Industry welcomes Ireland’s Ucits overhaul

Author: Olly Jackson | Published: 26 Nov 2018

The Central Bank of Ireland’s (CBI) changes to streamline its authorisation and post-authorisation processes for undertakings for collective investment in transferable securities (Ucits) and retail alternative investment funds (AIFs) have been welcomed by industry insiders. The move brings the framework in line with other major retail investment jurisdictions.

"There are no changes to the risk management process regulatory requirements," said Kieran Fox, director of business development at Irish Funds. "The change only relates to filing the risk management process, which should make authorisation more streamlined."

Business concern about the uncertainty resulting from Brexit and the future trade agreement is well known, and in an effort to exploit the uncertainty, the Central Bank of Ireland (CBI) made long-needed changes to Ucits and retail AIF authorisation late last month. The CBI will no longer conduct prior reviews of depositary agreements, prospectuses and Ucits financial indices and has published a Ucits mergers application form intended to shorten...