Central Bank of Ireland Consults on a Draft UCITS Rulebook Including the Possible Removal of the Promoter Requirement

January 02, 2014

The Central Bank of Ireland (“Central Bank”) issued a consultation paper (CP 77) on 2 January 2014, on the publication of a draft UCITS Rulebook. The consultation period will close on 28 March 2014.

The UCITS Directive is implemented in Ireland by a Statutory Instrument – the UCITS Regulations, which designate the Central Bank as the competent authority for the authorisation and supervision of UCITS.

The UCITS Notices were developed by the Central Bank to explain and clarify various aspects of the UCITS Regulations and set down conditions not contained in the Regulations with which UCITS must conform.

Subsequently, the Central Bank commenced the practice of issuing Guidance Notes to provide direction on issues relating to the funds industry. As this guidance did not constitute a regulatory requirement, its standing was unclear.

The Central Bank proposes to replace the existing series of UCITS Notices and Guidance Notes with a single consolidated document, to be called the UCITS Rulebook, containing all of the conditions that the Central Bank imposes on UCITS funds, their management companies and depositaries in addition to the requirements of the UCITS Regulations.

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