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