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

Central Bank Deadlines for Pre-Christmas/Year-End Applications

The Central Bank has issued details of its deadlines for receipt of applications:

• for approval of funds and sub-funds and manager applications that have pre-Christmas or pre year-end approval deadlines (this includes self-managed/internally managed investment company applications and risk management processes); and
• for approval of post-authorisation amendments that have pre-Christmas or pre year- end approval or noting deadlines.

Normal timeframes apply for QIAIF authorisations and filings until 22 December. QIAIF filing deadlines for the Christmas period are detailed below.

The Central Bank has requested specific details of applications which have pre-Christmas or pre-year end approval deadlines to be lodged with it by close of business on Friday 9 October 2015 so please let us know if you are considering any such application.

Deadlines for Pre-Christmas / Year-End Applications

*A fast-track system can be used for clone fund and sub-fund applications and non-complex sub-funds established by way of supplement.
QIAIF Filings - Manual Applications - Normal timeframes apply until 22 December

*29 December is the first day after Christmas that funds may be authorised.

**4 January is the first day in 2016 that funds may be authorised.

QIAIF Filings -  Automated applications (i.e through ORION) - Normal timeframes apply until 22 December

*29 December is the first day after Christmas that funds may be authorised.

**4 January is the first day in 2016 that funds may be authorised.

QIAIF Change of Service Provider Filings ("COSPs")

For QIAIF COSPs that are effective from 29 December 2015 to 1 Janurary 2016 complete applications must be submitted by close of business on Friday 18 December. Otherwise QIAIF COSPs should be filed in line with normal timeframes (i.e. 12 noon two business days prior to approval by the Central Bank).

UCITS / RIAIF Notings

Revocations

Individual Questionnaire (IQ) Filings

Normal timeframes apply until 27 November.

New prescribed jurisdictions for ICAV redomiciliations

The Minister for Finance has signed new ICAV Regulations

• SI 371 of 2015, Irish Collective Asset- management Vehicles Act 2015 (Section 145(2)) (Relevant Jurisdictions) Regulations which provide for the prescription of the British Virgin Islands and the Cayman Islands for the purposes of s. 145(1) of the Irish Collective Asset-management Vehicles Act 2015. This means that a corporate entity which is a collective investment scheme in that jurisdiction may migrate to Ireland, becoming in the process an ICAV.
• SI 372 of 2015 Irish Collective Asset- management Vehicles Act 2015 (Section 149(2)) (Relevant Jurisdictions) Regulations 2015 which provide for the prescription of the British Virgin Islands and the Cayman Islands for the purposes of s. 149(1) of the Irish Collective Asset-management Vehicles Act 2015. This means that an ICAV may migrate to that jurisdiction without the need to wind-up in accordance with the relevant legal provisions for the winding-up of an ICAV in other circumstances.

Central Bank thematic review of Cyber Security and Operational Risk

The Central Bank recently undertook a thematic review of the management of operational risk around cyber-security within the Investment Firm and Fund Services Industry. The objective of this themed review was to examine the policies, procedures, oversight, access and testing of systems that firms utilise in order to mitigate cyber-security risks. The Central Bank has issued a letter regarding its Thematic Review – Cyber Security and Operational Risk to all boards within the Investment Firms and Fund Services Industry detailing examples of best practice  and setting out the outcomes of the review. This is an important issue for all boards of Directors within the Investment Firms and Fund Services Industry.

Common Reporting Standard

On 20 October 2014 Ireland along with 50 other countries signed a multilateral competent authority agreement to automatically exchange certain information between tax authorities of signatory jurisdictions.  The Common Reporting Standard (CRS) involves the collection of information in relation to financial accounts from financial institutions and the annual transmission of this information between source and residence jurisdictions.  The Finance Act 2014 included enabling legislation allowing the Irish tax authorities to introduce regulations to collect data from Irish financial institutions to comply with CRS.  Earlier this month the Irish tax authorities circulated draft regulations - Standard for Automatic Exchange of Financial Account Information Regulations 2015 – for consideration by interested parties with a view to finalising the regulations before year end i.e. in time for the proposed 1 January 2016 start date.

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

Date published: 24 September 2015