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ARTICLE · 17 APRIL 2012

Funds Quarterly Legal And Regulatory Update Q2 2012 FD

Dillon Eustace
Dillon Eustace
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The Central Bank of Ireland (the "Central Bank") has recently clarified that the UCITS IV requirements will apply to UCITS self-managed investment companies (SMICs) from 1 July 2013.

IrelandWealth Management
Dillon Eustace
Dillon Eustace
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UCITS, Non-UCITS & Hedge Funds

(i) UCITS Self Managed Investment Companies

The Central Bank of Ireland (the "Central Bank") has recently clarified that the UCITS IV requirements will apply to UCITS self-managed investment companies (SMICs) from 1 July 2013. The business plan of each SMIC must reflect these requirements by 1 July 2013. Accordingly, each UCITS SMIC is required to submit a business plan to the Central Bank so that the Central Bank can assess if the UCITS SMIC is UCITS IV compliant by 1 July 2013. The business plans can be submitted and agreed but (at the SMIC's discretion) may not become effective until 1 July 2013. The Central Bank has set out a staggered timeline for submission of the business plans in order to evenly distribute the review process. For currently authorised UCITS SMICs the Central Bank has notified the relevant legal advisors of the scheduled submission dates.

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