In June 2011, The Central Bank updated its Application Forms for Change of Service Providers Part I (“COSP 1”) and Part 2 (“COSP 2”) to facilitate the process of approving such changes.  

The changes to COSP I include:

  • The addition of Requirement 6 and 7 which provide that;  

(i) if the revised prospectus/supplement does not refer to the change of service provider and the effective time and date of this change, then the prospectus/supplement must be dated the first business day after the effective date.

(ii) the agreements must be dated and noted by the Central Bank prior to the effective time.

  • Section 2 on audited accounts has been removed.
  • The Central Bank has updated its procedures in relation to the replacement of Custodian for an investment company and replacement of Trustee or Manager for a unit trust in Section 7. The procedures to be followed in the replacement must now be approved by the investment company or management company.

The changes to COSP 2 include;  

  • a change to Requirement 1 that the Form should be received by the Central Bank before 12 noon on the business day before the effective date of the proposed change of service provider together with the relevant document. This was previously before 12 noon on the date of the proposed change.