European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011.

• Published date: 08 July 2011
• Statutory Instrument No.: 352/2011

TA B LE OF CONTENTS

PART 1

Preliminary

1. Citation

2. Commencement

3. Interpretation — general

PART 2

Scope

4. Scope

5. Restriction of Unit Trusts Act 1990

6. UCITS established in the State

PART 3

Authorisation of UCITS

7. Prohibition on UCITS carrying on activities in the State without authorisation

8. Requirements for authorising unit trust, common contractual fund or investment company

9. Application of management company not established in the State

10. Circumstances in which Bank shall not authorise UCITS

11. Time limit within which Bank shall inform management or investment company whether or not it is authorised

12. Approval of Bank necessary for subsequent changes

13. Applications for authorisation

14. Bank shall make law, etc. on UCITS accessible

PART 4

Obligations regarding Management Companies

Chapter 1

Conditions for taking up business

15. Authorisation of management company

16. Activities of management company

17. Conditions for authorisation of management companies and grounds for withdrawal of authorisation

18. Application for authorisation

Chapter 2

Relations with third countries

19. Relations with third countries

Chapter 3

Operating conditions

20. Duty of Bank to ensure that management companies comply with Regulations 16 and 17

21. Qualifying holdings

22. Prudential rules

23. Delegations

24. Rules of conduct

25. Investor complaints

Chapter 5

Freedom of establishment and freedom to provide services

26. Establishment of branch and provision of services

27. Establishment of branch in another Member State

28. Provision of information

29. Compliance with rules which relate to constitution and functioning of UCITS, etc.

30. Provision of documentation to competent authority

31. Provision of documentation to Bank

32. Provisions applicable to management company authorised in another Member State

PART 5

Obligations Regarding trustee

33. Safe-keeping of assets

34. Obligations of trustee

35. Trustee

36. Liability of trustee

37. Prohibition against single company acting as both management company and trustee

38. Trust deed, etc. to lay down conditions for replacement of management company, etc.

PART 6

Obligations Regarding Investment Companies

Chapter 1

Conditions for taking up business

39. Investment companies with fixed capital

40. Investment companies with variable capital

41. Provisions supplementary to Regulations 39 and 40

42. Authorisation of investment company

Chapter 2

Operating conditions

43. Application of Regulations 23 and 24

44. Prudential rules for investment companies

45. Application of segregated liability to investment companies established as UCITS

Chapter 3

Obligations regarding trustee

46. Safe-keeping of assets

47. Obligations of trustee

48. Exemption from requirement to have trustee

49. Further exemption

50. Requirement on Bank to inform EC Commission regarding exemptions

51. Application of Regulation 35(1) to (3) and (7)

52. Liability of trustee

53. Company shall not act as both investment company and trustee

54. Articles to lay down conditions for replacement of trustee

PART 7

Mergers of UCITS

55. Interpretation — Part 7

56. Permitted mergers

57. Authorisation by Bank of merger

58. Terms of merger

59. Verification

60. Validation of certain matters

61. Information on merger

62. Maximum percentage of votes cast to approve merger

63. Purchase or redemption of units

64. Legal, advisory and administrative costs of merger

65. Law applicable to merger

66. Consequences of different kinds of merger

PART 8

Obligations concerning Investment Policies of UCITS

67. Sub-funds of UCITS to be regarded as separate UCITS

68. Permitted investments

69. Risk-management

70. Investments in one issuer’s securities

71. Index funds

72. Securities issued or guaranteed by States, etc

73. Investments in UCITS and other collective investment undertakings

74. Acquisitions of shares carrying voting rights

75. Subscription rights

76. Derogation for recently authorised UCITS

77. Breaches of limits

PART 9

Master — Feeder Structures

Chapter 1

Scope and approval

78. Meaning of feeder UCITS and master UCITS, etc

79. Approval by Bank of investment of feeder UCITS

80. Common provisions for feeder UCITS and master UCITS

81. Provisions applicable where master UCITS and feeder UCITS have different trustees

82. Provisions applicable where master UCITS and feeder UCITS have different auditors

83. Additional information to be contained in prospectus of feeder UCITS

84. Information to be provided to unit-holders by certain feeder UCITS

85. Feeder UCITS to monitor master UCITS, etc.

86. Information to be supplied to Bank by master UCITS authorised by Bank, etc.

87. Information to be given by Bank in relation to non-compliance, etc.

PART 10

