knowledge | 20 September 2019 |
Pre-Christmas and Year End Deadlines for Funds in 2019
The Central Bank of Ireland (“CBI”) has issued its annual letter outlining the timeframes for receipt of fund/sub-fund applications and post-authorisation amendments that have pre-Christmas or pre-year end authorisation/approval/noting deadlines.
Deadlines for receipt of complete applications to facilitate pre-Christmas and year end approvals
Other deadlines are as follows:
- QIAIF change of service provider filings with an effective date between 27 December 2019 and 1 January 2020 – 5pm on 16 December;
- Investment Manager applications – 5pm on 8 November; and
- ICAV registration/conversion/migration applications – 5pm on 2 December.
- UCITS and RIAIF authorisations/approvals/notings required on:
- 24 and/or 27 December – executed documentation must be received by 12pm on 23 December;
- 2 January – executed documentation must be received by 3pm on 30 December (2 January is the first day of 2020 that funds may be authorised/approved).
- Funds seeking to revoke their authorisation at end December 2019 must submit a complete revocation application, including payment of the funding levy, by 5pm on 6 December.
- The CBI has indicated that the only funds that are acceptable under the fast track process are either: (i) clones of funds recently approved by the CBI; or (ii) non-complex funds (i.e. plain vanilla equity funds which do not use derivatives).
This document has been prepared by McCann FitzGerald LLP for general guidance only and should not be regarded as a substitute for professional advice. Such advice should always be taken before acting on any of the matters discussed.