Public statement relating to Enforcement Action between the Central Bank of Ireland and Mercer Global Investments Management Limited
Date | 16 November 2022 |
ENFORCEMENT ACTION
CENTRAL BANK OF IRELAND
and
MERCER GLOBAL INVESTMENTS MANAGEMENT LIMITED
Mercer Global Investments Management Limited fined €117,600 and reprimanded by the
Central Bank of Ireland for breaches of UCITS investment fund regulations.
On 14 November 2022, the Central Bank of Ireland (the Central Bank) reprimanded and fined
Mercer Global Investments Management Limited (MGIM) €117,600 pursuant to its
Administrative Sanctions Procedure for six breaches of UCITS investment fund regulations (the
UCITS Regulations).
MGIM is a UCITS Management Company. A UCITS Management Company typically provides
management services for UCITS funds. MGIM was responsible for issuing the prospectuses and
key investor information documents for funds it managed. MGIM has admitted that, for varying
periods between 1 July 2011 and 31 December 2018, the prospectuses and key investor
information documents (KIIDs) for five sub-funds failed to disclose that the sub-funds relied
upon an index-tracking strategy, or provide the details of the index being tracked.
The UCITS Regulations require that certain information must be included in prospectuses and
KIIDs and that this information should be kept up to date in order to enable investors to make
informed decisions about their investments. Failure to comply with these requirements may
result in investors not being fully informed of the investment strategy of a particular fund or the
risks associated with investment in that fund.
In addition, as part of its “gatekeeper” function in the authorisation of funds, the Central Bank
reviews prospectuses (including any supplements to those prospectuses) before authorising a
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