Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 [S.I. No. 420 of 2015]

	Introductory Text
	Part 1 Preliminary and general (regs. 1-2)
	Regulation 1 Citation and commencement
	Regulation 2 Interpretation
	Part 2 Restrictions on UCITS (regs. 3-43)
	Chapter 1 General (regs. 3-9A)
	Regulation 3 General restrictions
	Regulation 4 Eligible assets: transferable securities
	Regulation 5 Closed-ended funds
	Regulation 6 Money-market instruments
	Regulation 7 Deposits with credit institutions
	Regulation 8 Financial derivative instruments
	Regulation 9 Financial Index
	Regulation 9A Investment through subsidiaries
	Chapter 2 Investment Restrictions (regs. 10-14)
	Regulation 10 Investment funds
	Regulation 11 Ancillary liquidity
	Regulation 12 Recently issued transferable securities
	Regulation 13 Financial derivative instruments
	Regulation 14 Borrowings by a UCITS
	Chapter 3 Financial Derivative Instruments (regs. 15-22)
	Regulation 15 Cover requirements
	Regulation 16 Risk management process and reporting
	Regulation 17 Calculation of global exposure
	Regulation 18 Global exposure: commitment approach (structured UCITS)
	Regulation 19 Global exposure: Value at Risk approach
	Regulation 20 Back-testing
	Regulation 21 Stress-testing
	Regulation 22 Value at Risk approach: additional safeguards
	Chapter 4 Efficient Portfolio Management (regs. 23-25)
	Regulation 23 Portfolio management techniques
	Regulation 24 Collateral
	Regulation 25 Repurchase and reverse repurchase agreements
	Chapter 5 Share Classes (reg. 26)
	Regulation 26 Creation of share classes in a UCITS
	Chapter 6 Constitutional Documents (regs. 27-32)
	Regulation 27 Fees
	Regulation 28 Investment
	Regulation 29 Umbrella UCITS
	Regulation 30 Distributions out of, and charging of fees and expenses to, capital
	Regulation 31 Dealing in specie
	Regulation 32 Replacement of depositary
	Chapter 7 Dealing (reg. 33)
	Regulation 33 Subscriptions and redemptions
	Chapter 8 Valuation (regs. 34-38)
	Regulation 34 Valuation policy
	Regulation 35 Dealing
	Regulation 36 Methods of valuation
	Regulation 37 Responsibility for valuation policy
	Regulation 38 Anti-dilution levy
	Chapter 9 Remuneration (reg. 39)
	Regulation 39 Restriction on payment of certain fees
	Chapter 10 Transactions involving Connected Persons (regs. 40-41)
	Regulation 40 Interpretation: Chapter 10 of Part 2
	Regulation 41 Restrictions on transactions with connected persons
	Chapter 11 Directed Brokerage Services (regs. 42-43)
	Regulation 42 Rebates of commission
	Regulation 43 Costs, fees and expenses of directed brokerage services
	Part 3 Supervisory requirements (regs. 44-49)
	Regulation 44 General conditions
	Regulation 45 Charges for redemption or repurchase of units
	Regulation 46 Replacement of depositary
	Regulation 47 Replacement of management company or third party
	Regulation 48 Monthly returns
	Regulation 49 Quarterly returns
	Part 4 Prospectus Requirements (regs. 50-71)
	Regulation 50 General requirements
	Regulation 51 Advertising
	Regulation 52 Prospectus: general
	Regulation 53 Prospectus: investment policy
	Regulation 54 Financial index
	Regulation 55 Structured UCITS
	Regulation 56 Fund of funds
	Regulation 57 Index-tracking funds
	Regulation 58 Efficient portfolio management
	Regulation 59 Dealing
	Regulation 60 Redemption in specie
	Regulation 61 Remuneration and costs arising
	Regulation 62 Umbrella UCITS
	Regulation 63 Authorisation status
	Regulation 64 Risk disclosures
	Regulation 65 UCITS that use financial derivative instruments
	Regulation 66 Cash and money-market funds
	Regulation 67 Structured UCITS
	Regulation 68 Distributions out of capital
	Regulation 69 Conflicts of interest
	Regulation 70 Directed brokerage services and similar arrangements
