UCITS IV Regulations Published - New UCITS/ Non-UCITS Notices Issued

On June 29, 2011, the Irish Minister for Finance signed into law the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (the "UCITS IV Regulations") which transpose the UCITS IV Directive into Irish law, and consolidate all prior UCITS legislation. In particular, the UCITS IV Regulations provide for the following:

• simplification and acceleration of the notification procedure for cross-border distribution of UCITS;
• the establishment of a procedure to facilitate UCITS mergers;
• the creation of master-feeder structures;
• the introduction of a new standardised "key investor information" (KII) document replacing the simplified prospectus;