UCITS Q&A Archive

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 in 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.

  • Q&A First Edition: of the Q&A was published on 4 February 2014.
  • Q&A Second Edition: On the 30 May 2014, the Central Bank published a second edition of the UCITS Q&A. New questions ID 1009 and ID 1010 were included.
  • Q&A Third Edition: On the 05 November 2014, the Central Bank published a third edition of the UCITS Q&A. A new question ID 1011 on master feeder arrangements was included.
  • Q&A Fourth Edition: On the 17 December 2014, the Central Bank published a Fourth Edition of the UCITS Q&A. Question ID 1007 was amended and a new question ID 1012 in relation to UCITS ETFs was included.
  • Q&A Fifth Edition: On 12 June 2015, the Central Bank published a Fifth Edition of the UCITS Q&A. New question ID 1013 (Redomiciliations) was included.
  • Q&A Sixth Edition: On 15 July 2015, the Central Bank published a Sixth Edition of the UCITS Q&A. New questions ID 1014 (UCITS ICAV) and ID 1015 (Irish UCITS seeking to acquire shares through Shanghai-Hong Kong Stock Connect) were included.
  • Q&A Seventh Edition: On 5 October 2015, the Central Bank published a Seventh Edition of the UCITS Q&A. New questions ID 1016 - ID 1046 were included.
  • Q&A Eight Edition: On 23 October 2015, the Central Bank published an Eighth Edition of the UCITS Q&A. New questions ID 1047 and ID 1048 on certain transitional arrangements in relation to the Central Bank UCITS Regulations were included.
  • Q&A Ninth Edition: On 4 November 2015, the Central Bank published a Ninth Edition of the UCITS Q&A. New Questions ID 1049 - ID 1057 were added, six of which concerned transitional arrangements in relation to the Central Bank UCITS Regulations. In addition ID 1043 was amended.
  • Q&A Tenth Edition: On 30 November 2015, the Central Bank published a Tenth Edition of the UCITS Q&A. New Question ID 1058 was added and ID 1050 was amended.
  • Q&A Eleventh Edition: On 22 December 2015, the Central Bank published an Eleventh Edition of the UCITS Q&A. New Question ID 1059 is added.
  • Q&A Twelfth Edition: On 24 March 2016, the Central Bank published a Twelfth Edition of the UCITS Q&A. ID1057 has been amended and new questions ID1060 and ID1061 have been added in relation to the Central Bank's updated guidance entitled "Umbrella funds - cash accounts holding subscription, redemption and dividend monies". New Question ID1062 in relation to Securities Financing Transactions Regulation is also added.
  • Q&A Thirteenth Edition: On 2 June 2016, the Central Bank published a thirteenth Edition of the UCITS Q&A. The new questions added were: ID 1063 (UCITS Management Company - organizational effectiveness); ID 1064 (share class hedging); and ID 1065 - ID 1066 (Companies Act 2014). (ID 1065 was previously issued in the form of a general information note and included in the Markets Update published on the 12 June 2015.) An existing question - ID 1013 - was amended. This deals with past performance data and the heading of this section has been revised accordingly.
  • Q&A Fourteenth Edition: On 12 September 2016, the Central Bank published a fourteenth Edition of the UCITS Q&A. New questions ID 1067 – ID 1069 (Umbrella cash accounts) and ID 1070 – ID 1072 (Accounts) were added.
  • Q&A Fifteenth Edition: On 19 December 2016, the Central Bank published a fifteenth Edition of the UCITS Q&A. Existing question ID 1015 was updated and question ID 1053 was deleted and replaced. New questions ID 1073 – ID 1075 are added.
  • Q&A Sixteenth Edition: On 13 March 2017, the Central Bank published a sixteenth Edition of the UCITS Q&A. Existing question, ID 1056 - Central Bank (UCITS) Regulations- Transitional arrangements, is amended as a consequence of the publication of the Central Bank (Supervision and Enforcement Act) 2013 (Section 48(1))(Investment Firms) Regulations 2017
  • Q&A Seventeenth Edition: On 15 May 2017, the Central Bank published a seventeenth Edition of the UCITS Q&A. A new question ID 1076 related to the designated email for fund management companies is included.
  • Q&An Eighteenth Edition:On 28 June 2017, the Central Bank published a eighteenth Edition of the UCITS Q&A. New questions ID 1077 & ID 1078 related to share classes are included.
  • Q&A Nineteenth Edition: On 4 August 2017, the Central Bank published a nineteenth Edition of the Central Bank UCITS Q&A. New questions ID 1079 - ID 1083 relate to the Central Bank UCITS (amending) Regulations 2017 and ID 1084 relates to the governing law of management company agreements.
  • Q&A Twentieth Edition: On 6 October 2017, the Central Bank published a twentieth Edition of the Central Bank UCITS Q&A New question ID 1085 relates to the maintenance of a designated email address for regulatory correspondence in respect of Irish UCITS.
  • Q&A Twenty-First Edition: On 20 November 2017,the Central Bank published a twenty-first Edition of the Central Bank UCITS Q&A.Question ID 1015 in relation to UCITS acquiring Chinese shares through the Shanghai-Hong Kong stock Connect and Shenzhen-Hong Kong Stock Connect is amended.
  • Q&A Twenty-Second Edition: On 2 January 2018, the Central Bank published a twenty-second Edition of the Central Bank UCITS Q&A.New questions ID 1086 relating to prospectus disclosure in the context of Benchmarks Regulation and ID 1087 regarding the PRIIPS Regulation are included.
  • Q&A Twenty-Third Edition:On 5 July 2018, the Central Bank published a twenty-third edition of the Central Bank UCITS Q&A. Question ID 1002, in relation to UCITS investing in non-UCITS investment funds, is amended.
  • Q&A Twenty-Fourth Edition: On 19 November 2018, the Central Bank published a twenty-fourth edition of the Central Bank UCITS Q&A. One Q&A is updated and one added to address to address the (i) ability to establish unlisted share classes in an ETF, and (ii) possibility of having different dealing cut-off times for hedged and unhedged share classes in an ETF.
  • Q&A Twenty-Fifth Edition: On 29 March 2019, the Central Bank issued the 25th edition of the Central Bank UCITS Q&A which included a new Q&A ID 1089 in relation to Irish UCITS which acquire Chinese bonds through the Bond Connect infrastructure. The Q&A clarifies that if an Irish authorised UCITS proposes to acquire Chinese bonds through Bond Connect, the depository of the UCITS, or an entity within its custodial network, must ensure it retains control over the bonds at all times.
  • Q&A Twenty-Sixth Edition: On 6 June 2019, the Central Bank issued the 26th edition of the Central Bank UCITS Q&A which included new Q&A ID 1090, 1091,1092 and 1093 in relation to the Central Bank UCITS Regulations 2019. The Q&A document has also been updated to account for the numbering of the regulations in the Central Bank UCITS Regulations 2019.

