The regulations transposing UCITS V Directive (Directive 2014/91/EU) ("UCITS V") into Irish law have been published with effect from Monday 21 March 2016. The regulations are entitled the European Communities (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016 (the "Regulations").
A link to the Regulations can be found here.
Following on from ESMA issuing its updated UCITS Q&A last month, this is a welcome development which provides further clarity and certainty in relation to the UCITS V regime in Ireland.
The publication of the Regulations also facilitates the Central Bank noting fund documentation which has been updated for the purposes of UCITS V.
Further clarity is expected at a European level once the UCITS V Level 2 Implementing Regulations are issued which are to flesh out the detail on the depositary provisions of UCITS V. It is currently anticipated that this will occur later this month or next month with an effective date in September/October of this year.
In addition, as readers will be aware, guidance in relation to the operation of the remuneration principles pursuant to UCITS V, particularly in relation to the application of the principles to delegates, is expected once ESMA publishes its final UCITS remuneration guidelines.
The publication of the Regulations adds to Ireland's strong record in the timely transposition of EU financial services legislation and in contributing to the development of EU financial services policy which has helped underpin the development of Ireland's international financial services sector.
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