Authorisation, Supervision and Fund Documents
The Central Bank is the regulatory authority responsible for the authorisation and supervision of all regulated investment funds in Ireland. In order for a UCITS to be authorised by the Central Bank various fund documents need to be put in place which meet the Central Bank's requirements. Some of these fund documents are reviewed by the Central Bank in advance of the final application being made for authorisation of the UCITS. The principal document which is reviewed by the Central Bank in advance of the UCITS authorisation is the prospectus. Other fund documents (such as the depositary, investment management, distribution and administration agreements, and the risk management process) are not reviewed by the Central Bank but executed versions of the agreements are filed with the Central Bank for noting on the day the filing is made seeking authorisation of the UCITS.
Timing of Authorisation
Once the draft fund documentation is filed with the Central Bank for review a UCITS is typically approved by the Central Bank within six to ten weeks from the date of submission of the documents to the Central Bank, depending on its complexity. The review process is iterative and typically involves a number of drafts of the principal fund documents being submitted to the Central Bank for review. A UCITS can be authorised once the fund documents have been cleared of comment and the prospectus and signed fund documents have been filed with the Central Bank seeking its authorisation.
Any amendments to the prospectus are subject to prior approval by the Central Bank.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