  • Q&A Twenty-Seventh Edition: On 15 July 2019, the Central Bank issued the 27th Edition of the Central Bank UCITS Q&A, which removed ID 1070 and ID 1072 and updates ID 1071 arising from amendments to the Central Bank UCITS Regulations.  ID 1087 was also updated to account for the amendment in relation to the obligation for UCITS to produce a PRIIPs KID.

  • Q&A Twenty-Eight Edition: On 29 January 2020, the Central Bank issued the 28th edition of the Central Bank UCITS Q&A, which included a new Q&A ID 1094, in relation to investment by UCITS in Contracts for Difference (CFDs), Collateralised Loan Obligations (CLOs), Contingent Convertible Securities (CoCos) and binary options. The Q&A outlines the Central Bank’s approach whereby a UCITS proposes to invest in CFDs, CLOs, CoCos or binary options and how that UCITS may be subject to enhanced scrutiny at the authorisation phase with a view to ensuring that the proposal is appropriate taking into account the overall portfolio of assets that is proposed for the UCITS.

  • Q&A Twenty-Ninth Edition: On the 13 July 2020, the Central Bank issued the 29th edition of the Central Bank UCITS Q&A, which included new Q&A IDs 1095, 1096 and 1097 in relation to liquidity stress testing in UCITS. The Q&As clarify the Central Bank’s expectations in relation to liquidity stress testing (LST) in UCITS, particularly in relation to the application of the ESMA ‘Guidelines on liquidity stress testing in UCITS and AIFs’. The Q&As set out that the LST policy may be documented within the UCITS Risk Management Policy, that LST should generally be carried out at least quarterly and that LST should be employed at all stages in a UCITS lifecycle, including at the design phase.

