Central Bank of Ireland’s Year-End Approval and Amendment Timeframes for Investment Funds

Dechert LLP
Contact

Dechert LLP

On 28 September 2020, the Central Bank of Ireland (the “Central Bank”) sent a letter to the Irish funds industry outlining the timeframes for receipt of: (i) new fund applications; and (ii) post-authorisation amendments that have approval deadlines before Christmas or year-end (the “Year-End Letter”).

It is worth noting that amendments to fund documents that will be required to ensure compliance with Regulation (EU) 2019/2088 on sustainability related disclosures in the financial services sector (the “SFDR”) will not need to be included as part of any pre-year-end submission on the basis the deadline to comply with the SFDR is 10 March 2021.

Deadlines for receipt of complete applications are set out below:

QIAIF Filings

Applications Submitted Through ORION (the Central Bank’s online reporting system)1

Normal timeframes will apply until Tuesday 22 December 2020.

For authorisation / approval / noting on: Deadline for Receipt:
Wednesday 23 December 2020 5 p.m. on Tuesday 22 December 2020
Tuesday 29 December 20202 3 p.m. on Wednesday 23 December 2020
Monday 4 January 2021 5 p.m. on Wednesday 30 December 2020

Non-ORION Based Applications (including post-authorisation amendments)3

Normal timeframes will apply until Tuesday 22 December 2020.

For authorisation / approval / noting on: Deadline for Receipt:
Wednesday 23 / Thursday 24 December 2020 3 p.m. on Tuesday 22 December 2020
Tuesday 29 December 2020 3 p.m. on Wednesday 23 December 2020
Monday 4 January 2021 3 p.m. on Wednesday 30 December 2020

Change of Service Provider ("COSP") Filings

Effective Date of COSP: Deadline for Receipt:
Tuesday 29 December 2020 - Friday 1 January 2021 5 p.m. on Tuesday 15 December 2020

Individual Questionnaire ("IQ") Filings

Normal timeframes apply until Friday 20 November 2020.

IQ Application Type: Deadline for Receipt:
IQs relating to QIAIFs 5 p.m. on Tuesday 1 December 2020
IQs relating to Other Fund Types and Fund Service Providers 5 p.m. on Friday 20 November 2020

Fund / Post-Authorisation Applications (Excluding QIAIFs)

Application Type: Deadline for Receipt:
Umbrella / Standalone Funds and Non-Fast-Track Sub-Funds4 5 p.m. on Friday 16 October 2020
Fast-Track Sub-Funds5 5 p.m. on Friday 13 November 2020
Post-Authorisation - Major Items 5 p.m. on Friday 16 October 2020
Post-Authorisation - All Other Items 5 p.m. on Friday 13 November 2020

Full Review Investment Manager Applications

Application Type: Deadline for Receipt:
Full Review Investment Manager Applications (i.e., non-EU based applicants) 5 p.m. on Friday 13 November 2020

ICAV Registration / Conversion / Migration Applications

Application Type: Deadline for Receipt:
ICAV Registration / Conversion / Migration Applications 5 p.m. on Tuesday 1 December 2020

UCITS and RIAIF Authorisations / Approvals / Notings

For authorisation / approval / noting on: Deadline for Receipt:
Thursday 24 / Tuesday 29 December 20206 12 p.m. on Wednesday 23 December 2020
Monday 4 January 20217 3 p.m. on Wednesday 30 December 2020

Revocations

The Central Bank has noted that all applications must be complete when submitted, and that incomplete applications will be returned and will not be considered for pre-Christmas/pre-year end timeframes.

Footnotes

1. Applications for Authorisation and Sub-Fund Applications for Approval.

2. 29 December 2020 is the first day after Christmas that funds may be authorised / approved.

3. Amendments to documents previously filed with the Central Bank and not subject to review.

4. This deadline also applies to self-managed / internally managed investment company / ICAV applications.

5. Funds that are reviewed under the ‘fast-track’ process are either: (i) clones of (umbrella or standalone) funds recently approved by the Central Bank; or (ii) non-complex funds (i.e. plain vanilla equity funds which do not use derivatives).

6. Tuesday 29 December 2020 is the first day after Christmas that funds may be authorised / approved.

7. Monday 4 January 2021 is the first day of 2021 that UCITS and RIAIF funds may be authorised / approved.

8. Funds seeking to revoke at end of December 2020 must submit a complete revocation application, including payment of the funding levy.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

© Dechert LLP

Written by:

Dechert LLP
Contact
more
less

PUBLISH YOUR CONTENT ON JD SUPRA NOW

  • Increased visibility
  • Actionable analytics
  • Ongoing guidance

Dechert LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide