Funds Foreign Registration Service News September 18, 2024
Dillon Eustace advises Pacer Advisors, Inc. on the establishment of a range of Irish domiciled UCITS ETFs
The Dillon Eustace dedicated Fund Registrations Unit provides a complete foreign registration service for Irish domiciled UCITS and AIFs. Our personalised, effective and responsive service covers registration of funds in markets across Europe and beyond.
We provide ongoing support services focused on helping clients maintain registration through compliance with all local regulatory and legal requirements and obligations. Based in the Dillon Eustace Dublin office, our fund registration specialists work closely with legal experts in our market-leading Asset Management and Investment Funds team.
We meet our clients’ needs for funds registration wherever they choose to operate. Our expertise covers registration of UCITS and AIFs in EU countries for cross-border marketing under a passport. We also work with AIFM clients seeking to market AIFs in EU Member States without a passport, subject to the national private placement regime. Our service extends to the registration of UCITS and AIFs in non-EU jurisdictions such as Hong Kong, Singapore and Switzerland.
Our approach ensures that each UCITS and AIF registration and ongoing compliance assignment is timely, cost-effective and efficient. We act as the single point of contact for each registration, liaising with all local service providers, including local counsel where necessary, the Central Bank of Ireland and local regulators. Clients benefit from a dramatically reduced administrative burden associated with cross-border registrations – especially multi-jurisdiction registrations – and ongoing registration requirements. We work to keep costs to a minimum – for example by filing directly with local regulators where possible rather than via local counsel. Where legal counsel is required, our strong relationships with an established network of local counsel means we can keep third-party costs to a minimum.
Our recent experience includes acting:
- As lead project manager in the registration of Irish domiciled UCITS/ UCITS sub-funds in EEA states in accordance with the requirements of the UCITS Directive.
- As lead project manager on behalf of various EU AIFMs (mainly Irish but occasionally non-Irish) in the registration in EU member states of EU AIFs which they manage and propose to market with their passport in accordance with the requirements of the AIFM.
- For non-EU AIFMs (who cannot market within the EU with a passport under the AIFM Directive) in the registration in EU member states of AIFs which they manage and propose to market in accordance with the applicable national private placement regimes in those member states.
- In the registration of UCITS and AIFs outside the EU. Work has included registration in Switzerland, Singapore, Taiwan, Hong Kong.
- For UCITS and AIFs clients to ensure timely and accurate recording of registrations/marketing permissions/private placement regimes – including any applicable restrictions – and enhancing governance at Board level.
- For a large UK investment manager to verify historical UCITS registration data in the context of sub-funds and classes.
- In the drafting and negotiation of numerous local agency agreements/distribution agreements on behalf of clients, in respect of registrations and dealing with various stakeholders.
- For UCITS clients to assist with their ongoing compliance requirements in the various countries in which they are registered. Services provided include the annual filing of financial reports and KIIDs, the ad hoc filing of updates to fund documentation (including the prospectus, constitutional documents, and others), shareholder communications and arranging translations where required. This includes all correspondence with local counsel, agents and host state regulators as appropriate.
