Outlined below are key upcoming deadlines for the remainder of 2020 and Q1 2021 that are relevant for investment funds and fund management companies. As 2020 draws to a close, it is important that regulatory and compliance deadlines are adhered to. Mason Hayes & Curran LLP’s Investment Funds team can assist and advise investment funds and fund management companies in relation to any regulatory or compliance requirements outlined in this publication.
25 December 2020:
The closing date for submissions to the Beneficial Ownership Register (the “Register”) for ICAVs and unit trusts is 25 December 2020. The Register will then be made available to the public and certain bodies in January 2021.
31 December 2020:
The UK officially left the EU on 31 January 2020 and unless an extension to the transition period or an agreement is reached between the EU and the UK by 31 December 2020, which at present seems unlikely, the UK will become a third country as regards the application of EU law. Fund management companies should have assessed the impact of Brexit on their business and where relevant, fund prospectuses should be amended to ensure that the UK is included in the list of recognised markets (if previously covered by reference to EU member states).
31 December 2020:
The Central Bank expects Boards of investment funds and fund management companies to have in place a defined process for the annual review of anti-money laundering (AML) and counter-terrorist financing (CFT) policies, including AML/CFT business risk assessments, and to complete training on an annual basis. The Board of investment funds has ultimate responsibility for the implementation of adequate and proportionate policies and procedures to prevent and detect the commission of money laundering and terrorist financing.
31 December 2020:
Under the Irish Funds Corporate Governance Code for Collective Investment Schemes and Management Companies, the Board of investment funds and fund management companies should carry out an annual review of its overall performance and that of individual directors. Every three years’ a formal documented review is required. Fund management companies should also ensure that the length of service and ongoing independence of directors, as well as gender diversity at Board level, are considered in line with the Central Bank’s publication outlining the results of its thematic review of the implementation of its CP86 Guidance by fund management companies.
31 December 2020:
Fund management companies are required to obtain an annual certification from the holders of Controlled Functions (CFs) who are required to provide confirmations that they are aware of the Fitness and Probity standards, will notify the Board if they no longer comply with the standards and agree to continue to abide by those standards. The Central Bank noted in its “Dear CEO” letter dated 17 November 2020 that it expects the on-going due diligence process for CFs to be updated annually and to extend beyond annual self-declarations, which is a minimum requirement.
29 January 2021:
The European Commission has published its much-anticipated AIFMD public consultation, consisting of 102 questions, with several questions related to the further harmonisation of the UCITS and AIFMD regimes and questions regarding the effectiveness of the existing delegation framework. Responses can be submitted until 29 January 2021. The consultation document can be accessed here.
31 January 2021:
The submission date for filing the annual PCF Confirmation Returns with the Central Bank by fund management companies is expected to be 31 January 2021 for the year ending 31 December 2020. The annual PCF Confirmation Return is made via the ONR system. The Central Bank noted in its “Dear CEO” letter dated 17 November 2020 that it expects the on-going due diligence process for PCFs to be updated annually and to extend beyond annual self-declarations, which is a minimum requirement.
31 January 2021:
Fund management companies must file the Annual Ownership Confirmation by 31 January 2021. This return applies to all UCITS management companies and requires the upload of the firm’s ownership details.
19 February 2021:
Commission Regulation 583/2010 requires UCITS to make an updated KIID available to investors within 35 business days of 31 December each year. The updated KIID must be filed with the Central Bank on or about 19 February 2021 and must be translated (as necessary) and filed in any other host jurisdictions where the UCITS is registered to market its shares and must then be uploaded on the UCITS' website.
28 February 2021:
The submission date for filing annual PCF Confirmation Returns with the Central Bank by investment funds is expected to be 28 February 2021 for the year ending 31 December 2020. The annual PCF Confirmation Return is made via the ONR system.
28 February 2021:
The annual Fund Profile Return is due on 28 February 2021. The annual update is required to confirm the sub-fund’s profile and changes for all Irish-authorised sub-funds.
10 March 2021:
As part of the EU’s Sustainable Action Plan, the Sustainable Financial Disclosures Regulation will come into effect from 10 March 2021. Firms are required to update websites and pre-contractual documentation, such as prospectuses, by 10 March 2021.
31 March 2021:
All fund management companies are required to critically assess their daily operations against the requirements of the Central Bank’s CP86 letter published 20 October 2020, while taking into account the findings of the review, and implement the necessary changes to ensure full and effective embedding of all aspects of the framework. The firm’s analysis should be completed and an action plan discussed and approved by the Board by end Q1 2021.
The above list is not intended to constitute a complete or comprehensive list of all compliance or reporting deadlines that may apply to investment funds or fund management companies.
We invite you to contact a member of the Investment Funds team should you require assistance or specifics in relation to any of the matters outlined above.
The content of this article is provided for information purposes only and does not constitute legal or other advice.
