UCITS IV legislation is signed into law
The European Communities (Undertakings for Collective Investment
in Transferable Securities) Regulations 2011 ("UCITS
Regulations") were signed into law on 1 July 2011. This
statutory instrument consolidates all previous UCITS legislation
and transposes the requirements of Directive 2009/65/EC, the
"UCITS IV Directive".
Central Bank of Ireland issues revised UCITS Notices, NU Series
of Notices and Guidance Notes
On 1 July 2011, the Central Bank of Ireland issued revised UCITS
Notices, NU Series of Notices and Guidance Notes.
We set out below some of the key new developments.
Outsourcing rules introduced
The Central Bank has issued outsourcing rules to replace the
minimum activities regime as Annex II to both the UCITS Notices
& NU Series of Notices. The minimum activities regime applied
to Irish funds (both UCITS and non-UCITS) from 1995 and required
key fund administration functions to be carried out by the
fund's
