Authorisation Process for UCITS

An application for authorisation of a UCITS must be made in writing and contain the following information (non-exhaustive list):

• The relevant Central Bank Application Forms (fully completed and signed);
• Draft fund documents (e.g. prospectus, supplements, etc);
• Draft letters relevant to the application (e.g. letter of application, letter regarding safekeeping of assets);

Please note that additional information may be required by the Central Bank in the course of determining individual applications.

Fitness and Probity

A sound and effective fit-and-proper test is a critical component of the regulatory regime. To ensure the proper discharge of their responsibilities, it is important that Directors and Managers have the skills to manage a UCITS.

“Fitness” requires that a person appointed as a Director or Manager has the necessary qualifications, skills and experience to perform the duties of that position. “Probity” requires that a person is honest, fair and ethical.

Before a Director is appointed to UCITS established as an investment company, they must complete an Individual Questionnaire which must be submitted to the Central Bank via the online reporting system. Find out more about the Central Bank's Fitness & Probity rules.

Requests for a Derogation for a UCITS

A request for a derogation from the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 may be sought by a UCITS and will be considered on a case-by-case basis.