Key Regulatory Deadlines
22 Nov 2012
As the year end is approaching, we would like to take this opportunity to remind you of some key Irish regulatory deadlines on the horizon:
|Short Selling Regulations - notification and disclosure of certain net positions 1||1 November 2012 (onwards)|
|Fitness and Probity Standards - due diligence of controlled functions completed (i.e. MLRO, company secretary)||1 December 2012|
|Corporate Governance Code - adherence||31 December 2012|
|Any agreements with Directors must be amended in order to remove any intermediaries||31 December 2012|
|Retail Distribution Review (UK)||31 December 2012|
|KIID annual update to be filed with the Central Bank of Ireland 2||No later than 19 February 2013|
|EMIR 3||Q1 2013|
1The jurisdiction of the filing requirement is dependant on where the security/debt instrument is primarily listed.
2 The Central Bank of Ireland has confirmed that it does not require an updated KIID where the UCITS does not yet have past performance data for one complete calendar year. However the content of the remaining sections is also subject to review at least annually and must equally be kept up to date (in particular, emphasis should be placed on any changes to the SRRI and Ongoing Charges sections).
Notwithstanding that a UCITS, or a particular share class thereof, is no longer marketed to the public, an up-to-date version of the KIID should be filed with the Central Bank of Ireland and made available to the existing investors. No such requirement applies for UCITS that are in liquidation or where the approval of a particular sub-fund is being withdrawn.
Any update to the KIID filed with the Central Bank of Ireland will equally have to be translated (as necessary) and filed in any other host jurisdictions where the UCITS is registered to market its shares and uploaded on the UCITS’ website.
3 European Markets Infrastructure Regulation – phased introduction.
Head of Global Registration Services Dublin
T: +353 1 619 2708