Central Bank publishes updated Central Bank UCITS Regulations7 June 2019
The Central Bank has published its updated Central Bank UCITS Regulations (S.I. 230 of 2019). The amendments made fall under four broad areas:
- Amendments arising from a review of the previous version of the Central Bank UCITS Regulation
- Amendments to UCITS share class provisions to reflect the ESMA opinion on share classes of UCIT
- Amendments related to UCITS performance fees, including a new performance fee crystallisation frequency requirement (which is subject to an 18-month transitional period from the commencement of this set of Central Bank UCITS Regulations
- Amendments arising from the implementation of the EU Money Market Fund Regulation
The Central Bank UCITS Regulations are accompanied by a feedback statement on CP 119, which proposed amendments to the Central Bank UCITS Regulations and to which Irish Funds responded. The Central Bank has also published an updated UCITS Q&A document which includes new Q&As at ID 1090, 1091,1092 and 1093 in relation to the newly published Central Bank UCITS Regulations 2019. Existing Q&As related to the Central Bank UCITS Regulations have been amended to update the references to relevant Regulations.
The Central Bank UCITS Regulations form part of a wider Central Bank Markets Update on recent developments relating to the work of the Central Bank, ESMA and IOSCO.