Record retention, archiving and retrievability

Introduction

1. Regulation 123 of the UCITS Regulations 2011 provides the Central Bank with broad powers to request information from inter alia fund management companies. The Central Bank UCITS Regulations 2015 will provide that fund management companies are required to keep all of their records in a way that makes them immediately retrievable in or from Ireland. Similar rules will apply to AIFMs. In the context of these rules, the Central Bank is of the view that ‘immediately’ means documentation requested before 1pm (Irish time) should be provided to the Central Bank on the same day and documentation requested after 1pm (Irish time) should be provided to the Central Bank before 12 noon on the following day on which the Central Bank is open for business.

2. The purpose of the record retention, archiving and retrievabilty guidance is to provide fund management companies with the Central Bank of Ireland’s (the "Central Bank") minimum expectations with respect to the retention, maintenance, security, privacy, preservation and accessibility (collectively, "Document Management") of all relevant documentation and records.