In December 2011, the Central Bank issued amended UCITS Notices,
NU Notices and guidance notes. The majority of the amendments were
technical in nature. However, a number of policy changes were
introduced:
Back-to-back loans (UCITS Notice 11 and NU Notice 3)
The notices have been amended so that the off-setting deposit to
a back-to-back loan is not required to be denominated in the base
currency of the fund. Amendments may be required to the fund's
prospectus/constitutional document before this amendment can be
availed of.
UCITS Financial Indices (Guidance Note 2/07)
The Guidance Note has been amended to clarify, in section 1.2,
that indices which meet with the UCITS diversification requirements
at the outset are not required to be submitted to the Central Bank
if the constituents of the index move to the extent that it no
longer meets the 5/10/40 per cent rule of the UCITS Directive but
does meet the 20/35 per cent rule set out in Regulation 71 of the
UCITS
