The Central Bank of Ireland (the “Central Bank”) has provided further guidance, in correspondence to the industry on 20 May 2011, on some of the UCITS IV requirements, particularly in relation to Self-Managed Investment Companies (“SMICs”).  

Applicable Requirements

Following on from its letter dated 21 April 2011 (in which the Central Bank advised that all SMICs (including those authorised after 1 July 2011) will not have to comply with the full UCITS IV regime until 1 July 2013), the Central Bank wrote to the Irish Funds Industry Association (“IFIA”) on 20 May 2011. Pending finalisation of the draft Notices and Guidance Notes, the Central Bank has provided a list of requirements which will apply to all SMICs (i.e.  those authorised both pre and post-1 July 2011) from 1 July 2011. The remaining requirements in the relevant Notices and Guidance Notes will apply from 1 July 2013.

Collective Responsibility

In relation to draft UCITS Notice 2 and draft Guidance Note 4/07, the Central Bank has confirmed that all SMICs will be permitted to use collective responsibility to monitor and control the individual activities listed in paragraph 10 of draft UCITS Notice 2 until 30 June 2013. From 1 July 2013, all SMICs must identify specific designated persons for these individual activities.