Following an assessment of certain fund filing procedures by the Central Bank of Ireland, a new streamlined process is being introduced for certain UCITS and Retail AIF authorisation and post-authorisation filings. We highlight the key changes and requirements for future filings.

New procedures

Upon receipt of the applicable application forms and written confirmations, the Central Bank has confirmed that it will no longer carry out prior reviews of the following fund documentation/applications:

  • Establishment of new share classes
  • Depositary Agreements
  • Trust Deeds/Deeds of Constitution
  • Investment Limited Partnership Agreements
  • UCITS Financial Indices

The Central Bank has also released a specific application form for UCITS merger applications in order to streamline the application process. No new requirements have been introduced on foot of the publication of the application form.

The changes to the application/post-authorisation process for the aforementioned UCITS and Retail AIF applications became effective on 9 October 2018. The Central Bank has stated that it will carry out quality assurance checks, following applications, on a random basis.

Conclusion

The new streamlined application and post-authorisation processes introduced by the Central Bank for certain UCITS and Retail AIF submissions is a welcome development and will ensure filings are processed in a timely manner.