Tuesday September 10 2019


News Source: Fund Regulation

Focus: UCITS

Type: General

Country: Ireland



On 9th September 2019, the Central Bank of Ireland updated its document repository with the following documents recently published:

  1. European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2019 and
  2. European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2019.

The new Regulations amend the Undertakings for the Collective Investment in Transferable Securities (‘UCITS’) Regulations. Additionally they contain updated references and requirements to reflect the EU (Markets in Financial Instruments) Regulations 2017, and the Central Bank (Supervision and Enforcement) Act 2013.

The Regulations 2019 [S.I. No. 430 of 2019] address and change three key updates:

  • Provide for segregation of UCITS assets generally and from the assets of a depositary or its agent.
  • Provide for segregation of UCITS assets on the insolvency of a depositary or any third party located in the EU
  • Update investor money and client asset requirements to align with current legislation.

The Regulations 2019 [S.I. no. 428 of 2019] address and change seven key areas:

  • Requires auditors of AIFMs to report matters to the Central Bank of Ireland (‘CBI’).
  • An update to the requirements for branches of AIFMs that operate across borders.
  • Allows the CBI the power to require an AIFM to suspend the re-purchase or redemption of units
    in the interest of the public or unit-holders.
  • An update to the investor money and client asset requirements to align with current legislation.
  • An update in the depositary requirements of branches.
  • A provision for the segregation of Alternative Investment Fund (‘AIF’) assets generally and from the assets of a depositary or its agent.
  • A provision for the segregation of AIF assets on the insolvency of a sub-custodian or depositary located in the EU.

Click on the above link for further information.