Supervision of Investment Funds

Irish authorised investment funds are supervised by the Central Bank through a combination of proactive supervision, reactive supervision, thematic reviews and inspections in accordance with PRISM™- Probability Risk and Impact SysteM™.

PRISM is the Central Bank’s risk-based framework for the supervision of regulated firms. PRISM provides supervisors with guidance on the level of required engagement with a particular firm and a means to document their actions and judgements. Under PRISM, Irish authorised investment funds are classified as “Low Impact”.

Supervisory Requirements for UCITS

The Central Bank’s UCITS Regulations 2015 includes details of all requirements which the Central Bank imposes on Irish authorised UCITS and the service providers to those UCITS. The Central Bank’s UCITS Regulations 2015 is available here.

Reporting Requirements for UCITS

Part 3 of the Central Bank’s UCITS Regulations details the supervisory requirements applicable to Irish authorised UCITS and includes, inter alia, criteria on the content and frequency of reporting obligations for these funds.

The reporting requirements for each authorised UCITS are also set out in its letter of authorisation issued. The following reports must be submitted to the Central Bank:

  • Monthly, half-yearly and annual reports
  • Annual audited accounts of the related fund management company
  • The quarterly OFII return

The OFII return must be submitted to the Statistics Department of the Central Bank within ten working days of the end-quarter to which it refers. This data should be consistent with what is reported on the equivalent monthly NAV return.

A reporting code is assigned to each UCITS upon authorisation.