Introduction to Undertakings for Collective Investment in Transferable Securities (UCITS) 

UCITS established in Ireland are authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (“the UCITS Regulations”). The UCITS Regulations, which transpose Council Directive 2009/65/EC, Commission Directive 2010/43/EC and Commision Directive 2010/44/EC into Irish law, are effective from 1 July 2011.

The Central Bank of Ireland (the "Central Bank") is designated in the UCITS Regulations as the competent authority with responsibility for the authorisation and supervision of UCITS. 

UCITS are open-ended funds and may be established as unit trusts, common contractual funds, variable or fixed capital companies or Irish Collective Asset-management Vehicles.

The Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS Regulations") consolidate into one location all of the requirements which the Central Bank imposes on UCITS, UCITS management companies and depositaries of UCITS.  They supplement existing legislative requirements, in particular the UCITS Regulations.  The Central Bank UCITS Regulations will come into effect on 1 November 2015 and replace the UCITS Notices which will apply until that date.

Guidance related to UCITS and their service providers

The Central Bank has issued guidance on a number of topics to assist users of the UCITS Regulations.


The UCITS Q&A sets out answers to queries likely to arise in relation to UCITS.  It is published in order to assist in limiting uncertainty.  It is not relevant to assessing compliance with regulatory requirements.  You should check the website from time to time in relation to any matter of importance to you to see if the position has altered.

On 4 November 2015, the Central Bank published an Ninth Edition of the UCITS Q&A.  New Questions ID 1049 - ID 1057 have been added, six of which concern transitional arrangements in relation to the Central Bank UCITS Regulations and one concerning subscription and redemption monies of umbrella funds.  ID 1043 has been amended (prospectus disclosure long/short positions)

UCITS Q&A Ninth Edition

 All previous versions of the Q&A are available here. 

UCITS Inward Marketing Requirements

Requirements for UCITS authorised in another Member State intending to market its units in Ireland.

Information on the relevant laws, regulations and adminstrative provisions which are specifically relevant to the arrangements made for the marketing of UCITS established in other Member States is set out here.

If a UCITS established in another Member State proposes to market its units in Ireland, the UCITS must ensure that its home state competent authority provides the Central Bank the documentation specified in Article 93 of the UCITS Directive as well as an attestation certifying that the UCITS complies with the conditions imposed by Directive 2009/65/EC. This notification must be submitted to                                                                                                          

If a UCITS proposes to make an amendment impacting on the marketing communicated in the notification letter or a change regarding share classes to be marketed, the UCITS must notify the Central Bank of this amendment prior to implementing it. This notification must be submitted to  

UCITS Outward Marketing Requirements

Requirements for Irish authorised UCITS seeking to market its units in another Member State 

Directive 2009/65/EC provides that from 1 July 2011 notification by a UCITS seeking to market into another Member State will be issued between the relevant competent authorities and this transmission is to be performed on an electronic basis. 

The Central Bank's requirements for UCITS authorised under the Regulations are set out in Notice UCITS 15. 

Where an Irish UCITS wishes to market its units in another Member State it must transmit a notification letter to the Central Bank that contains information in relation to the marketing requirements of the host Member State as well as the latest versions of the UCITS documents. This notification letter must be submitted to

In relation to specific administrative requirements regarding the notification, the following points are relevant:

  • The notification must be complete and accurate, any incomplete submissions will not be accepted and will require a full resubmission
  • An individual notification is required for each Member State to which the UCITS is seeking to market
  • All submissions must be transmitted only to the official e-mail address and should not exceed 30 MB
  • Supporting documentation should use pdf, doc or docx format and should be zipped
  • UCITS must ensure that the relevant supporting documents submitted with its notification as per Article 93(2) of Directive 2009/65/EC are available electronically on a website. Details of this website must be provided in the notification letter. 
  • The Central Bank will inform the UCITS when transmission to the relevant host Member State competent authority has taken place.


Submission of Key Investor Information Document ("KIID") 

From 1 July 2011 all UCITS are required to publish a Key Investor Information Document ("KIID"), in accordance with the following guidance.

In the case of a newly authorised UCITS the KIID forms part of the authorisation documentation. In the case of an existing UCITS, the KIID (or an amended KIID) and the confirmation from the UCITS or its legal advisor must be forwarded by email to the Central Bank at  In the case of annual updates of KIID these should be filed via the ONR systems only.

A separate filing for KIID must be made for each UCITS.