1 Legal

1.1 AIFMD Update 

1.2 Irish Collective Asset-management Vehicle Bill

1.3 Money Market Funds: Abolition of CNAV Proposed

1.4 UCITS Rulebook - Central Bank Consultation

1.5 UCITS V Update

1.6 US Volcker Rule and UCITS

1.7 EMIR Update

1.8 PRIPs KID Regulation

1.9 Updated Questions and Answers on the Prospectus Directive


1.11 Market Abuse Regulations

2 Regulatory

2.1 Anti-Money Laundering/Counter-Terrorist Financing

2.2 Amendment to Notice UCITS 10 (paragraph 4) of the UCITS Notices

2.3 Administrative Sanctions Procedure and Inquiry Guidelines

2.4 ESMA's Guidelines on ETFs and Other UCITS issues

2.5 MiFID Guidelines

2.6 Levies and Fees Regulations 2013

2.7 KIID Filing Deadline

2.8 PCF Resignation Process - Guidance/Instructions

2.9 PCF ONR Filing Deadline

3 Tax

3.1 FATCA Update

3.2 Deposit and Investment Income

3.3 REITS Update

4 Listing

4.1 ISE Launches New Service for Pre-Legal Entity Identifiers

4.2 Irish Stock Exchange / Investment Funds

1 Legal

1.1 AIFMD Update

On 16 July 2013, the European Union (Alternative Investment Fund Managers) Regulations 2013 (No. 257 of 2013) gave effect to Alternative Investment Fund Managers Directive (2011/61/EU) ("AIFMD") in Ireland.

There have been a number of developments over the quarter:

(a) In October 2013, the Central Bank reminded all investment funds authorised in accordance with the NU Series of Notices and their proposed alternative investment fund managers ("AIFM") that the transitional date for compliance with AIFMD is 22 July 2014. The Central Bank also set 21 February 2014 as the latest date for receipt of applications seeking authorisation as AIFM including internally managed AIF. For those applicants whose assets under management are below the thresholds set out in Regulation 4 of the AIFM Regulations, applications to act as a Registered AIFM should also be received by 21 February 2014.

(b) In October 2013, the IFIA Industry Depositary Committee reviewed the existing IFIA Guidance Paper 3 – Trustee Duties as set out in applicable regulations and prepared a revised Guidance Paper 3A – AIFMD Depositary Duties, to reflect the new depositary obligations post AIFMD.

(c) On 8 November 2013, the Central Bank revised their questions and answers ("Q&A") on AIFMD clarifying the exemption for securitisation vehicles from AIFMD. For further details please read our client update: AIFMD - CBI Clarifies Non-Application to Debt-Issuing SPVs.

(d) On 17 November 2013, the European Securities and Markets Authority ("ESMA") released a technical revision to the AIFMD reporting templates (version 1.1) which were originally released together with the Final Guidelines on reporting obligations for Alternative Investment Fund Managers on 1 October 2013.

(e) On 4 December 2013, ESMA issued revised versions of the AIFMD reporting IT technical guidance and xml documents.

(f) On 11 December 2013, ESMA updated its table (ESMA/2013/1491) showing the state of play of Memoranda of Understanding ("MoU") signed by EU national supervisors with non-EU regulators worldwide in respect of AIFMD - http://www.esma.europa.eu/content/AIFMD-MoUs-signed-EU-authorities. The MoUs are co-operation agreements that allow the exchange of information between EU and non-EU supervisors, enabling non-EU fund managers to market alternative funds within the EU. As at 11 December 2013, the Central Bank had entered into 40 MoUs with non-EU regulators worldwide.

(g) On 13 December 2013, the Central Bank published an updated 6th edition of their AIFMD Q&A document - http://www.centralbank.ie/regulation/industry-sectors/funds/aifmd/Documents/AIFMD%20Q%20and%20A%2013%20December%20final.pdf. This edition includes three new questions (ID 1066, ID 1067, ID 1068), some questions which are no longer relevant have been deleted and others have been amended for clarification, notably ID 1021 in relation to Article 36 of AIFMD.

(h) On 17 December 2013, the Central Bank published a new page on its website setting out guidance and forms on marketing of AIFs, including a mailbox for submission of certain marketing notifications - http://www.centralbank.ie/regulation/industry-sectors/funds/aifmd/Pages/MarketingGuidanceandForms.aspx

(i) On 18 December 2013, the Central Bank revised a provision in the qualifying investor alternative investment fund ("QIAIF") application forms regarding treatment of unsatisfied redemption requests on a dealing day.

