On 24 January 2019, the Irish funds industry representative association, Irish Funds, made a submission to the Central Bank of Ireland (“Central Bank”) outlining a number of matters to be addressed at a domestic regulatory level in advance of the withdrawal of the United Kingdom (“UK”) from the European Union (“EU”). These included the continuance of existing appointments of UK investment managers, issues relating to fund revocations and liquidations, UCITS mergers and passporting applications.

The Central Bank has now replied to industry and we have set out in a briefing note the matters upon which the Central Bank has offered some further clarification, issues already addressed by way of earlier communications from the Central Bank, and matters still under consideration.

We welcome the clarity provided by the Central Bank on various points raised by industry. We will continue, through our industry engagements, to seek further clarifications from the Central Bank to assist our clients in preparing for Brexit and implementing their contingency plans.