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Central Bank Issues Amended Notices and Guidance Notes December 2011 - Policy Changes

PRACTICE AREA GROUP: Asset Management and Investment Funds
DATE: 24.01.2012

In December 2011, the Central Bank issued amended UCITS Notices, NU Notices and guidance notes.  The majority of the amendments were technical in nature.  However, a number of policy changes were introduced:

Back-to-back loans (UCITS Notice 11 and NU Notice 3)

The notices have been amended so that the off-setting deposit to a back-to-back loan is not required to be denominated in the base currency of the fund.  Amendments may be required to the fund's prospectus/constitutional document before this amendment can be availed of.

UCITS Financial Indices (Guidance Note 2/07)

The Guidance Note has been amended to clarify, in section 1.2, that indices which meet with the UCITS diversification requirements at the outset are not required to be submitted to the Central Bank if the constituents of the index move to the extent that it no longer meets the 5/10/40 per cent rule of the UCITS Directive but does meet the 20/35 per cent rule set out in Regulation 71 of the UCITS Regulations.

Closed-Ended CIS (Guidance Note 2/97)

The Guidance Note has been amended to clarify the Central Bank's policy regarding changes to duration, objectives and policy or fees and to include reference to funds with limited liquidity.

The amended UCITS Notices, NU Notices and guidance notes are available on the Central Bank’s website, please click here.  The amended notices and guidance notes are effective from 23 December 2011.

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