	Regulation 71 Share classes
	Part 5 Key Investor Information Document (regs. 72-75)
	Regulation 72 General
	Regulation 73 Investment objective and policy
	Regulation 74 Risk and reward profile
	Regulation 75 Filing requirements
	Part 6 General Operational Requirements (regs. 76-77)
	Regulation 76 Regulated markets
	Regulation 77 Directed brokerage services or similar arrangements
	Part 7 Annual and Half-Yearly Reports of a UCITS (regs. 78-80)
	Regulation 78 Publication of annual and half-yearly reports
	Regulation 79 Additional information to be included in the annual report
	Regulation 80 Additional information to be included in the half-yearly report
	Part 8 Requirements in Respect of Specific Types of fund (regs. 81-89)
	Regulation 81 Interpretation: Part 8
	Regulation 82 Exchange-traded funds
	Regulation 83 Actively managed UCITS ETFs
	Regulation 84 Treatment of secondary market investors of a UCITS ETF
	Regulation 85 Money-market UCITS
	Regulation 86 Short-Term Money-Market Funds
	Regulation 87 Money-Market Funds
	Regulation 88 Short-Term Money-Market Funds: valuation on the basis of amortised cost
	Regulation 89 European Central Bank reporting requirements
	Part 9 Guaranteed UCITS (regs. 90-92)
	Regulation 90 General
	Regulation 91 Legal agreement
	Regulation 92 Disclosure
	Part 10 Cross-Border Notification of UCITS (regs. 93-94)
	Regulation 93 Outward marketing: UCITS authorised under the UCITS Regulations
	Regulation 94 Inward marketing: UCITS authorised in another Member State
	Part 11 Management Companies (regs. 95-110)
	Chapter 1 General Requirements (regs. 95-105)
	Regulation 95 Operating conditions
	Regulation 95A Remuneration policies
	Regulation 96 Capital
	Regulation 97 Organisational requirements: general
	Regulation 98 Organisational requirements: delegation
	Regulation 99 Code of conduct in relation to collective portfolio management
	Regulation 100 Directors
	Regulation 101 Record-keeping
	Regulation 102 Management resources
	Regulation 103 Relationship with the Bank
	Regulation 104 Financial control, management and company secretarial information
	Regulation 105 Internally-managed investment companies
	Chapter 2 Management Company Passport (regs. 106-110)
	Regulation 106 Notifications
	Regulation 107 Assessment: general requirements
	Regulation 108 Assessment: governance issues
	Regulation 109 Assessment: administrator issues
	Regulation 110 Assessment: depositary issues
	Part 12 UCITS Depositaries (regs. 111-120)
	Regulation 111 Organisational requirements
	Regulation 112 Governance
	Regulation 113 Operating conditions
	Regulation 114 Depositary obligations and restrictions
	Regulation 114A
	Regulation 115 Operating conditions
	Regulation 116 Depositary agreement
	Regulation 117 Permitted markets
	Regulation 118 Valuation of a UCITS
	Regulation 119 Dealing in specie
	Regulation 120 Relationship with the Bank
	Part 13 Miscellaneous Provisions (regs. 121-124)
	Regulation 121 Reporting requirements
	Regulation 122 Service of notice or other document by the Bank
	Regulation 123 Records and Compliance
	Regulation 124 Transitional requirements
	Schedule 1 Regulatory Criteria
	Schedule 2 Netting and Hedging
	Schedule 3 Conditions for Collateral Received by a UCITS
	Schedule 4 Calculation of Global Exposure using the Value at Risk (VaR) Approach
	Schedule 5 Methods of Valuation
	Schedule 6 Advertising Standards for Certain UCITS
	Schedule 7 Additional Information to be Included in the Annual Report
	Schedule 8 Additional Information to be Included in the Half-Yearly Report
	Schedule 9 Minimum Capital Requirement Report
	Schedule 10 Managerial functions of the Management company
	Schedule 11 Records of a Management company
	Given under