(j) On 20 December 2013, the European Commission published the text of the delegated Regulation it has adopted, supplementing AIFMD with regard to regulatory technical standards ("RTS") determining types of AIFMs. The RTS specify the characteristics of AIFMs managing open-ended AIFs. An AIFM of an open-ended AIF manages an AIF, the shares or units of which are, at the request of any of its shareholders or unitholders, repurchased or redeemed prior to the commencement of its liquidation phase or wind-down, directly or indirectly, out of the assets of the AIF and in accordance with the procedures and frequency contained in its rules or instruments of incorporation, prospectus or offering documents. The Regulation will enter into force on the twentieth day following publication in the Official Journal of the EU.

1.2  Irish Collective Asset-management Vehicle Bill

The IFSC Strategy Statement 2011-2016 committed the Government to the development of proposals for a new type of corporate vehicle for the funds industry. On 20 December 2013, the Minister for Finance, Michael Noonan, published the General Scheme of the Irish Collective Asset-Management Vehicle ("ICAV") Bill.

It facilitates a new type of corporate investment fund vehicle which is specifically tailored to meet the needs of the investment funds industry. The ICAV will not be affected by changes to general Irish domestic and EU laws which affect companies. The ICAV will also be able to check the box for US tax purposes and elect to be treated as a flow-through or partnership type entity. Irish plcs do not currently have this ability. The scheme also allows for the conversion of an existing Irish corporate fund to an ICAV. The ICAV regime is expected to come into effect in or around the second quarter of 2014.

1.3 Money Market Funds: Abolition of CNAV Proposed 

On 4 September 2013, the draft "Proposal for a Regulation of the European Parliament and of the Council on Money Market Funds" (the "Draft Regulation") was officially released by the European Commission. It contains radical new regulatory measures that will apply to European money market funds ("MMFs"), both in the context of UCITS and funds within the scope of AIFMD. The European Parliament's Committee on Economic and Monetary Affairs ("ECON") issued a report dated 15 November 2013, which proposes amendments to the Draft Regulation.  The most significant proposal is that five years after the Draft Regulation enters into force, all in scope MMFs that operate with a constant net asset value ("CNAV") must be converted into variable net asset value MMFs.

A committee of the European Parliament is scheduled to vote on the Draft Regulation and the ECON Report on 12 February 2014. Under the EU's ordinary legislative procedure the proposal will then be considered by the full European Parliament at its plenary session on 14 - 17 April 2014.  Note that these dates may change.

For further details please read our client update: ECON Report on the EU Money Market Fund Regulation: CNAV under threat.

1.4 UCITS Rulebook - Central Bank Consultation

On 2 January 2014, the Central Bank issued a draft UCITS Rulebook (in the form of a consultation process with industry) which is open for comment until 28 March 2014. It represents a consolidated regulatory framework for Irish UCITS. It will replace the current framework which comprises the UCITS Notices, Guidance Notes, policy papers, industry letters and other correspondence. The draft Rulebook is split into three parts covering: (i) product requirements; (ii) management company (and internally managed investment companies); and, (iii) depositary requirements. Maples and Calder has completed an impact assessment on the draft Rulebook which is available on request.

1.5 UCITS V Update

UCITS V consists of proposed reforms to the UCITS regime intended to address issues relating to the depositary function, manager remuneration and administrative sanctions. On 3 December 2013, the Council of the EU announced that the Permanent Representatives Committee ("COREPER") has agreed its position on UCITS V. The agreement enables negotiations with the European Parliament to start, with the aim of adopting the proposed directive at first reading. Accordingly UCITS V may come into effect in or around the second quarter of 2014 with a two year period for national implementation thereafter.

1.6 US Volcker Rule and UCITS

On 10 December 2013, the five US financial regulators (Federal Reserve; Federal Deposit Insurance Corporation; Office of the Comptroller of the Currency; Securities and Exchange Commission ("SEC"); and the Commodities Futures Trading Commission) approved the Volcker Rule which comes into force in April 2014. It bans proprietary trading in banks and restricts how banks sponsor and invest in hedge funds, private equity, commodity pools and "covered funds" as defined. UCITS are not caught by the "covered funds" definition and therefore are not subject to the Volcker Rule.

