Central Bank Launches Consultation

Author:Mr Carl O'Sullivan, Kevin Murphy and Sarah Cunniff
Profession:Arthur Cox
 
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Originally published 21st February 2011

The Central Bank launches a Consultation on the Amendments to the Central Bank's UCITS Notices, Non-UCITS Notices and Guidance Notes to Reflect the requirements of UCITS IV and Other General Updates.

Consultation on the Revised Draft UCITS Notices, Non UCITS Notices and Guidance Notes

On 17 February 2011, the Central Bank published its draft UCITS Notices, Non-UCITS Notices and Guidance Notes which have been amended to reflect and, where appropriate, implement the provisions of the UCITS IV Directive and other general updates.

The draft revised UCITS Notices and Guidance Notes for the most part reflect, without amendment or elaboration, the requirements set out in the UCITS IV Directive, its accompanying implementing directives and relevant European Securities and Markets Authority ("ESMA") guidelines. The Central Bank has however elaborated on the requirements relating to the organisation and structure of UCITS management companies.

The Central Bank has requested that all interest parties provide any comments which they may have on the draft revised UCITS Notices, Non-UCITS Notices and Guidance Notes by 15 March 2011, when the consultation will close.

Transitional Arrangments: Key Dates

UCITS Management Companies

Key Filing Date: 29 April 2011

UCITS management companies are required to comply with the UCITS IV requirements with effect from 1 July 2011. It will be necessary for UCITS management companies to update their business plans in order to reflect the implementation of the UCITS IV requirements. The Central Bank has advised that all existing management companies must submit revised versions of their business plans for review by 29 April 2011.

UCITS Self Managed Investment Companies

Key Date: 1 July 2011

UCITS Self Managed Investment Companies ("SMICs") authorised prior to 1 July 2011 must update their business plans in order to reflect the implementation of the UCITS IV requirements relating to: (i) rules of conduct; and (ii) risk measurement before 1 July 2011. It is not necessary for SMICs to submit their revised business plans...

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