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Exchange Traded Funds: Central Bank of Ireland Feedback Statement

14 September 2018

The Central Bank of Ireland (CBI) have today published their ETF Feedback Statement on the back of Discussion Paper 6, May 2017, which Irish Funds responded to 11 August 2017. Subsequently, the ETF Working Group met with the CBI and provided a paper on:

  1. Portfolio transparency,
  2. Exchange traded share classes of mutual funds; and
  3. Dealing cut-off times for hedged and unhedged share classes

The Feedback Statement makes a number of observations and conclusions throughout.

In relation to exchange traded share classes of mutual funds, the CBI have confirmed they will allow listed and unlisted share classes within an investment fund and they will produce guidance on the appropriate disclosure requirements to apply to both share classes in order to avoid investor confusion.

With regard to dealing cut-off times for hedged and unhedged share classes, the CBI will extend the current approach with respect to cash / in-kind share classes to include unhedged and hedge share classes within an ETF.

The CBI will continue to consider portfolio transparency and will engage on this topic at European and international regulatory forums.

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