Legislative Basis For UCITS In Ireland

Originally published in A Guide to UCITS in Ireland

The legislative basis for UCITS in Ireland is founded on European law implemented domestically, expanded upon by UCITS related notices (the "UCITS Notices") issued by the Central Bank of Ireland (the "Central Bank") and with further clarification provided for in a series of Central Bank guidance notes ("Guidance Notes"), each of which – European and domestic legislation and the UCITS Notices and Guidance Notes – have evolved and been amended over time.

(i) European Legislation

The original UCITS Directive (Directive 85/611/EC) of 1985 established the UCITS product as a pan-European collective investment scheme which benefited from an EU-wide passport based on the concept of mutual recognition of Home State authorisation, setting down the legal forms which UCITS could take, their permitted investment and borrowing rules, liquidity requirements, prospectus disclosure rules and rules relating to annual