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ARTICLE · 09 JANUARY 2014

Central Bank Consults On A New UCITS Rulebook

Dillon Eustace
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On January 2, the Central Bank of Ireland issued a Consultation Paper (CP 77) on the publication of a new UCITS Rulebook.

IrelandFinance and Banking
Dillon Eustace
Dillon Eustace
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On January 2, the Central Bank of Ireland ("Central Bank") issued a Consultation Paper (CP 77) on the publication of a new UCITS Rulebook which, when issued in final form, will replace its current UCITS Notices and UCITS applicable Guidance Notes.

The Central Bank's proposal is designed to consolidate into the UCITS Rulebook all of the conditions which it imposes on UCITS, on their management companies and on UCITS depositaries, in relatively similar format to that adopted for AIFs in its July 2013 AIF Rulebook. Residual UCITS related guidance will be published on the Central Bank website.

While the layout of the proposed UCITS Rulebook differs somewhat from the UCITS Notices, being broken down into dedicated Product, Management Company and Depositary chapters, the currently applied conditions are not in general changing. The process is principally one of clarification and elimination of duplication.

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