The UCITS ManCo will need to submit the following documents to the Central Bank for review as part of the application for authorisation:
- details of the significant shareholders of the UCITS ManCo and its proposed ownership structure;
- a draft business plan setting out the organisational structure of the UCITS ManCo and how it intends to comply with the UCITS Directive (see below);
- financial projections for the first three years of the UCITS ManCo's business following authorisation;
- details of any proposed delegation arrangements;
- a statement of responsibility for the UCITS ManCo;
- board confirmation of capital from the UCITS ManCo to the Central Bank;
- details of the UCITS the UCITS ManCo intends to manage, including the investment strategies and projected assets under management for the first three years following authorisation;
- a completed prescribed application form issued by the Central Bank and signed by two directors of the UCITS ManCo; and
- information on the persons effectively conducting the business of the UCITS ManCo.
Additional supporting documents are required for an application for authorisation as a SuperManCo or as a UCITS ManCo with an IPM authorisation.
The Central Bank reviews these documents in detail. The Central Bank review process is an iterative process, and the Central Bank can be expected to raise queries in relation to the proposed UCITS ManCo and its operations in a number of successive rounds of comments before authorising the UCITS ManCo.
In particular, the Central Bank will interrogate the proposed staffing and delegation arrangements to ensure that the UCITS ManCo has sufficient substance and governance structures in place to carry out and oversee its proposed activities, having regard to the scale of the projected assets under management and the nature of the investment strategies to be pursued.
It can be helpful to schedule an introductory meeting with the Central Bank before submitting a formal application for an authorisation of a UCITS ManCo so that any key issues can be addressed at an early stage.
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.
