The Central Bank of Ireland has extended its deadline for Brexit related updates to UCITS and RIAIF documentation to 6 January 2020.
The Central Bank of Ireland (CBI) issued a Brexit reminder to the boards of Funds and Fund Management Companies (which including Self-Managed Investment Funds) on 6 August 2019.
The CBI reminded all boards of their responsibility to ensure that entities are appropriately prepared for the impact of Brexit. Board should determine whether any amendments to documentation are required. Such updates may include amendments to a Fund's list of regulated markets to reflect that the UK will cease to be a European market in the event of Brexit or policy updates to clarify the geographical focus of a UCITS or Retail AIF. Document updates for UCITS and RIAIFs must be submitted to the CBI by 30th September 2019 in order to be in place for 31 October 2019.
The CBI referenced its letter to industry of 17 November 2017 which highlighted the need for the Fund and Fund Manager boards to ensure that funds under their remit were adequately prepared for the impact of Brexit including the extent to which updates would be required to fund documentation. You can also refer to the ALG March Q&A on this topic and our June update on the UK FCA's Temporary Permissions Regime and the ALG November 2017 bulletin.
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