The Central Bank of Ireland has issued revised Notices and Guidance Notes to reflect UCITS IV and other changes ensuring that Ireland has transitioned to UCITS IV by the July 1 deadline for implementation.
The revised Notices and Guidance Notes complete the regulatory regime for UCITS IV funds in Ireland and include provisions for the corresponding changes to the Minimum Activities regime as proposed under CP 48.
Assets under administration in Ireland grew from 1.4 trillion to 1.9 trillion and created more than 400 jobs in 2010. Some 1,000 jobs are also likely to be created by the Irish funds industry during 2011.
Additionally, the Central Bank has also revised and updated its NU Notices.
This news follows an announcement on Wednesday, June 29, that the Minister for Finance had signed legislation that transposed UCITS IV into Irish law.
The Statutory Instrument consolidates all previous UCITS legislation and includes the provisions of the UCITS IV Directive including the management company passport, the Key Investor Information Document, simplified notification procedures for cross-border marketing, as well as provision for cross-border mergers and master-feeder structures.
Essentially, UCITS IV is a wide reaching attempt by European policy makers to introduce greater operating efficiencies as well as simplifying information provided to investors.
Gary Palmer, Chief Executive, Irish Funds Industry Association, welcomed the news saying: These revised Notices and Guidance Notes, which have been the result of a long process of engagement, discussion and consideration provides the required legal and regulatory framework for a successful transition to the UCITS IV environment.
I commend all those involved, particularly the Central Bank, as to deliver the required certainty and completeness took a lot of determination, hard work and commitment from all parties – and for a long period of time.
Mr Palmer went on to say: Ireland is the fastest growing of all the major UCITS domiciles and now we are even better placed to capitalise on our breath of experience and reach to further grow the industry.
(LB)