1.7 EMIR Update

The European Market Infrastructure Regulation ("EMIR") (the Regulation on OTC derivatives, central counterparties ("CCPs") and trade repositories) (Regulation 648/2012) came into effect on 16 August 2012. The European Commission has adopted implementing legislation based on technical standards drafted by ESMA in respect of most aspects of EMIR. These measures began to come into effect on 15 March 2013 on a phased basis. Recent developments this quarter are as follows:

(a) On 7 November 2013, ESMA announced that it has approved the registrations of the first four trade repositories ("TRs") under EMIR. The reporting of all derivative contracts, whether traded on or off exchange, is required under EMIR. Registration means that the TRs can be used by counterparties to derivatives transactions to fulfil their trade reporting obligations under EMIR. The registrations took effect on 14 November 2013, triggering the start of the EMIR reporting obligation on 12 February 2014 (that is, 90 days after the official registration date).

The TRs cover all derivative asset classes: commodities; credit; foreign exchange; equity; interest rates; and others.

ESMA had suggested that the 12 February 2014 deadline be delayed for exchange traded derivatives to give it more time to develop guidelines and recommendations to ensure a common, uniform and consistent application of the EMIR reporting requirement. However on 7 November 2013 the European Commission published a communication confirming that it did not intend to endorse ESMA's draft implementing technical standards that would delay the reporting start date for exchange traded derivatives until 1 January 2015.

(b) On 18 November 2013, ESMA issued final draft RTS related to the application of EMIR to derivative transactions by non-EU counterparties. EMIR provisions regarding central clearing and risk mitigation techniques (but not reporting to a TR) will also apply to those OTC derivatives entered into by two non-EU counterparties which have a direct, substantial and foreseeable impact on EU financial markets. Ensuring that risks posed to the EU's financial markets by non-EU counterparties are addressed by regulation and supervision is key in ensuring safer markets.

ESMA's draft RTS clarify that OTC derivative contracts entered into by two counterparties established in one or more non-EU countries, for which a decision on equivalence of the jurisdiction's regulatory regime has not been adopted, will be subject to EMIR where one of the following conditions are met:

(i) One of the two non-EU counterparties to the OTC derivative contract is guaranteed by an EU financial counterparty for a total gross notional amount of at least €8bn, and the guarantee should represent least 5% of the OTC derivatives exposures of the EU financial guarantor; or

(ii) The two non-EU counterparties execute their transactions via their EU branches.

ESMA's draft RTS will cover OTC derivative contracts concluded after the date the RTS becomes applicable. They also specify cases of transactions aimed at evading EMIR's regulatory requirements, which would be the case for derivatives contracts or arrangements concluded without any business substance or economic justification, and in a way to circumvent the clearing obligation and risk mitigation provisions.

The draft RTS were submitted to the European Commission on 15 November 2013. The Commission has three months to decide whether to endorse them.

(c) On 18 December 2013, the European Commission published an updated version of its frequently asked questions ("FAQs") on EMIR. Two new questions and answers (numbers 14 and 15) were added addressing the concept of undertaking in the definition of "non-financial counterparty" cover and whether municipalities are subject to EMIR requirements.

(d) On 19 December 2013, ESMA released an update to their Q&A providing additional guidance on Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS.  The Q&A has a new question 5 which provides an initial view of the treatment of centrally cleared OTC positions for counterparty risk limits. This recognises that counterparty exposure needs to be assessed differently for CCP traded derivatives. The paper notes the following (which indicates that the EMIR implementation for UCITS is still a work in progress) "ESMA is continuing its work on the issue of calculation of counterparty risk by UCITS for exchange-traded derivatives and centrally-cleared OTC transactions in light of the provisions of EMIR. ESMA plans to issue more detailed guidance on this issue, dealing with such aspects as the status of the central counterparty and the level of segregation to be put in place by the UCITS, early in 2014."

(e) ESMA updated its Q&A on implementation of EMIR on 20 December 2013.

Maples and Calder has a note on EMIR and assessment of its impact for investment funds, which is available on request.

