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ARTICLE · 10 JANUARY 2023

CP152: New Prudential Rules Proposed For UCITS ManCos And AIFMs With MiFID Permissions

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On 1 December 2022, the Central Bank of Ireland ("Central Bank") published a consultation paper ("CP152") on own funds requirements for UCITS management companies...

Cayman IslandsFinance and Banking
Stephen Carty
Stephen Carty
Lorna Smith
Lorna Smith
Philip Keegan
Philip Keegan
Alison Gibney
Alison Gibney
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On 1 December 2022, the Central Bank of Ireland ("Central Bank") published a consultation paper ("CP152") on own funds requirements for UCITS management companies ("UCITS ManCos") and Alternative Investment Fund Managers ("AIFMs") authorised with a MiFID top-up to provide discretionary portfolio management services.

Background

Existing own funds requirements for UCITS ManCos and AIFMs are set out in Regulation 17 of the UCITS Regulations1 and Regulation 10 of the AIFM Regulations2 respectively. Under these regulations the level of own funds required to be held is directly proportional to the value of the funds managed under the respective firms' collective portfolio management permission. These regulations do not take into account the value of funds in individual portfolios managed by these firms.

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