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European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 [S.I. No. 78 of 1989]Introductory TextPart I Preliminary (regs. 1-2)Regulation 1 Citation and commencement.Regulation 2 Interpretation.Part II Scope (regs. 3-5)Regulation 3 Scope.Regulation 4 Restriction of Unit Trusts Act, 1972.Regulation 5 Prohibition on conversion of UCITS into undertaking not subject to Directive.Regulation 5A Application of certain provisions.Part III Competent Authority (regs. 6-8)Regulation 6 Bank to be competent authority.Regulation 7 Liability of Bank.Regulation 8 Publication of names of authorized UCITS.Part IV Authorization of UCITS (regs. 9-15)Regulation 9 Situation of UCITS.Regulation 10 Prohibition on UCITS carrying on activities in the State without authorization.Regulation 11 Requirements for authorization.Regulation 12 Approval of Bank necessary for subsequent changes.Regulation 13 Applications for authorization.Regulation 14 Refusal of authorization and right of appeal.Regulation 15 Right of appeal of UCITS situated in another Member State.Part V Unit Trusts (regs. 16-22)Regulation 16 Management company.Regulation 17 Prohibition on management company engaging in other activities.Regulation 18 Assets of a unit trust.Regulation 19 Trustee.Regulation 20 Obligations of trustee.Regulation 21 Liability of trustee.Regulation 22 Prohibition on a single company acting as management company and trustee.Part VI Investments Companies (regs. 23-44)Chapter 1 Investment companies with fixed capital (regs. 23-27)Regulation 23 Application of Chapter 1.Regulation 24 Share capital.Regulation 25 Name.Regulation 26 Issue of redeemable preference shares.Regulation 27 Restriction of Companies Acts.Chapter 2 Investment Companies with Variable capital (regs. 28-34)Regulation 28 Application of Chapter 2.Regulation 29 Share capital.Regulation 30 Name.Regulation 31 Enabling provision regarding purchase of own shares.Regulation 32 Repurchase of shares at request of shareholder and treatment of repurchased shares.Regulation 33 Legal reserve.Regulation 34 Restriction of Companies Acts.Chapter 3 General (regs. 35-36)Regulation 35 Modification of Act of 1983.Regulation 36 Modification of Act of 1986.Chapter 4 Trustee (regs. 37-44)Regulation 37 Assets of investment companies.Regulation 38 Trustee.Regulation 39 Obligations of trustee.Regulation 40 Exemption from requirement to have trustee.Regulation 41 Further exemption.Regulation 42 Requirement on Bank to inform EC Commission regarding excemptions.Regulation 43 Liability of trustee.Regulation 44 Prohibition on a single company acting as mangement company and trustee.Part VII Investment Policies of UCITS (regs. 45-58)Regulation 45 Permitted investments.Regulation 46 Limitations on investments.Regulation 47 Limit of 10 per cent of assets in other investments.Regulation 48 Ancillary liquid assets and investment techniques and instruments.Regulation 49 Investment in one issuer's securities.Regulation 50 Securities issued or guaranteed by States, local authorities or public international bodies.Regulation 51 Investments in other UCITS.Regulation 52 Acqusition of securities in a linked unit trust or investment company.Regulation 53 Acquisition of shares carrying voting rights.Regulation 54 Limits in relation to non-voting shares, debt securities or units of a UCITS.Regulation 55 Exemptions from Regulations 53 and 54.Regulation 56 Subscription rights.Regulation 57 Derogations for recently authorized UCITS.Regulation 58 Breaches of limits.Part VIII General Provisions Relating to UCITS (regs. 59-71)Regulation 59 Obligation on UCITS to redeem or repurchase units.Regulation 60 Issue of units.Regulation 61 Redemption or repurchase of units.Regulation 62 Value of assets.Regulation 63 Suspension of repurchase or redemption of units.Regulation 64 Creation and cancellation of units of a unit trust.Regulation 65 Issue of registered certificates or bearer securities.Regulation 66 Replacement of management company and trustee.Regulation 67 Remuneration and expenditure.Regulation 68 Application of income.Regulation 69 Borrowing.Regulation 70 Loans or guarantees.Regulation 71 Sales of securities.Part IX Prospectus, Reports and Publication of other Information (regs. 72-85)Regulation 72 Publication of prospectus.Regulation 73 Annexation of trust deed or articles to prospectus.Regulation 74 Offering of prospectus to investors before contract concluded and transmission of prospectus to Bank.Regulation 75 Publication of annual and half-yearly reports.Regulation 76 Time limits.Regulation 77 Contents of annual report.Regulation 78 Contents of half-yearly report.Regulation 79 Transmission of reports to Bank.Regulation 80 Offering of reports to investors before contract concluded.Regulation 81 Availability to public of reports.Regulation 82 Supply of reports to unit-holders.Regulation 83 Auditing requirements in relation to annual report.Regulation 84 Publication of issue and redemption prices.Regulation 85 Publicity.Part X Special Provisions applicable to UCITS Marketing in a Member State other than that in which is situated (regs. 86-93)Regulation 86 Prior requirements.Regulation 87 Entitlement to market in the State.Regulation 88 Compliance with law, regulations and administrative provisions.Regulation 89 Advertising.Regulation 90 Provision of facilities in relation to unit-holders.Regulation 91 Distribution of documents and other information.Regulation 92 Power of Bank to prohibit marketing.Regulation 93 Generic names.Part XI Special Provisions in relation to the Central Bank of Ireland (regs. 94-97)Regulation 94 Collaboration with competent authorities in other Member States.Regulation 95 Professional secrecy.Regulation 96 Application of professional secrecy to information exchanged with other competent authorities.Regulation 97 Restriction on use of information received from other Member States.Regulation 97A Exchanges of information between the Bank and other competent authorities.Regulation 97B Exchanges of information between company law authorities.Regulation 97C Exchanges of information between monetary authorities.Regulation 97D Exchanges of information between clearing house authorities.Regulation 97E Exchanges of information with Departments of State.Part XII Inspection and Enforcement Power of Central Bank (regs. 98-105)Regulation 98 Compliance with additional requirements imposed by Bank.Regulation 99 Keeping of books and records.Regulation 100 Furnishing of information to Bank.Regulation 101 Application by Bank to High Court.Regulation 102 Revocation of authorization.Regulation 103 Notice of intention to revoke.Regulation 104 Bank's powers of intervention.Regulation 105 Review of Bank's decision, etc., by the High Court.Part XIII Offences (reg. 106)Regulation 106 Penalties.Part XIV Transitional Provision (reg. 107)Regulation 107 Existing UCITS.Annex AAnnex BAnnex CGiven underExplanatory Note
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Version status: Revoked | Document consolidation status: Updated to reflect all known changes
Version date: 29 May 2003 - onwards
Version 3 of 3

Regulation 22 Prohibition on a single company acting as management company and trustee.

Revoked from 29 May 2003

[deleted]

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