Table of Contents
European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 [S.I. No. 211 of 2003]Introductory TextPart I Prelimary (regs. 1-2)Regulation 1 Citation.Regulation 2 Interpretation.Part II Scope (regs. 3-5)Regulation 3 Scope.Regulation 4 Restriction of Unit Trusts Act 1990.Regulation 5 Prohibition on conversion of UCITS into undertaking not subject to Directive.Part III Competent Authority (regs. 6-8)Regulation 6 Bank to be competent authority.Regulation 7 Liability of Bank and State.Regulation 8 Register of names of authorised UCITS and management companies; availability to the public.Part IV Authorisation of UCITS (regs. 9-15)Regulation 9 Situation of UCITS.Regulation 10 Prohibition on UCITS carrying on activities in the State without authorisation.Regulation 11 Authorisation of UCITS.Regulation 12 Approval of Bank necessary for subsequent changes.Regulation 13 Refusal of authorisation and right of appeal.Regulation 14 Refusal of authorisation and right of appeal.Regulation 15 Right of appeal of UCITS situated in another Member State.Part IVA Authorisation of Management Companies (regs. 15A-17J)Chapter 1 Conditions for taking up business and appeal of decisions by the Bank (regs. 15A-15D)Regulation 15A Authorisation by the Bank.Regulation 15B Decision by the Bank and right of appeal.Regulation 15C Right of appeal of a management company authorised in another Member State.Regulation 15D Offence.Part V Unit Trust and Common Contractual Funds (regs. 16-23)Regulation 16 Activities of a management company.Regulation 16A Provisions applicable to a management company authorised to provide Individual Portfolio Management Services.Regulation 16B Client's money and investment instruments.Regulation 17 Authorisation of Management Companies.Chapter 2 Relations with third countries (reg. 17A)Regulation 17A Relations with third countries.Chapter 3 Operating conditions (regs. 17B-17F)Regulation 17B Ongoing Capital Requirements.Regulation 17C Qualifying shareholding.Regulation 17D Prudential rules.Regulation 17E Client approval.Regulation 17F Delegation.Chapter 4 The right of establishment and the freedom to provide services (regs. 17G-17J)Regulation 17G Establishment of a branch and provision of services.Regulation 17H Establishment of a branch in another Member State.Regulation 17I Provision of information.Regulation 17J Provisions applicable to a management company authorised in another Member State.Part V Unit Trusts and Common Contractual Funds (regs. 18-23)Trustee Obligations (regs. 18-23)Regulation 18 Assets of a unit trust or common contractual fund.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.Regulation 23 Ownership of assets of UCITS established as unit trust or common contractual fund and liability of unit-holders.Part VI Investment Companies (regs. 24-44)Chapter 1 Investment companies with fixed capital (regs. 24-28)Regulation 24 Application of Chapter 1.Regulation 25 Share capital.Regulation 26 Name.Regulation 27 Issue of redeemable preference shares.Regulation 28 Restriction of Companies Acts.Chapter 2 Investment Companies with Variable capital (regs. 29-35)Regulation 29 Application of Chapter 2.Regulation 30 Share capital.Regulation 31 Name.Regulation 32 Enabling provision regarding purchase of own shares.Regulation 32A Cross investment by sub-funds of an umbrella fund.Regulation 33 Repurchase of shares at request of shareholder and treatment of repurchased shares.Regulation 34 Legal reserve.Regulation 35 Restriction of Companies Acts.Chapter 3 General (reg. 36-36A)Regulation 36 Modification of Companies Act 1963.Regulation 36A Conditions for taking up business applicable to all investment companies.Chapter 4 Provisions applicable to an investment company which has not appointed a management company (regs. 36B-36G)Regulation 36B Application of Chapter 4.Regulation 36C Conditions for taking up business.Regulation 36D Delegation of activities.Regulation 36E Prudential rules.Regulation 36F Application of segregated liability to investment companies established as UCITS.Regulation 36G Application of jurisdiction transfer provisions to investment companies established as UCITS.Chapter 5 Assets of investment companies and responsibilities of 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 exemptions.Regulation 43 Liability of trustee.Regulation 44 Prohibition on a single company acting as investment company and trustee.Part VII Investment Policies of UCITS (regs. 45-58)Regulation 45 Permitted investments.Regulation 45A Financial Indices.Regulation 46 Limitations on investments.Regulation 47 Limit of 10 per cent of assets in other investments.Regulation 48 Ancillary liquid assets.Regulation 48A Investment techniques and instruments.Regulation 48B Use of Derivative Instruments.Regulation 49 Investment in one issuer's securities.Regulation 49A Index funds.Regulation 50 Securities issued or guaranteed by States, local authorities or public international bodies.Regulation 51 Investment in UCITS and other Collective Investment Undertakings.Regulation 51A UCITS umbrella funds.Regulation 52 Additional disclosure requirements.