Legal Updates

New notification templates for cross-border services and registrations for both AIFMs and UCITS were included in regulations published in the Official Journal on 25 March 2024. The new templates require the disclosure of additional information as summarised below. These disclosures will also change the processes behind such cross-border notifications.

The new templates are effective for AIFM notifications from 14 April 2024 and from 14 July 2024 for UCITS and UCITS Management Companies.

The new templates should be used to notify all new cross-border notifications and to inform competent authorities of every change in previously notified information. This includes any withdrawal or cancellation of, or change to, the permission initially granted to an AIFM or UCITS/Management Company to manage funds in another member state, or establish a branch.

Notifications must now be signed on behalf of the AIFM or UCITS/Management Company as appropriate.

Additional disclosures in relation to marketing notifications for AIFMs include

• ISINs and LEIs relating to the AIFs and the securities to be passported and any Master AIFs*
• Details of any third party designated by the AIFM to make the notification
• Additional contact information for the AIFM*

• Details of the categories of entities which will carry out the marketing in the host Member State
• Information on arrangements for marketing and arrangements to prevent shares being marketed to retail investors

Additional disclosures in relation to management passporting notifications for AIFMs include

In addition to those items marked with an asterisk in the list above, the following are also required for the management passporting notification:

• LEI of the AIFM, if available
• an updated list of the activities and services to be carried out in the host Member State. The updated list of activities spans portfolio and risk management, administration and non-core services such as the provision of investment advice
• The business strategy of the AIFM in the host Member State, including categories of targeted clients and investors
• A summary of controls over delegation arrangements with third parties in the host Member State
• Additional information on the AIFs to be managed including details of master-feeder structures (if applicable)

Additional disclosures in relation to marketing notifications for UCITS include

• ISINs and LEIs relating to the UCITS, sub-funds and securities to be passported
• Additional contact information for the Management Company*
• Details of any third party designated by the UCITS/Management Company to make the notification*

Additional disclosures in relation to management passporting notifications for UCITS Management Companies include

In addition to those items marked with an asterisk in the list above, the following are also required for the management passporting notification.

• LEI of the UCITS or Management Company, if available
• an updated list of the activities and services to be carried out in the host Member State, including investment management and administration services.

Additional disclosures where the AIFM/ Management Company has established a branch

• Additional information including contact details of the department or contact point within the branch

• Information on the organisational structure of the branch including its contribution to the overall strategy of the AIFM/Management Company and details of the overall group structure
• A summary of systems and controls of the branch including over local delegation arrangements with third parties in the host Member State
• A profit and cash flow forecast for the first 36 months of the existence of the branch

The updated templates will be available on www.centralbank.ie