Following engagement with industry, the Central Bank has set out its requirements in circumstances where an Irish UCITS management company is appointed to a non-Irish UCITS fund and some of the administration activities are to be carried out by the same entity which is appointed as depositary to the UCITS fund.  The Central Bank will consider proposals on a case by case basis in order to ensure that the principal of hierarchical and functional separation of functions can be demonstrated and also that there is comprehensive disclosure relating to how conflicts of interest are identified, managed and monitored. Where such delegation proposals involve delegation by an Irish management company to a non-Irish depositary of functions relating to non-Irish funds, the Central Bank will seek confirmation from the home regulator of the funds that these arrangements meet local regulatory requirements.