CBI UCITS (Amendment) Regulations 2017

Publication of CBI UCITS (Amendment) Regulations 2017

The Central Bank has published the CBI UCITS (Amendment) Regulations 2017 (the "Amending Regulations").

While many of the amendments introduced under the Amending Regulations are technical in nature or clarify existing provisions of the CBI UCITS Regulations, the Amending Regulations give legislative effect to certain of the rules set down in the Central Bank's Guidance on Fund Management Companies which was published in December last year ("CP 86").

CP86

(i) Location Rule

As readers will recall, at the time of publishing CP 86, the Central Bank also issued a feedback statement in which it set out its intentions to impose a "location rule" on fund management companies, internally managed AIF and self-managed UCITS funds (together "Management Companies") which would require that, depending on the PRISM rating of the Management Company, at least half of its directors must be resident in the EEA and half