1.8 PRIPs KID Regulation

On 20 November 2013, the European Parliament issued a press release stating that, at its plenary session on that date, it voted to adopt amendments to the European Commission's proposal for a regulation on key information documents ("KID") for packaged retail investment products ("PRIPs") ("PRIPs KID Regulation").
The press release sets out the key aspects of the amendments to the PRIPs KID Regulation, the principal aim of which is to provide clear, comparable and complete information on a broad range of investment products in a mandatory two-page A4 KID.

1.9 Updated Questions and Answers on the Prospectus Directive

On 28 October 2013, ESMA published an updated Q&A on the Prospectus Directive, revising a number of market practices and addressing issues relating to the implementation of the Prospectus Directive. The revised questions will be applicable from 28 January 2014 and include pro forma financial information; and the level of disclosure concerning price information for share offerings. Further details can be found on ESMA's website: http://www.esma.europa.eu/news/ESMA-publishes-updated-QAs-Prospectus-Directive?t=326&o=home.


In 2011, the European Commission published a regulation ("MiFIR") and a directive to amend Markets in Financial Instruments Directive (2004/39/EC) ("MiFID") (known as "MiFID II"). It is expected that agreement may be reached on the MiFID II trilogue process in January 2014. Once this has been agreed, the MiFID II/MiFIR text will be finalised and then a formal date of implementation across Europe will be announced. As referenced in our last quarterly update, the earliest effective date of MiFID II/MiFIR will be 2016.

1.11 Market Abuse Regulations

As covered in last quarter's update, the European Parliament voted to formally endorse the European Commission's proposal for a new regulation on insider dealing and market manipulation to align with the final political agreement on MiFID II/MiFIR.

On 14 November 2013, ESMA published a discussion paper on their policy orientations on possible implementing measures under the Market Abuse Regulation. The discussion paper welcomes comments by 27 January 2014 to www.esma.europa.eu.

The areas upon which commentary is sought include: buyback programmes and stabilisation; market soundings; specification of indicators of market manipulation; accepted market practices; suspicious transaction and order reports; public disclosure of inside information and delays; insider lists; managers' transactions; investment recommendations; and reporting of violations.

On 20 December 2013, COREPER II approved the agreement with the European Parliament on the directive on criminal sanctions for insider dealing and market manipulation. The text is set to be agreed at the plenary meetings of the European Parliament in January 2014.

ESMA expects to publicly consult on draft technical advice on Delegate Acts in quarter two of 2014 before submitting it to the European Commission.

2 Regulatory

2.1 Anti-Money Laundering/Counter-Terrorist Financing

Following significant engagement with the Central Bank the IFIA finalised investment fund specific anti-money laundering/counter-terrorist financing guidelines in December 2013. The guidelines provide useful information for designated persons within the investment funds sector on practical compliance with the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 and 2013. Notably, the guidelines specify that the customer of an administrator is the fund, whilst the customer of a fund is the underlying investor.

The guidelines also set out the customer due diligence requirements when dealing with a regulated and an unregulated nominee that is named on the share certificate. The guidelines should be read in conjunction with the published Core Guidelines on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.

In early December 2013, the newly appointed Deputy Governor of the Central Bank (Mr Cyril Roux) stated that they were going to continue focussing on designated persons' compliance with anti-money laundering and counter-terrorist financing standards as the Financial Action Task Force was due to inspect Ireland's standards in 2016. With this statement, we expect the Central Bank to emphasise this further in their upcoming list of areas of thematic inspection for 2014 and also their enforcement priorities for 2014.

2.2 Amendment to Notice UCITS 10 (paragraph 4) of the UCITS Notices

With effect from 11 October 2013, the Central Bank amended paragraph 4 of Notice UCITS 10 (Financial Derivative Instruments) to expand the list of eligible counterparties for OTC derivatives. Additional counterparties are set out in paragraph 4(iii) of that Notice. Notwithstanding the list of eligible counterparties set out in the UCITS Notices, UCITS must at all times ensure that counterparties to OTC derivative transactions are those prescribed in their prospectus.

Paragraphs 4(iv) – (vi) of the existing Notice UCITS 10 were also deleted. The Central Bank advised that these provisions on valuation of OTC derivatives were redundant due to the obligations set out in Article 11 of EMIR. The obligations set out in EMIR apply to UCITS as financial counterparties under that Regulation.

