Legal Updates

Central Bank Issues Pre-Christmas and Year-End Application Deadlines

The Central Bank of Ireland (the “Central Bank”) has issued its annual letter to Irish Funds notifying the funds industry of its deadlines for receipt of fund applications seeking an effective date which is pre-Christmas or pre-year-end. Such applications include:

- approval of funds and sub-funds;

- post-authorisation amendments;

- individual questionnaires;

- change of service provider;

- investment manager applications;

- ICAV registrations/conversions/migrations; and

- revocations.

In this regard, Appendix A sets out the relevant deadlines for the submission of initial applications, where applicable, along with final submission dates for noting/ approval in respect of each type of application.

It is worth noting that the Central Bank clarified earlier this year that a sub-fund may only avail of the “fast-track” procedure where it is (i) a clone of a fund recently approved by the Central Bank or (ii) a non- complex fund (i.e. a plain vanilla equity fund which does not use derivatives).