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 to the Central Bank for review in advance of this date. The Central Bank may, however, request the revised business plans of SMICs for review and approval at a later stage. SMICs authorised prior to 1 July 2011 must comply with all other UCITS IV requirements by 1 July 2013.
SMICs authorised after 1 July 2011 are required to comply with all UCITS IV requirements upon authorisation.
Transition to the Key Investor Information Document
Key Filing Date: 1 July 2012
The Central Bank has confirmed that UCITS funds authorised prior to 1 July 2011 may continue to publish simplified prospectuses until 30 June 2012, after which date they must publish key investor information documents. UCITS funds authorised after 1 July 2011 are required to publish key investor information documents upon authorisation.
UCITS and Non-UCITS Money Market Funds
Key Filing Date: 29 April 2011
UCITS and Non-UCITS money market funds are required to comply with the requirements of ESMA's Guidelines on a Common Definition of European Money Market Fund by 1 July 2011. UCITS and Non-UCITS money market funds must revise their prospectuses in order to indicate whether the fund is a "short-term money market fund" or a "money market Fund". The Central Bank has advised that UCITS and Non-UCITS money market funds must submit revised versions of their prospectuses for review by 29 April 2011.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
