ICAV Update - Bill Passed by Lower House of Parliament
On 28 January 2015, the lower house of the Irish Parliament, the Dail, approved the draft legislation, including various amendments recommended during the Report Stage, to provide for a new form of Irish corporate fund vehicle, the ICAV. This legislation will now go to the Seanad, or upper house, for consideration prior to being signed into law by the President, which is expected by the end of February.
Further details relating to the progress of this legislation are available here.
Central Bank Publishes Fourth UCITS Q&A
The Central Bank of Ireland (the “Central Bank”) published the fourth edition of its UCITS Q&A on 17 December 2014, updating Question ID 1007, concerning UCITS Money Market Funds, and adding a new question ID 1012, concerning active UCITS ETFs and the requirement to provide details of the holdings within such portfolio on a daily basis. The updated Q&A can be found by clicking here.
Minimum Capital Requirement – Guidance for AIFMs and UCITS ManCo's
The Central Bank of Ireland (the “Central Bank”) has issued an updated Guidance Note for AIFMs and UCITS Management Companies in respect of the Minimum Capital Requirement Report, which must be signed by a director or a senior manager and submitted to the Central Bank along with the half yearly and annual audited accounts at specified reporting intervals. The updated guidance note can be found by clicking here.
Central Bank Publishes Twelfth AIFMD Q&A
The Central Bank of Ireland published a twelfth edition of the AIFMD Q&A on 23 January 2015. The new questions addressed relate to delegation (ID1085), transitional arrangements (ID1086-ID1087) and disclosure (ID1088). The revised AIFMD Q&A is available here.
CP90: Supervision of Non-Financial Counterparties under EMIR
The Central Bank of Ireland (the “Central Bank”) issued a Consultation Paper on 4 December 2014 on the supervision of Non-Financial Counterparties under EMIR. The Consultation Paper can be viewed here. The consultation closed on 30 January 2015.
