UCITS, Non-UCITS & Hedge Funds

Funds Quarterly Legal And Regulatory Update Q4 2011 FD

(i) UCITS IV Notices and Guidance Notes

Following the signing into law of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (the "Regulations") – making Ireland one of only six Member States to have implemented the UCITS IV Directive by the transposition deadline – on July 1 2011, the Central Bank also issued revised Notices and Guidance Notes to explain and clarify various aspects of the Regulations and set down conditions not contained in the Regulations with which UCITS must conform, including:-

• changes to the minimum activities regime as proposed under Consultation Paper 48;