Q. Where a UCITS proposes to invest in another investment fund does a depositary have to confirm to the Central Bank that Regulation 118(6) of the Central Bank UCITS Regulations is being complied with?
A. Yes. However the Central Bank will permit that when a new UCITS is being established, the depositary may provide written confirmation to the Central Bank that the procedures required by Regulation 118(6) of the Central Bank UCITS Regulations are in place. The Central Bank will not then require confirmations on an on-going basis prior to each investment in another investment fund.