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Investment Funds Update - February/March 2014

19 March 2014

Welcome to the February/March 2014 edition of the Investment Funds Update.

This issue contains articles which cover a broad range of topics designed to give you an update on developments in Investment Funds. We hope you find our Update to be informative and useful.


Central Bank Consultation on “Depositary Lite”

On 7 March 2014, the Central Bank of Ireland (the “Central Bank”) published a consultation paper entitled “Carrying out depositary duties in accordance with Article 36 of the AIFMD” (the “Consultation Paper”). The purpose of the Consultation Paper is to invite stakeholders…

Central Bank Publishes First Reporting Dates for AlFMs

On 7 March 2014, the Central Bank of Ireland (the “Central Bank”) published the first reporting dates for the submission of regulatory returns (the “Returns”) for Alternative Investment Fund Managers (“AIFMs”). The submission of the Returns is in accordance with Regulation…

Central Bank Issues Updated Guidance for AIFs and their Service Providers

On 7 March 2014, the Central Bank of Ireland (the “Central Bank”) issued updated guidance relating to third party approval and the fund authorisation process for Alternative Investment Funds (“AIFs”) and their service providers. Investment Advisors As long as the relevant AIF confirms that…

The ICAV: Eligible to “Check the Box” for US Tax

On 20 December 2013, Ireland’s Minister for Finance, Mr. Michael Noonan TD, published the General Scheme of the Irish Collective Asset-management Vehicle (ICAV) Bill (the “Bill”), a new Irish fund vehicle. A copy of the General Scheme is available here. The ICAV structure is being introduced…

Positive Developments in the Distribution of Irish Funds in Chile

In 2011, the Chilean Pensions Regulator, Comisión Clasificadora de Riesgo (“CCR”), placed UCITS funds domiciled in Ireland on a restricted investment list. This move by CCR followed the downgrade of the Irish sovereign debt as CCR rules state that Chilean pensions can only invest in funds domiciled…

Central Bank Issues Consultation Paper on UCITS Rulebook

On 2 January 2014, the Central Bank of Ireland (the “Central Bank”) published a Consultation Paper on the publication of a UCITS Rulebook (the “Consultation Paper”). In addition, the Central Bank has also published a draft UCITS Rulebook. The Central Bank proposes the introduction of…

Central Bank Updates QIAIF Application Forms

The Central Bank of Ireland has updated its application forms for Qualifying Investor Alternative Investment Funds (“QIAIFs”) in relation to specific provisions regarding treatment of unsatisfied redemption requests on a dealing day. The application forms have been amended to provide that a QIAIF must set…

Central Bank Publishes UCITS Q&A and Updates AIFMD Q&A

On 4 February 2014, the Central Bank of Ireland (the “Central Bank”) published its first edition Question & Answers paper ("Q&A") on Undertakings for Collective Investment in Transferable Securities (“UCITS”) and updated its existing Q&A on the Alternative Investment Fund Managers…

Q3 2013 Irish Fund Statistics Show Strong Growth

The Central Bank of Ireland statistics for Q3 2013 show strong growth of Irish investment funds. Asset levels in Irish investment funds increased in value to €1,041 billion by the end of Q3 2013.  This is an increase of €36.8 billion or 3.7% from Q2 2013. Growth has now been positive for 17 of the last…

Central Bank has Published its Enforcement Priorities and Programme of Themed Reviews and Inspections for 2014

On 25 February 2014, the Central Bank of Ireland (the “Central Bank”) published its (i) Enforcement Priorities and (ii) Programme of Themed Reviews and Inspections for 2014. (i)  Enforcement Priorities The Central Bank has published its enforcement priorities for 2014 by industry sector and…

European Developments: ESMA Issues Q&A on the Application of AIFMD

On 17 February 2014, the European Securities Markets Authority (“ESMA”) issued a Question & Answers paper ("Q&A") on the Alternative Investment Fund Managers Directive (“AIFMD”). The Q&A consists of a number of questions posed by the general public and competent authorities in relation…