The Central Bank has issued its Consultation Paper CP 50 in respect of:-

  • the proposed implementation of UCITS IV in Ireland
  • the implementation of the ESMA guidelines on a common definition of European money market funds (which issued in May 2010 and are to be implemented by 1 July 2011)
  • refinements to the requirements applied to related party transactions including an additional reporting requirement
  • changes to the reporting of the minimum capital requirement for management, administration and trustee companies
  • changes to reflect the change of minimum subscription amount for Professional Investor Funds from €125,000 to €100,000
  • clarification of requirements for closed ended funds seeking investor approval for changes to the duration and investment objective and policies of the fund
  • changes to reflect that an audit is no longer required as at the date of change of service provider.

Please click here for our more detailed newsalert which sets out anticipated timelines for revising documentation and ensuring compliance as well as attaching the links to the consultation and the following draft revised UCITS Notices, NU Notices , Guidance Notes and policy updates:-

  • GN 4/07 - (UCITS) Organisation of Management Companies;
  • GN 1/11 - (UCITS) Publication of a Key Investor Information Document;
  • Policy Update – 1/2011 Transition from the Simplified Prospectus to the Key Investor Information Document for UCITS;
  • GN 3/03 - (UCITS) Financial Derivative Instruments;
  • GN 1/03 - Amalgamation of Irish authorised collective investment with other collective investment schemes;
  • GN 2/97 - Closed-Ended Collective Investment Schemes;
  • NU 12 - Collective Investment schemes other than UCITS – Schemes marketing solely to professional investors
  • NU 17 - Collective Investment schemes other than UCITS – Money Market Funds