Post Authorisation Processes for UCITS
Amendments to UCITS documentation should be submitted to via the Portal - refer to the Portal website for the list of Request Changes and see below list of processes for more details.
General Prospectus Updates
Updates to Prospectus/Supplements for review should be submitted via the Portal using one of the below two Request Change processes as appropriate:
- UCITS/RIAIF: Prospectus/Supplement review - Includes new sub-funds
- UCITS/RIAIF: Prospectus/Supplement review - No new sub-funds
New Share Classes
Where post authorisation updates are made to the prospectus or supplement to provide for the establishment of a new share class only, this application must be accompanied by a completed Section 2.21 of the UCITS Application Form/Retail Investor AIF Application Form, a confirmation from the responsible person that the establishment of the share class(es) accurately reflects the requirements of Section 2.21 of the UCITS Application Form/Retail Investor AIF Application Form and the requirements of any related legislation and Central Bank guidance and a marked-up prospectus or supplement highlighting the changes.
Where it is intended to restrict a share class, this should also be accompanied by a confirmation from the Responsible Person that the proposal to restrict [name(s) of class(es)] to the entities outlined is sufficient to allow that the class(es) provide(s) for public participation.
These documents should be submitted via the Portal no later than 12 noon on the day prior to noting using the “UCITS/Retail AIF: Share Class Update” Request Change.
New ETF Share Classes
Where a UCITS wishes to establish a new listed share class (UCITS ETF share class), the application should be submitted under the “UCITS/RIAIF: Prospectus/Supplement review - No new sub-funds” Request Change.
The application must be accompanied by a completed Section 2.21 of the UCITS Application Form/Retail Investor AIF Application Form, a confirmation from the responsible person that the establishment of the share class(es) accurately reflects the requirements of Section 2.21 of the UCITS Application Form/Retail Investor AIF Application Form and the requirements of any related legislation and Central Bank guidance and a marked-up prospectus or supplement highlighting the changes.
The changes to the prospectus or supplement must be in line with the relevant disclosure requirements as set out in ID 1088 of the UCITS Q&A.
Depositary Agreements/Trust Deed/Deed of Constitution
Where post authorisation updates are made to the Depositary Agreement/Trust Deed/Deed of Constitution, the updated and executed agreement should be submitted in soft copy accompanied by Section 5 / Section 3 / Section 4 (as relevant) of the UCITS Application Form / Retail Investor AIF Application Form (as appropriate), a marked-up document highlighting the changes and the following written confirmation from the depositary:
The amendments to the Depositary Agreement/Trust Deed / Deed of Constitution (delete as appropriate) are in compliance with the European Communities UCITS Regulations 2011, Commission Delegated Regulation (EU) 2016/438, the Central Bank UCITS Regulations 2019 and any relevant Central Bank guidance and, in particular, that the amendments are in compliance with all liability requirements in this regard.
These documents should be submitted via the Portal no later than 12 noon on the day prior to noting using the “UCITS/Retail AIF: Depositary Agreement / Trust Deed / Deed of Constitution Update” Request Change.
COSP - Change of depositary, fund administrator or management company
Initial Notification
Where a UCITS proposes to change its depositary, fund administrator or management company it is required to complete the COSP1 form. This form and all supporting documentation should be submitted via the Portal using the “UCITS/RIAIF COSP” Request Change for the Central Bank to review.
Date of Appointment
On the proposed date of appointment of the depositary, fund administrator or management company, the UCITS is required to complete the COSP2 form. This form and all supporting documentation should be submitted to the Central Bank by 12 noon on the date of appointment of the new service provider via the Portal using the “UCITS/RIAIF COSP” Request Change.
Change of Investment Manager/Investment Advisor
Where a UCITS proposes to change or appoint an additional investment manager/investment advisor it must complete this form. This form and all supporting documentation should be submitted on the date of the proposed change via Portal using the “UCITS/AIF: Investment Manager/Investment Advisor/Administration Agreements” Request Change.
NOTE: This form should only be submitted where the Investment Manager has been cleared to act for Irish authorised funds by the Central Bank. View more information in relation to the clearance process.
Other Post-Authorisation Processes
Administration Agreements - Updates to Administration Agreements should be submitted via Portal using the “UCITS/AIF: Investment Manager/Investment Advisor/Administration Agreements” Request Change
Index Submissions - should be submitted via Portal using the “Index Submission” Request Change
IOP Updates - should be submitted via Portal using the “IOP Update” Request Change
MLRO Updates – should be submitted via Portal using the “MLRO Update” Request Change
Country Supplements - should be submitted via Portal using the “UCITS/AIF Country Supplement” Request Change
Extracts and/or Consolidated Prospectuses - should be submitted via Portal using the “UCITS/AIF: Extract and/or Consolidated Prospectus” Request Change
Distribution/Paying Agent/Representative/Trading Agent Agreement - should be made via Portal using the “UCITS/AIF: Distribution/Paying Agent/Representative/Trading Agent Agreement ” Request Change
Attestation Requests - should be submitted via Portal using the “Attestation Request” Request Change
Ad Hoc KIID/KID Updates - Annual and Ad Hoc KIID/KID updates should be submitted as an Ad-hoc Return via the Portal.
UCITS Risk Management Process Updates - should be submitted via Portal using the “UCITS Risk Management Process Update” Request Change.
UCITS Mergers
Where a UCITS proposes to merge with another UCITS fund, it must complete the UCITS Merger Application Form. This form and all supporting documentation should be submitted via the Portal using the “Merger Application – UCITS” Request Change.
The merger must be formally authorised by the Central Bank before any circular can be issued to shareholders in respect of the merger, in line with Regulation 61(2)(a) of the UCITS Regulations. Once the merger application and all related documents have been cleared of comment by the Central Bank, the applicant should submit all clean, executed merger documents to the Central Bank in advance of 12pm on the business day before the date of the circular - i.e. the merger authorisation date.
Once the Central Bank is satisfied that all documentation is in order, a signed merger authorisation letter will be provided to the applicant before close of business on the merger authorisation date.
In the case of cross-border mergers, where the merging fund is an Irish fund, the Central Bank is required to transmit the merger documents to the national competent authority (“NCA”) for the receiving fund once the merger documents are cleared of comment by the Central Bank. The NCA for the receiving fund then has up to 15 business days to provide any comments back to the Central Bank or request updates to the documents to be provided in respect of the receiving fund. These additional steps in respect of cross-border mergers should be factored into the expected timelines for completion of such mergers.
Revocation of a UCITS
Where a UCITS proposes to revoke its authorisation it must complete one of the following forms depending on its legal status and submit to [email protected] :
Withdrawal of Approval of a UCITS sub-fund
Where a UCITS established as an umbrella proposes to withdraw the approval of one or more sub-funds within the umbrella it is required to complete this form.