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Central Bank comment on Implementation of ESMA Guidelines on ETF’s and other UCITS issues

23 January 2014

 This matter was raised with the Central Bank who in the attached paper advise, “In the light of that consultation it is reasonable for a UCITS money market fund, authorised before 18 February 2013, to delay its compliance with paragraph 43(e) of the ESMA guidelines until such time as ESMA has issued its feedback and concluded the consultation process.”

Additionally, industry also engaged with the Central Bank with regard to paragraph 35 of the ESMA Guidelines (repeated in the Central Banks UCITS Notice 8, Appendix A, paragraph 9(iv)). In particular industry sought clarification as to the scope of transactions caught by the requirement to disclose revenues arising from efficient portfolio management techniques. In response to the attached industry submission the Central Bank have advised “A reasonable interpretation of the reference to “revenue” in Guideline 35(d), subject to any clarification which may be provided by ESMA, would be that it is applicable only to revenue from securities lending arrangements and repurchase/reverse repurchase agreements.”


Irish Funds submission to Central Bank regarding ETF Guidelines - October 2013pdfView
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