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 relevent 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 EditionOn 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 includes 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 includes 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 removes ID 1070 and ID 1072 and updates ID 1071 arising from amendments to the Central Bank UCITS Regulations. ID 1087 is 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 includes 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.