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ARTICLE · 13 OCTOBER 2017

Funds Quarterly Legislative Update June To September 2017

Dillon Eustace
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The Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2017, S.I. No. 344 of 2017...

IrelandWealth Management
Dillon Eustace
Dillon Eustace
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FUNDS QUARTERLY LEGAL AND REGULATORY UPDATE

Undertakings in Collective Investments and Transferable Securities ("UCITS")

(i) ESMA publishes updates to the Q&A on application of UCITS Directive

On 11 July 2017, the European Securities and Markets Authority ("ESMA") published an updated Q&A on the application of the UCITS Directive (2009/65/EC), as revised by UCITS V (2014/91/EU) (together the "UCITS Directive"). The UCITS Q&A now includes two new questions and answers on:

  • Issuer concentration – relating to 40% limit. See Section 1 Question 5a; and
  • Group links and cooling-off periods – relating to when a person (being a person who served in a management body or supervisory body of an entity within a group or was employed by such an entity) deemed to fulfil the independence requirement. See Section 8 Question 1).

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