Legalize / Ireland / Statutory Instrument

S.I. No. 497/2003 - European Communities (Undertakings For Collective Investment in Transferable Securities) (Amendment No. 2) Regulations 2003

Type Statutory Instrument

Publication 2003-11-07

Last updated 2011-07-08

State Repealed superseded text

Text As published

Source Irish Statute Book

articles 32

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

4 amending acts · 2011-07-08, S.I. No. 352/2011 - European Communities (Undertakings for Collective Investment in Trans…

Reform history JSON API

“SCHEDULE 1

Information requirements to be contained in full prospectus

1. Information concerning the unit trust or common contractual fund. 1. Information concerning the management company. 1. Information concerning the investment company.

1.1. Name. 1.1. Name or style, form in law, registered office and head office if different from the registered office. 1.1. Name or style, form in law, registered office and head office if different from the registered office.

1.2. Date of establishment of the unit trust or common contractual fund. Indication of duration, if limited. 1.2. Date of incorporation of the company. Indication of duration if limited. 1.2. Date of incorporation of the company. Indication of duration, if limited.

1.3. If the company manages other unit trusts or common contractual funds, indication of those other trusts. 1.3. In the case of investment companies having different investment compartments, the indication of the compartments.

1.4. Statement of the place where the trust deed or deed of constitution, if it is not annexed, and periodic reports may be obtained. 1.4. Statement of the place where the articles of association, if they are not annexed, and periodic reports may be obtained.

1.5. Brief indications relevant to unit-holders of the tax system applicable to the unit trust or common contractual fund. Details of whether deductions are made at source from the income and capital gains paid by the trust to unit-holders. 1.5. Brief indications relevant to unit-holders of the tax system applicable to company. Details of whether deductions are made at source from the income and capital gains paid by the company to unit holders.

1.6. Accounting and distribution dates. 1.6. Accounting and distribution dates.

1.7. Names of the persons responsible for auditing the accounting information referred to in Regulation 85(1). 1.7. Names of the persons responsible for auditing the accounting information referred to in Regulation 85 (1).

1.8. Names and positions in the company of the members of the administrative, management and supervisory bodies. Details of their main activities outside the company where these are of significance with respect to that company. 1.8. Names and positions in the company of the members of the administrative, management and supervisory bodies. Details of their main activities outside the company where these are of significance with respect to that company.

1.9. Amount of the subscribed capital with an indication of the capital paid- up. 1.9. Capital.

1.10. Details of the types and main characteristics of the units and in particular: 1.10. Details of the types and main characteristics of the units and in particular:

— the nature of the right (real, personal or other) represented by the unit, — original securities or certificates providing evidence of title; entry in a register or in an account, — characteristics of the units: registered or bearer. Indication of any denominations which may be provided for, — indication of unit-holders' voting rights if these exist, — circumstances in which winding-up of the unit trust or common contractual fund can be decided on and winding-up procedure, in particular as regards the rights of unit-holders. — original securities or certificates providing evidence of title; entry in a register or in an account, — characteristics of the units; registered or bearer. Indication of any denominations which may be provided for, — indication of unit- holders' voting rights, — circumstances in which winding-up of the investment company can be decided on and winding-up procedure, in particular as regards the rights of unit- holders.

1.11. Where applicable, indication of stock exchanges or markets where the units are listed or dealt in. 1.11. Where applicable, indication of stock exchanges or markets where the units are listed or dealt in.

1.12. Procedures and conditions of issue and sale of units. 1.12. Procedures and conditions of issue and sale of units.

1.13. Procedures and conditions for repurchase or redemption of units, and circumstances in which repurchase or redemption may be suspended. 1.13. Procedures and conditions for purchase of units, and circumstances in which purchase may be suspended. In the case of investment companies having different investment compartments, information on how a unit- holder may pass from one compartment into another and the charges applicable in such cases.

1.14. Description of rules for determining and applying income. 1.14. Description of rules for determining and applying income.

1.15. Description of the unit trust's or common contractual fund's investment objectives, including its financial objectives (e.g. capital growth or income), investment policy (e.g. specialisation in geographical or industrial sectors), any limitations on that investment policy and an indication of any techniques and instruments or borrowing powers which may be used in the management of the unit trust or common contractual fund. 1.15. Description of the company's investment objectives, including its financial objectives (e.g. capital growth or income), investment policy (e.g. specialisation in geographical or industrial sectors), any limitations on that investment policy and an indication of any techniques and instruments or borrowing powers which may be used in the management of the company.

1.16. Rules for the valuation of assets. 1.16. Rules for the valuation of assets.

1.17. Determination of the sale or issue price and the repurchase or redemption price of units, in particular: 1.17. Determination of the sale or issue price and the purchase price of units, in particular:

— the method and frequency of the calculation of those prices, — information concerning the charges relating to the sale or issue and the repurchase or redemption of units, — the means, places and frequency of the publication of those prices. — the method and frequency of the calculation of those prices, — information concerning the charges relating to the sale or issue and the purchase of units, — the means, places and frequency of the publication of the prices¹¹ .

