The Central Bank of Ireland requires that a promoter will be an authorised entity, subject to prudential regulation. The Central Bank does not require that the promoter be located in Ireland.
Before the Central Bank considers an application for authorisation of a collective investment scheme (“CIS”), it must be satisfied with the promoter of the proposed CIS.
The UCITS and Non-UCITS Notices, which set out the information and documentation required in support of a CIS application, also set out the information required from a potential promoter of a CIS.
The Central Bank has issued Guidance Note 2/96 outlining our requirements in respect of a promoter of a CIS.
While a promoter firm is not subject to direct authorisation or supervision by the Central Bank, we must be satisfied that any such firm, at a minimum, is of good repute, has sufficient financial resources and a relevant track record in the promotion/ organisation of a CIS.
Where an Irish authorised entity is acting as promoter to an Irish CIS, it will be supervised on the basis of its authorised activities.
The Central Bank regards a promoter as the originator and decision maker on a CIS and therefore considers it important that such an entity meets its requirements in full.