Central Bank of Ireland’s year-end approval and amendment timeframes for investment funds

Regulatory Update

News

01 October 2020

Central Bank Deadlines for Pre-Christmas / Year-end Applications

The Central Bank of Ireland (Central Bank) has notified the industry of the deadlines for pre- Christmas and year-end applications. With the Brexit transition period ending on 31^st December it promises to be a busy close to 2020.

Of particular note:

Applications for new UCITS funds and non-fast-track sub-funds must be made by 5pm on 16^th October
QIAIF applications will continue to have the normal 24-hour approval process until 22^nd December
Change of Service Provider notifications for QIAIFs should be received by 15^th December

Full details on the various deadlines are outlined below:

Fund/Post-Authorisation Applications (Excluding QIAIFs)	Deadline for Receipt
Funds and non-fast-track sub-funds (this deadline also applies to self- managed/internally managed investment company/ICAV applications)	5pm on 16 October
Fast-track sub-funds¹	5pm on 13 November
Post-Authorisation – major items	5pm on 16 October
Post-Authorisation – all other items	5pm on 13 November

QIAIF Filings (submitted through ORION, the Central Bank’s online reporting system) Normal timeframes apply until 22 December
For Authorisation / Approval / Noting on:	Deadline for Receipt
23 December	5pm on 22 December
29 December²	3pm on 23 December
4 January³	5pm on 30 December

QIAIF Filings (Non-ORION Based Applications) Normal timeframes apply until 22 December
For Authorisation / Approval / Noting on:	Deadline for Receipt
23 and 24 December	3pm on 22 December
29 December²	3pm on 23 December
4 January³	3pm on 30 December

QIAIF Change of Service Provider Filings
Effective Date	Deadline for Receipt
29 December 2020 – 1 January 2021	5pm on 15 December

Application Type	Deadline for Receipt
Investment Manager Applications	5pm on 13 November
ICAV Registration/Conversion/Migration Applications	5pm on 1 December

UCITS and RIAIF Authorisations / Approvals / Notings
For Authorisation/Approval/Noting on:	Deadline for Receipt
Thursday 24 / Tuesday 29 December 2020	12 p.m. on Wednesday 23 December 2020
Monday 4 January 2021	3 p.m. on Wednesday 30 December 2020

Individual Questionnaire (IQ) Filings Normal timeframes apply until 20 November
IQ Application Type	Deadline for Receipt
IQs relating to Qualifying Investor Alternative Investment Funds (“QIAIFs”)	5pm on 1 December
IQs relating to Other Fund Types and Fund Service Providers	5pm on 20 November

Revocations

Funds seeking to revoke at end of December 2020 must submit a complete revocation application, including payment of the funding levy, by 5pm on 4 December.

Footnotes:

¹A ‘fast-track’ system is available for clones of funds recently approved by the Central Bank of Ireland and non-complex sub-funds. (i.e. plain vanilla equity funds which do not use derivatives).

² 29 December is the first day after Christmas that funds may be authorised / approved.

³ 4 January is the first day in 2021 that funds may be authorised / approved.