Obligations concerning Information to be provided to Investors

Chapter 1

Publication of prospectus and periodical reports

88. Information to be published by investment or management company

89. Information to be included in prospectus and periodic reports

90. Provisions supplementary to Regulation 89

91. Annexation of trust deed, etc. to prospectus, etc.

92. Prospectus to be kept up to date

93. Auditing of accounting information

94. Prospectus, etc. to be sent to Bank, etc.

95. Provision of prospectus, etc. to investors

Chapter 2

Publication of other information

96. Publication of price of units

97. Marketing communications to investors

Chapter 3

Key investor information

98. Drawing up of key information for investors

99. Pre-contractual information, etc

100. Timing of provision of key investor information

101. Medium of provision of key investor information

102. UCITS to send key investor information to Bank, etc.

PART 11

General Obligations of UCITS

103. Borrowing of money by UCITS

104. Redemption, etc. at request of unit-holder

105. Creation and cancellation of units of unit trust or common contractual fund

106. Issue of registered or bearer certificates

107. Winding up of investment company

108. Value of assets

109. Application of income

110. Issue and redemption or repurchase of units

111. Loans or guarantees

112. Uncovered sales of transferable securities, etc.

113. Umbrella funds

114. Remuneration and expenditure

PART 12

Special Provisions Applicable to UCITS which Market their Units in Member States other than those in which they are established

115. UCITS authorised in another Member State may market units in the State without imposition of additional requirements, etc.

116. Provision of facilities in relation to unit-holders

117. Notification requirements

118. Information for investors in host Member State

119. Legal form of designation of UCITS

120. Power of Bank to prohibit marketing

PART 13

Provisions Concerning Authorities Responsible for Authorisation and Supervision

121. Establishment of Bank as competent authority

122. Liability of Bank and the State

123. Powers of Bank

124. Register of authorised UCITS

125. Keeping of books and records

126. Furnishing of information to Bank

127. Application by Bank to High Court

128. Replacement of management company or trustee

129. Revocation of authorisation

130. Notice of intention to revoke

131. Directions by Bank

132. Penalties

133. Collaboration with competent authorities in other Member States

134. Reports by auditor of UCITS

135. Bank to give reasons for decisions, etc.

136. Exchange of information with other competent authorities

137. Investigation by competent authority in another Member State of management company authorised by Bank

PART 14

Derogations, Transitional and Final Provisions

138. Transitional provisions applicable to existing investment firms and management companies

139. Revocations, etc.

SCHEDULE 1

Functions included in activity of Collective Portfolio Management

SCHEDULE 2

Transferable Securities

PART 1

Criteria Applicable to Transferable Securities which fall within paragraph (a), (b) or (c) of definition in regulation 3(1) of “transferable securities”

PART 2

Securities specified for purposes of paragraph (d) of definition in regulation 3(1) of “Transferable Securities”

SCHEDULE 3

Interpretation of references in these regulations to money market instruments

SCHEDULE 4

Prudential requirements applicable to Management Companies

SCHEDULE 5

Conduct requirements applicable to Management Companies

SCHEDULE 6

Particulars of Standard Agreement Between Trustee and Management Company

SCHEDULE 7

Detailed content, format and method by which to provide information referred to in regulation 61

SCHEDULE 8

Provision of Key Investor Information

SCHEDULE 9

Requirements Applicable to Risk Management

SCHEDULE 10

Requirements applicable to Master-Feeder Structures

PART 1

Content of Information Sharing Agreement between master ucits and feeder ucits

PART 2

Liquidation, Merger or Division of Master UCITS

PART 3

Content of Information Sharing Agreement where Master UCITS and Feeder UCITS have different Trustees

PART 4

Content of Information Sharing Agreement where Master UCITS and Feeder UCITS have different auditors

SCHEDULE 11

Information to be contained in prospectus

SCHEDULE 12

Information to be contained in periodic reports

SCHEDULE 13

Information to be made accessible by Bank

SCHEDULE 14

Notification Requirements

SCHEDULE 15

Requirements Applicable to Simplified Prospectus

SCHEDULE 16

Table of Cross-References To Specific UCITS Regulations in Legislation

PART 1

Unit Trusts Act 1990 (No. 37 of 1990)

PART 2

Companies Act 1990 (No. 33 of 1990)

PART 3

Investment Funds, Companies and Miscellaneous Provisions Act 2005 (NO. 12 OF 2005)

SI. No. 352 of 2011

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