The Central Bank subsequently acknowledged to Maples and Calder that, notwithstanding the removal of these sections of the UCITS Notices, Regulation 68(g)(iii) of the UCITS Regulations still requires that OTC derivatives must be subject to reliable and verifiable valuation on a daily basis. In addition, Regulation 11(2) of EMIR requires that UCITS must mark-to-market the value of all outstanding trades on a daily basis. However, the additional regulatory prescribed detail in UCITS Notice 10 (for example, relating to what the term verifiable valuation means) has now fallen away.

2.3 Administrative Sanctions Procedure and Inquiry Guidelines

Following a public consultation in May 2013, the Central Bank issued an updated version of the Outline of the Administrative Sanctions Procedure and Inquiry Guidelines on 6 November 2013, which set out the procedures the Central Bank will ordinarily follow when holding an inquiry under the Administrative Sanctions Procedure.

2.4 ESMA's Guidelines on ETFs and Other UCITS issues

ESMA has published an updated Q&A (Ref. 2013/1547) concerning the guidelines on ETFs and Other UCITS Issues. Two additional questions and answers have been added: Question 6m, regarding the treatment of reinvested cash collateral and; Question 7i, regarding calculation mistakes in financial indices.

ESMA also published a consultation paper on 20 December 2013, seeking views on whether ESMA should revise their rules regarding the management of collateral received in the context of efficient portfolio management techniques and OTC transactions to remove the requirement that collateral be diversified on a country basis for UCITS MMFs or possibly all UCITS. The consultation is open until 31 January 2014.

In a related development, the Central Bank issued a letter on 23 December 2013 in response to an IFIA submission made in October 2013, regarding the treatment and classification of indices post the ESMA Guidelines on ETFs and Other UCITS Issues. The Central Bank confirmed that there should be no distinction between 'indices' and 'financial indices' for the purpose of applying the ESMA Guidelines and that they have not changed their policy regarding the review of indices since the ESMA Guidelines publication.

2.5 MiFID Guidelines

On 17 September 2012, ESMA commenced a consultation process on "Guidelines on remuneration policies and practices (MiFID)" (Ref. ESMA/2012/570). This concluded on 7 December 2012 and guidelines were subsequently published by ESMA on 11 June 2013 (Ref. ESMA/2013/606). They apply to investment firms (as defined in Article 4(1)(1) of MiFID), credit institutions that provide investment services and UCITS management companies and external alternative investment fund managers when they are providing the investment services of individual portfolio management or non-core services. 

The Central Bank of Ireland intends to comply with the guidelines which will come into effect on 28 January 2014. All firms within the scope of these guidelines are expected to comply with them from 28 January 2014, and to take them into account when devising their remuneration arrangements.

In January 2014, the Central Bank will introduce an amended authorisation process for MiFID applications. This process will be far more transparent than the current system in place. Full details of this process can be discussed with David Nolan at +353 1 619 2056.

2.6 Levies and Fees Regulations 2013

On 11 December 2013, the Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2013 (S.I. No. 477 of 2013) were published. They apply levies on regulated entities to fund the Financial Services Ombudsman's Bureau for the 2014 calendar year. All regulated entities fall into the scheme with collective investment schemes and other service providers and investment (business) firms falling into Category D and required to pay a levy calculated on the basis of 18% of the annual industry funding levy payable to the Central Bank by that provider in 2012 (minimum of €750).

2.7 KIID Filing Deadline

The Central Bank has announced that all updates to Key Investor Information Documents ("KIIDs") at sub-fund level should be filed through the Online Reporting System ("ONR") by 19 February 2014. Please contact your usual Maples and Calder representative for further details on the process involved.

2.8 PCF Resignation Process - Guidance/Instructions

On 3 October 2013, the Central Bank published a document that provides instructions and guidance for Regulated Financial Service Providers ("RFSPs") on how to notify the Central Bank of Ireland of the resignation of an individual that is approved to hold a Pre-Approval Controlled Function ("PCF"). Resignation notifications are submitted through the Central Bank's ONR.

2.9 PCF ONR Filing Deadline

The Central Bank has introduced an annual online PCF confirmation return in respect of all active PCF holders within a regulated entity confirming they are in compliance with the Fitness and Probity Standards ("Standards") and continue to agree to abide by the Standards. The Central Bank requires that investment funds submit an annual PCF certification filing through the ONR system by 28 February 2014, in respect of those in PCF roles as at 31 December 2013 (reporting date).

