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ARTICLE · 21 NOVEMBER 2011

Master - Feeder UCITS

Dillon Eustace
Dillon Eustace
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The UCITS IV Directive allows for the establishment of a "feeder" UCITS, which is defined in the Directive as a UCITS which has been approved to invest, by way of derogation from the existing limits on investment in other CIS, at least 85% of its assets in units of another UCITS (the "master fund").

IrelandFinance and Banking
Dillon Eustace
Dillon Eustace
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The UCITS IV Directive allows for the establishment of a "feeder" UCITS, which is defined in the Directive as a UCITS which has been approved to invest, by way of derogation from the existing limits on investment in other CIS, at least 85% of its assets in units of another UCITS (the "master fund"). Both the feeder and master fund must, therefore, be established as UCITS. The conditions for the establishment of a feeder UCITS, as set out in the UCITS IV Directive, are reflected in UCITS Notice 18.

Central Bank Approval

Investment of a feeder UCITS into a master fund is subject to prior approval of the Central Bank. Such approval will only be granted if the feeder UCITS, the master UCITS, the custodian / trustee and the auditors satisfy certain conditions and subject to submission of various documents to the Central Bank.

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