulations”) on 1 July 2011.
Article 91 of the Directive puts the responsibility on UCITS host Member States to ensure that UCITS are able to market their units within their territories upon notification in accordance with the requirements of Article 93.
Additional requirements must not be imposed and the Member States must ensure complete information on laws, regulations and administrative provisions which do not fall within the field governed by the Directive and which are specifically relevant to the arrangements made for the marketing of units of UCITS, established in another Member State within their territories, is easily accessible by electronic means. Information must be clear and unambiguous and kept up to date.
UCITS Notice 15 as published by the Central Bank states that such UCITS must comply with the advertising standards as set out in paragraph 10 of UCITS Notice 6 which provides that advertisements should:
- be easily understood;
- be presented so it is obvious it is an advertisement;
- be aimed at ensuring potential investors fully grasp the nature of any commitment which may be entered into; and
- not be misleading.
The Central Bank must be informed in writing when the UCITS or its sub-funds ceases its marketing activities in Ireland.
The Central Bank issued a Guide to these changes in July entitled “Amendments to the UCITS Notices, Non-UCITS Notices and related Guidance Note to reflect UCITS IV and other Changes.”