Reporting Requirements for Depositaries

 

Financial Returns

 

Annual Returns

Annual audited accounts of Depositaries must be submitted to the Central Bank within four months of the relevant reporting period end. The account must be accompanied by the Minimum Capital Requirement Report.

Half-Yearly / Quarterly / Monthly Returns

Depositaries are required to submit certain financial information to the Central Bank. This includes financial statements such as a Balance Sheet and Profit & Loss account and the Minimum Capital Requirement Report. The appropriate reporting interval is advised to a Depositary on an individual basis.

Online Submission of Financial Returns

Depositaries must submit a number of financial returns in an electronic format. These returns are submitted through the Central Bank's web-based Online Reporting ('ONR') system. The following items should be of assistance when completing returns:

 

Material Errors, Breaches and Significant Matters

For Irish-Authorised Investment Funds there is an obligation on the Depositary to promptly inform the Central Bank if a material error, breach or significant matter (e.g. payment of compensation or initiation of legal proceedings against the Investment Fund) has occurred. The Central Bank requires that Depositaries submit this information using the Depositary Regulatory Report return on the ONR. Refer to the following page for additional guidance: Online Reporting For Investment Funds - Guidance.

Co-operation with the Central Bank

Depositaries are required to consult with the Central Bank prior to engaging in any significant new activities or establishing branches, offices or subsidiaries. Depositaries are also required to notify the Central Bank of the commencement of any significant legal proceedings and any visits/fines by another Supervisory Authority.

External Auditors

Following the audit of a Depositary's financial statements, the auditor of a depositary must supply the Central Bank with a copy of the 'Management Letter' issued to the Depositary's Board of Directors. Auditors must also make an annual ‘Statutory Duty Confirmation’ to the Central Bank stating whether any circumstances came to their attention during their annual audit that gave rise to a duty to report the matter(s).