Legal Updates

The Central Bank of Ireland (the Central Bank) has confirmed the timeframes for receipt of applications that are seeking a year-end effective date.

In previous years, the Central Bank had issued these timeframes in the third quarter of the year. In August 2021, the Central Bank indicated that it would not be continuing this practice, with applications being assessed in accordance with the authorisation timeframes that apply throughout the year.

The Central Bank has provided timeframes for the following applications:

QIAIFs seeking authorisation/approval of sub-funds/noting of documents:

For authorisation/approval/noting on:	Deadline for submission
or before 22 December	normal timeframes apply
23 and 24 December	3pm on 22 December
29 December	3pm on 23 December
30 December	3pm on 29 December
31 December	3pm on 30 December
4 January	5pm on 31 December

QIAIFs seeking a change of service provider:

Effective date	Deadline for submission
27 Dec 2021 – 31 Dec 2021	5pm on 13 December

ICAV registrations/conversions/migrations:

Effective date	Deadline for submission
23 Dec 2021 – 31 Dec 2021	5pm on 10 December

UCITS and RIAIF authorisations/approvals:

• Executed documentation for authorisations/approvals required on 24, 29, 30 and/or 31 December must be received by 12pm on Thursday 23 December.
• 4 January 2022 is the first day of 2022 that funds may be authorised/approved and executed documentation for funds seeking authorisation/approval on that date must be received by 5pm on Friday 31 December.

Fund revocations:

Funds seeking to revoke at end of December 2021 must submit a complete revocation application, including payment of the funding levy, by 5pm on 13 December.

Fast-track filings for Compliance with the Taxonomy Regulation

Separately, as advised recently, the Central Bank is operating a fast-track process for filing updates to pre-contractual documentation ahead of the 1 January 2022 deadline for amendments required in order to comply with the Taxonomy Regulation (Regulation (EU) 2020/852). The filing deadline for use of the fast-track process for updates to pre-contractual documents (including prospectuses and supplements) is 14 December 2021.

Please get in touch with your usual Dillon Eustace contact if you have any queries regarding these deadlines.