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CBI Publishes UCITS Regulations to Streamline Regime

6 October 2015

Dublin, Ireland - Irish Funds, the representative body for the cross-border investment funds industry in Ireland, has today welcomed the publication of new Regulations for Undertakings for Collective Investment in Transferable Securities (UCITS) by the Central Bank of Ireland (CBI).

Once implemented, the Regulations will simplify the existing regime for clients of the jurisdiction. The new legislation from the CBI intends to consolidate all of the conditions imposed on UCITS, their management companies and depositaries into a single document, and is the conclusion of the Central Bank’s Consultation CP 77 which was initially published in January 2014.

In addition, the publication of the Regulations removes the requirement for promoters of UCITS funds to be approved by the CBI and brings the approach for UCITS funds in line with that for Alternative Investment Funds (AIFs).

Commenting on today’s announcement, Pat Lardner, CEO at Irish Funds, said:

“This is a positive development for the Irish funds industry, and the removal of the promoter approval will ensure the regulatory framework is accessible to the broadest range of managers/promoters. In addition, the consolidation of rules into one document should simplify things for both existing funds and those looking to launch new funds. We are optimistic about the role this legislation will play in the UCITS market, and look forward to engaging with this new rule making process.”

Irish Funds has highlighted a number of positives for its members within the new Regulations, in particular the removal of an existing requirement for promoters of UCITS funds to be approved by the CBI. This was seen as a deterrent to smaller managers and will make the jurisdiction more attractive and accessible to start-up fund managers.

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Notes to Editors 

About Irish Funds 

The Irish Funds Industry Association (Irish Funds) is the representative body for the international investment fund community in Ireland. Founded in 1991, Irish Funds represents fund managers, custodian banks, administrators, transfer agents, professional advisory firms and other specialist firms involved in the international fund services industry in Ireland. 

Irish Funds’ 100+ members are responsible for in excess of 13,000 funds with a net asset value of €3.7 trillion. The objective of the Irish Funds is to support and complement the development of the international funds industry in Ireland, ensuring Ireland continues to be a location of choice for the domiciling and servicing of investment funds. 

Over the last 25 years Ireland has become a premier jurisdiction for fund managers establishing regulated investment products for distribution in the global marketplace. In recent years Ireland has been the fastest growing international fund administration centre and boasts the largest hedge fund administration centre in the world. 

Ireland is also a leading European domicile for money market funds and exchange traded funds, as well as the world’s premier jurisdiction for the stock exchange listing of investment funds. 

International investment managers are attracted to Ireland due to its open, transparent and regulated investment environment and its strong emphasis on investor protection. 

440 fund promoters from across the globe have used Ireland to set up regulated investment funds distributed to shareholders throughout the world. Fund promoters can rely on expert service supported by 13,000 skilled employees across the entire service provider community, including fund administrators, trustees, legal advisers, auditors, tax advisers, compliance, listing and other industry specialists. 

Related Links

Central Bank Publishes Further UCITS Regulations Q&A
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