Irish Funds Publishes CRS Self-Certification Forms
The Organisation for Economic Co-operation and Development (“OECD”) has established the Common Reporting Standards (“CRS”) framework based on the FATCA model,. Under CRS, from 1 January 2016, funds within participating jurisdictions will be required to identify and confirm the tax residence status of all new and existing investors. On 9 November 2015, Irish Funds published its self-certification form, which can be used at account opening stage, to fulfill the CRS requirements
Central Bank Updates AIF Rulebook
The Central Bank of Ireland (the “Central Bank”) published the latest version of the Alternative Investment Funds (“AIF”) Rulebook (the “Rulebook”), on 4 November 2015. The Rulebook sets out the Central Bank's rules in relation to the operation of AIFs and their service providers.
Central Bank Publishes Updated AIFMD Q&A
The Central Bank published a seventeenth edition of the Alternative Investment Funds Management Directive (“AIFMD”) Q&A guidance document (the “Q&A”) on 4 November 2015. The revised Q&A provides guidance on what requirements apply to Qualified Alternative Investment Funds with non-EU Alternative Investment Fund Managers during the transition period and clarifies that there is no regulatory obstacle to holding subscription and redemption monies being held within a single account in the name of an umbrella fund.
Central Bank Management Feedback Statement and Guidance (CP86)
The Central Bank published its feedback statement on CP86: Fund Management Company Boards (the “Feedback Statement”) and related Guidance on Fund Management Companies (the “Guidance”), on 4 November 2015. The Feedback Statement focuses on two areas, firstly, the authorisation process where the quality of the boards and internal arrangements of fund management companies are scrutinised and secondly, the day-to-day process of guiding and overseeing the administration and investment of the monies invested with investment funds. The Guidance provides detailed information on delegate oversight, organisational effectiveness and directors time commitments.
Update to Central Bank Prospectus Handbook
The Central Bank's Prospectus Handbook (the “Handbook”) was updated effective 2 November 2015. The Handbook is relevant for issuers of transferable securities which are subject to Directive 2003/71/EC (the Prospectus Directive) and certain service providers to those issuers.
UCITS Updates Issues
The Central Bank issued revised UCITS guidance in respect of Permitted Markets and UCITS FDI and EPM on 4 November 2015. The relevant revisions are in Paragraph 1 of the Guidance on Permitted Markets and revisions to paragraphs 126-128 of the UCITS FDI and EMP Guidance.On the same date the Central Bank published the Ninth Edition of the UCITS Q&A.
CP97: Investment Firm Regulations
The Central Bank of Ireland issued a Consultation Paper on 4 November 2015 regarding proposed regulations to apply to certain Investment Firms. This Consultation is open until 27 January 2016.