3 Tax

3.1 FATCA Update

The US Foreign Account Tax Compliance Act ("FATCA") requires foreign financial institutions ("FFIs") to report information on accounts held by US persons (individuals and entities) and US controlled foreign entities. The definition of an FFI is broad and includes "investment entities" which would encompass investment funds.

The Irish Revenue published draft regulations and guidance on FATCA in May 2013, and is expected to publish revised drafts in January 2014.

The FATCA portal is now open on the US Internal Revenue Service ("IRS") website. This allows FFIs to register for a Global Intermediary Identification Number ("GIIN"). If an FFI has a GIIN or is able to certify that it is deemed compliant, payments may be made to it by US payers without withholding. GIINs will be issued from 1 January 2014 and a list of registered FFIs will be published on 2 June 2014; and monthly thereafter. If an FFI located in a Model 1 IGA (inter-governmental agreement) jurisdiction is not registered or deemed compliant by 31 December 2014, it may be subject to a 30% withholding on US source income received from that date.

3.2 Deposit and Investment Income

The rate of Deposit Interest Retention Tax ("DIRT") will be increased to 41% from 1 January 2014 and is applicable to distributions from Irish investment funds. This 41% rate is only relevant to certain Irish resident investors or investors which have not complied with the requirement to deliver a non-resident declaration. The 41% rate replaces the previous 33% and 36% rates. The rates of tax on certain personal investment funds and policies are increased to 60% and 80%. As announced in the previous year's budget, Pay Related Social Insurance ("PRSI") is extended to certain unearned income of employees and pensioners. This means that unearned income such as rental income, investment income, dividends and interest on deposits and savings will be liable to PRSI at 4%. It does not appear that this additional PRSI charge will be levied on income from investment funds.

3.3 REITS Update

Real Estate Investment Trusts ("REITs") were introduced in Ireland by the Finance Act 2013 to encourage foreign investors to purchase Irish property. In order to qualify as a REIT, certain conditions must be met, including that the REIT must be resident and incorporated in Ireland and have its shares listed on the main market of a recognised stock exchange. There have been no substantive changes to the REIT regime in Ireland; however, the Finance (No.2) Act 2013, which was enacted on 18 December 2013, contains some technical amendments to ensure the legislation operates as intended, including a number which were suggested by the Maples and Calder Tax Group.

In addition, REITs will be added to the qualifying investment options available under the Immigrant Investor Programme launched in 2012 by the Department of Justice and Equality. The investment options under this programme, which allows non-EEA nationals to acquire residency status in Ireland through investment, will be extended to include REITs, therefore adding to the existing five investment options. This will be subject to minimum investment levels and conditions regarding withdrawal of funds.

For further information on the above, please read our most recent Tax Update - Ireland

4 Listing

4.1 ISE Launches New Service for Pre-Legal Entity Identifiers

On 29 October 2013, the Irish Stock Exchange ("ISE") launched its pre-Legal Entity Identifier ("LEI") service. The ISE is sponsored by the Central Bank of Ireland as the pre-LEI provider in Ireland and is now providing an online application service for customers through a new website www.ISEdirect.ie
LEI is a global reference code which uniquely identifies each legal entity that engages in a financial transaction. The LEI is a new regulatory initiative designed to enable the identification and linking of parties to financial transactions, which will facilitate the management of counterparty risk.

The LEI requirement is part of the international response by regulatory authorities to the global financial crisis. The range of entities requiring LEI codes is broad and includes all listed legal entities, financial intermediaries, banks and financial companies.  While the global LEI standards are still in development, the need for entities to prepare for LEI implementation is growing.

In addition to the Irish based entities applying for pre-LEI codes, the ISE has issued codes to a number of organisations based in overseas locations, such as, Sweden, France, the Netherlands, the Channel Islands, Bermuda and the Cayman Islands.

Please contact Laurence Morrissey at +353 1 6192057 or via e-mail laurence.morrissey@maplesandcalder.com for further information on how to apply for LEI.

4.2 Irish Stock Exchange / Investment Funds

On 29 November 2013, the ISE updated chapter 14 of the Listing Rules, which applies to securities issued by collective investment undertakings of the closed-ended type that fall within the Prospectus Directive 2003/71/EC and whose shares are listed on the ISE.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.