On 22 December 2015, the Central Bank of Ireland published an eleventh edition of its UCITS Q&A. The updated Q&A includes a new question 1059. This clarifies a typographical error that internally managed investment companies must comply with Regulation 100 (1)-(7) of the Central Bank UCITS Regulations, rather than Regulation 100 (1)-(6) as previously stated.
Regulation 100 (7) requires a management company to ensure that an organisational effectiveness role is performed by an independent Chairman or independent board member. This role may not be performed by an individual with responsibility for any of the six managerial functions.
The Central Bank UCITS Regulations will be updated to reflect this omission.