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ARTICLE · 25 NOVEMBER 2014

Central Bank Publishes Updated UCITS And AIFMD Q&As

Arthur Cox
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On 5 November 2014, the Central Bank of Ireland published the latest editions of its UCITS and AIFMD Q&A documents.

IrelandFinance and Banking
Kevin Murphy
Kevin Murphy
Dara Harrington
Dara Harrington
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On 5 November 2014, the Central Bank of Ireland published the latest editions of its UCITS and AIFMD Q&A documents.

UCITS Q&A

The latest UCITS Q&A document clarifies the application of anti-dilution levies to UCITS master-feeder fund structures.

The UCITS Regulations provide that a master UCITS shall not charge subscription and redemption fees in respect of investments made by the feeder UCITS into the master UCITS.

The Central Bank has clarified that the application of an anti-dilution levy is not considered to fall within the general prohibition on the charging of subscription and redemption fees by a master UCITS provided that:

  • the prospectus includes complete and unambiguous disclosure on the purpose and nature of the charge which may arise; and

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