The Front Page, Asset Management & Investment Funds: Irish Practice Developments

Some approaching deadlines

  • 1 June 2016, Companies Act 2014. Directors of UCITS structured as companies will be obliged to sign a compliance statement and include this in their directors' report for years commencing on or after 1 June 2015. Such directors will also be required to establish audit committees or else explain in the Directors' report why such committees have not been established. See here for more detail.
     
  • 30 June 2016, Sub-Fund Profiles. Deadline for filing the Investment Funds Annual Sub-Fund Profile Return on the Central Bank's ONR.
     
  • 1 July 2016, Investor Money Regulations. The Investor Money Regulations (IMR) come into effect on 1 July 2016. 
     
  • 1 September 2016, Companies Act 2014. The majority of the Companies Act 2014’s provisions commenced on 1 June 2015 (Commencement). If a UCITS management company or AIFM (or s.110 subsidiary) is converting to a CLS, the shareholder(s) of the UCITS ManCo or AIFM (or s. 110 subsidiary) must pass a special resolution to adopt a new constitution, which must be filed with the Irish Companies Office (CRO) by 30 November 2016. If the UCITS ManCo or AIFM (or s. 110 subsidiary) is converting to a DAC, the shareholder(s) of the UCITS ManCo or AIFM (or s. 110 subsidiary) must pass an ordinary resolution resolving that the company be registered as a DAC by 1 September 2016. Variable Capital Companies may choose to update their Memorandum and Articles of Association to reflect the provisions of the Companies Act 2014 and other regulatory changes when planning their Annual General Meetings. Please see our In Focus document for more detail. 
     
  • 1 November 2016, Redemption Gates. Deadline for existing UCITS to remove provisions whereby redemption requests carried over from a prior dealing day as a result of the application of a gate receive priority.  Many UCITS provide for priority rights of redemption for investors on subsequent dealing days in respect of the balance of redemption requests that had been subject to a gate. The Central Bank believe that applying priority to redemption requests which have been subject to a gate may materially prejudice investors, particularly small investors.  This is notwithstanding the fact that the original gate would have had to have been applied pro rata to all investors, large and small, who had submitted redemption requests. This change (which will likely require a change to the UCITS' constitution) should be completed by all UCITS by 1 November 2016.

This list does not cover ad hoc filings (such as regulatory reports) or filings of annual accounts (and related documents which include annual FDI Return) and semi-annual accounts because these dates will vary to reflect the particular year end.

Central Bank publishes research on consumer perceptions of complaints handling in regulated firms. 

The Central Bank of Ireland (Central Bank) published research on consumer perceptions of complaints handling in regulated firms. While the findings of this research are not of direct relevance to investment funds, the findings are of interest as "the results of this research will inform our work and contribute to wider discussions with industry and policymakers both domestically and internationally in the area of complaints handling." Key findings include that: 

  • respondents who were given a named point of contact during the process were more satisfied;
  • the knowledge, experience and authority of the contact was considered to be among the most important aspects of the complaints process; and
  • timely resolution of the complaint was considered a key aspect.

For more information please contact Nollaig Greene or a member of the Asset Management & Investment Funds Team.

Date published: 31 May 2016