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ARTICLE · 20 FEBRUARY 2017

Quarterly Update Q4 | October - December 2016

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The Maples Group, through its leading international law firm, Maples and Calder, advises global...

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The latest edition of our Funds Update - Ireland, a quarterly summary of Irish legal & regulatory, tax and listing developments in recent months.

IrelandFinance and Banking
Maples Group
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1 LEGAL & REGULATORY

1.1 UCITS Update

There have been a number of developments over the quarter:

UCITS V 

The The European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016 implemented the UCITS V Directive 2014/91/EU ("UCITS V") into law in Ireland. The European Commission Delegated Regulation 2016/438 supplementing the UCITS V Directive 2009/65/EC with regard to obligations imposed on depositaries ("UCITS V Level 2") came into effect on 13 October 2016 and also sets out certain provisions that must be included in depositary agreements.

ESMA and Central Bank Q&As

On 12 October 2016 the European Securities and Markets Authority ("ESMA") published an updated Q&A on the application of the UCITS Directive. It includes four new questions and answers on: the meaning of a "regulated market" under the UCITS Directive; translation requirements in relation to the remuneration disclosure; reinvestment of

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