On June 29, 2011, the Irish Minister for Finance signed into law the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (the "UCITS IV Regulations") which transpose the UCITS IV Directive into Irish law, and consolidate all prior UCITS legislation. In particular, the UCITS IV Regulations provide for the following:
- simplification and acceleration of the notification procedure for cross-border distribution of UCITS;
- the establishment of a procedure to facilitate UCITS mergers;
- the creation of master-feeder structures;
- the introduction of a new standardised "key investor information" (KII) document replacing the simplified prospectus;
- the implementation of the management company passport; and
- the strengthening of existing regulatory requirements, particularly regarding management companies.
New UCITS Notices Issued
In conjunction with the signing of the UCITS IV Regulations, the Central Bank of Ireland has issued revised UCITS Notices and Guidance Notes to reflect UCITS IV and other changes ensuring Ireland is now UCITS IV ready. The revised UCITS Notices and Guidance Notes complete the regulatory regime for UCITS IV in Ireland and include provisions for the corresponding changes to the Minimum Activities regime as proposed under Consultation Paper CP 48 ("Review of the Central Bank of Ireland's requirements regarding the minimum activities of Irish authorised investment funds to be undertaken in the State - Non-UCITS Funds").
New Non-UCITS Notices Issued
The Central Bank has also revised and updated their NU Notices and Guidance Notes, including new Guidance Note 2/11 regarding the appointment of Prime Brokers.
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