  • Q&A Thirtieth Edition: On the 9 October 2020, the Central Bank issued the 30th edition of the Central Bank UCITS Q&A, which included new a Q&A ID 1098 in relation to liquidity stress testing in UCITS. The Q&A clarifies the Central Bank’s expectations in relation to liquidity stress testing in UCITS, particularly in relation to the application of the ESMA “Guidelines on liquidity stress testing in UCITS and AIFs”. The Q&A sets out the Central Bank’s reporting expectations where a stress test reveals a material risk.

  • Q&A Thirty-First Edition: On 24 June, the Central Bank issued the 31st edition of the Central Bank UCITS Q&A document, which included a new Q&A, ID 1099.  The Q&A, ID 1099, confirmed the Central Bank’s position in relation to a UCITS having a share class that makes distributions to charity. The Q&A confirms that this is permissible, subject to a number of requirements being met by the UCITS.

  • Q&A Thirty-Second Edition: On 29 July 2021, the Central Bank issued the 32nd edition of the Central Bank UCITS Q&A document, which included a new Q&A, ID 1100.  The Q&A, ID 1100, sets out the Central Bank’s position with respect to UCITS gaining exposure (directly or indirectly) to crypto-assets.  The Central Bank’s approach in relation to crypto-assets will be kept under review, continue to be informed by European regulatory discussions on the topic and may change should new information or developments emerge in the future.  

  • Q&A Thirty-Third Edition: On 10 September 2021, the Central Bank issued the 33rd edition of the Central Bank UCITS Q&A, which included a new Q&A, ID 1101. The new Q&A, ID 1101, sets out the Central Bank’s expectations in relation to a UCITS management company operating or planning to operate in the manner of a third party management company. The Q&A confirms that where new business results in a material increase in the nature, scale or complexity of a firm’s business, the Central Bank deems this to be a material change to the firm’s operating model which requires consultation with the Central Bank in accordance with Regulation 107 of the Central Bank UCITS Regulations. In these circumstances, management companies are required to engage proactively with Central Bank supervisors and to ensure that they are appropriately resourced to service the additional business.

  • Q&A Thirty-Fourth Edition: On 1 October 2021, the Central Bank published the 34th Edition of the Central Bank UCITS Q&A which included new Q&As related to the implementation of the ESMA Guidelines on marketing communications under the Regulation on cross-border distribution of funds (the ESMA Marketing Guidelines;). The new Q&As, ID 1102 and ID 1103, related to the implementation of paragraph 8 and 47 respectively of the ESMA Marketing Guidelines.

  • Q&A Thirty-Fifth Edition: On 29 October, the Central Bank issued the 35th edition of the Central Bank UCITS Q&A, which included a new Q&A, ID 1104.  The new Q&A, ID 1104, sets out the Central Bank’s expectations in relation to the filing of Key Investor Information Documents (“KIIDs”) for UCITS which are implementing ESMA’s Performance Fee Guidelines with effect from 31 December 2021.

  • Q&A Thirty-Sixth Edition: On 20th December, the Central Bank issued the 36th edition of the Central Bank UCITS Q&A, which includes two new Q&A’s, ID’s 1105 and 1106.

    The new Q&A, ID 1105, sets out the Central Bank’s expectations that multi-manager UCITS will comply with ESMA’s Q&A of July 2021 on performance fees in multi-manager UCITS. It confirms that existing multi-manager UCITS must bring their performance fee methodologies into compliance by 1 January 2023. 

    ID 1106 addresses the circumstances of establishment of a new multi-manager UCITS utilising a performance fee and notes that those wishing to establish a new multi-manager UCITS with a performance fee must do so in compliance with ESMA’s Q&A of July 2021 on performance fees in multi-manager UCITS.

  • Q&A Thirty-Seventh Edition: In December 2022, the Central Bank of Ireland published the 37th Edition of the UCITS Q&A. This edition of the Q&A features three new Q&A’s (ID 1107, 1108 and 1109) and concerns PRIIPs filing requirements which come into effect from January 2023.

  • Q&A Thirty-Eight Edition: On 24th March 2023, the Central Bank published the 38th Edition of its UCITS Q&A. This edition of the Q&A features amendments to three Q&As (ID 1107, 1108, 1109) concerning PRIIPs filing requirements. This edition also features two new Q&As (ID 1110 and 1111) in relation to the filing requirements for  PRIIPs KIDs of  UCITS which intend to market to different types of investor.