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 authorised UCITS.Regulation 58 Breaches of limits.Part VIII General Provisions Relating to UCITS (regs. 59-73)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 or common contractual fund.Regulation 65 Issue of registered certificates or bearer securities.Regulation 66 Replacement of management company and trustee.Regulation 67 Winding up of an investment company.Regulation 68 Remuneration and expenditure.Regulation 69 Application of income.Regulation 70 Borrowing.Regulation 71 Loans or guarantees.Regulation 72 Short Sales.Regulation 73 Umbrella funds.Part IX Prospectus, Reports and Publication of other Information (regs. 74-87)Regulation 74 Publication of prospectus.Regulation 75 Annexation of trust deed, deed of constitution or articles of incorporation to prospectus.Regulation 76 Transmission of prospectus and simplified prospectus to Bank.Regulation 77 Publication of annual and half-yearly reports.Regulation 78 Time limits.Regulation 79 Contents of annual report.Regulation 79ARegulation 80 Contents of half-yearly report.Regulation 81 Transmission of reports to Bank.Regulation 82 Offering of simplified prospectus to investors before contract is concluded and availability of prospectus and the latest published annual and half-yearly reports.Regulation 83 Availability to public of annual and half-yearly reports as specified in full and simplified prospectus.Regulation 84 Supply of reports to unit-holders.Regulation 85 Auditing requirements in relation to annual report.Regulation 86 Publication of issue and redemption prices.Regulation 87 Publicity.Part X Special Provisions Applicable to UCITS Marketing in a Member State Other Than That in Which it is Situated (regs. 88-95)Regulation 88 Prior requirements.Regulation 89 Entitlement to market in the State.Regulation 90 Compliance with law, regulations and administrative provisions.Regulation 91 Advertising.Regulation 92 Provision of facilities in relation to unit-holders.Regulation 93 Marketing of units.Regulation 94 Power of Bank to prohibit marketing.Regulation 95 Generic names.Part XI Collaboration with Competent Authorities in other Member States (reg. 96)Regulation 96 Collaboration with competent authorities in other Member States.Part XII Powers of Bank (regs. 97-105)Regulation 97 Compliance with additional requirements imposed by Bank.Regulation 98 Keeping of books and records.Regulation 99 Furnishing of information to Bank.Regulation 100 Application by Bank to High Court.Regulation 101 Replacement of Management Company or Trustee.Regulation 102 Revocation of authorisation.Regulation 103 Notice of intention to revoke.Regulation 104 Directions by the Bank.Regulation 105 Certain decisions of Bank to be appealable.Part XIII Offences (reg. 106)Regulation 106 Penalties.Part XIV Validity of UCITS Already Authorised and Revocation of Earlier Statutory Instruments (reg. 107)Regulation 107 Validity of UCITS already authorised and revocation of earlier statutory instruments.Schedule 1 Information requirements to be contained in full prospectusSchedule 1 A Information RequirementsSchedule 1 B Information to be included in the periodic reportsSchedule 2 Information to be included in the annual and half-yearly reportsSchedule 2, Part 1Schedule 2, Part 2Schedule 3 Table of cross references to specific UCITS Regulations in legislationSchedule 4 Contents of the simplified prospectusSchedule 5 Functions included in the activity of collective portfolio managementSchedule 6 Requirements and obligations for authorisation of management companiesSchedule 7 Requirements for holding of client money and investment instrumentsSchedule 8 Code of conductGiven underExplanatory Note
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Schedule 1 A Information Requirements
Deleted from 21 October 2003
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