IRELAND: Central Bank of Ireland publishes the Thirty-Third Edition of the Central Bank UCITS Q&A

The Central Bank of Ireland (CBI) has issued the 33rd edition of the Central Bank UCITS Q&A, which includes a new Q&A, ID 1101.

The new Q&A, ID 1101, sets out the Central Bank’s expectations in relation to a UCITS management company operating or planning to operate in the manner of a third party management company. The Q&A confirms that where new business results in a material increase in the nature, scale or complexity of a firm’s business, the Central Bank deems this to be a material change to the firm’s operating model which requires consultation with the Central Bank in accordance with Regulation 107 of the Central Bank UCITS Regulations. In these circumstances, management companies are required to engage proactively with Central Bank supervisors and to ensure that they are appropriately resourced to service the additional business.

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