1.18. Information concerning the manner, amount and calculation of remuneration payable by the unit trust or common contractual fund to the management company, the trustee or third parties, and reimbursement of costs by the unit trust or common contractual fund to the management company, to the trustee or to third parties. 1.18. Information concerning the manner, amount and calculation of remuneration paid by the company to its directors, and members of the administrative, management and supervisory bodies, to the trustee, or to third parties, and reimbursement of costs by the company to its directors, to the trustee or to third parties.

Information concerning the trustee:

2.1. Name or style, form in law, registered office and head office if different from the registered office;

2.2 Main activity.

Information concerning the advisory firms or external investment advisers who give advice under contract which is paid for out of the assets of the UCITS:

3.1. Name or style of the firm or name of the adviser;

3.2. Material provisions of the contract with the management company or the investment company which may be relevant to the unit-holders, excluding those relating to remuneration;

3.3. Other significant activities.

Information concerning the arrangements for making payments to unit-holders, purchasing or redeeming units and making available information concerning the UCITS. Such information must in any case be given in the Member State in which the UCITS is situated. In addition, where units are marketed in another Member State, such information shall be given in respect of that Member State in the prospectus published there.

Other investment information

5.1. Historical performance of the unit trust, common contractual fund or of the investment company (where applicable) - such information may be either included in or attached to the prospectus;

5.2. Profile of the typical investor for whom the unit trust, common contractual fund or the investment company is designed.

Economic information

6.1. Possible expenses or fees, other than the charges mentioned in paragraph 1.17 distinguishing between those to be paid by the unit-holder and those to be paid out of the unit trust's, common contractual fund's or of the investment company's assets.

SCHEDULE 2 Information to be included in the annual and half-yearly reports

I. Statement of assets and liabilities, including the following:

—transferable securities,

—bank balances,

—other assets,

—total assets,

—liabilities,

—net asset value.

II. Number of units in circulation.

III. Net asset value per unit.

IV. Portfolio, distinguishing between:

(a) transferable securities admitted to official stock exchange listing;

(b) transferable securities dealt in on another regulated market;

(d) other transferable securities of the type referred to in Regulation 46(1);

and analysed in accordance with the most appropriate criteria in the light of the investment policy of the UCITS (e.g. in accordance with economic, geographical or currency criteria) as a percentage of net assets; for each of the above investments the proportion it represents of the total assets of the UCITS should be stated.

Statement of changes in the composition of the portfolio during the reference period.

V. Statement of the developments concerning the assets of the UCITS during the reference period including the following:

—income from investments,

—other income,

—management charges,

—trustee's charges,

—other charges and taxes,

—net income,

—distributions and income reinvested,

—changes in capital account,

—appreciation or depreciation of investments,

—any other changes affecting the assets and liabilities of the UCITS.

VI. A comparative table covering the last three financial years and including, for each financial year, at the end of the financial year:

—the total net asset value,

—the net asset value per unit.

VII. Details, by category of transaction within the meaning of Regulation 48A and 48B carried out by the UCITS during the reference period, of the resulting amount of commitments.

SCHEDULE 3 Table of cross references to specific UCITS Regulations in legislation

PART 1 Unit Trusts Act 1990

(No. 37 of 1990)


Item	Section of Act	Subsection or Table of Section	UCITS Regulations references	New UCITS Regulations references
1	15	(1)	63	63
2	15	(1)	75 to 83	77 to 85
3	15	(1)	99 to 105	98 to 105
4	15	(1)	78	80
5	15	(1)	105	105
6	15	(2)	102	102
7	15	Table	14	14
8	15	Table	59	59

PART 2 Companies Act 1990

(No. 33 of 1990)


Item	Section of Act	UCITS Regulations references	New UCITS Regulations references
1	258	14	14
2		30	31
3		63	63
4		72(3)	74(3)
5		83 (2) to (7)	85 (2) to (9)
6		99 to 105	98 to 105

SCHEDULE 4 Contents of the simplified prospectus

Brief presentation of the UCITS

— when the unit trust, common contractual fund or the investment company was created and indication of the Member State where the unit trust, common contractual fund or the investment company has been registered/incorporated,

— in the case of UCITS having different investment compartments, the indication of this circumstance,

— management company (when applicable),

— expected period of existence (when applicable),

— trustee,

— auditors,

— financial group (e.g. a Bank) promoting the UCITS.

Investment information

— short definition of the UCITS' objectives,

— the unit trust's, common contractual fund's or the investment company's investment policy and a brief assessment of the fund's risk profile (including, if applicable, information according to Regulations 51 and 52 and by investment compartment),

— historical performance of the unit trust, common contractual fund or investment company (where applicable) and a warning that this is not an indicator of future performance - such information may be either included in or attached to the prospectus,

— profile of the typical investor the unit trust, common contractual fund or the investment company is designed for.

Economic information

— tax regime,

— entry and exit commissions,

— other possible expenses or fees, distinguishing between those to be paid by the unit-holder and those to be paid out of the unit trust's, common contractual fund's or the investment company's assets.

Commercial information

— how to buy the units,

— how to sell the units,

— in the case of UCITS having different investment compartments how to pass from one investment compartment into another and the charges applicable in such cases,

— when and how dividends on units or shares of the UCITS (if applicable) are distributed,

— frequency and where/how prices are published or made available.

Additional information

— statement that, on request, the full prospectus, the annual and half-yearly reports may be obtained free of charge before the conclusion of the contract and afterwards,

— competent authority,

— indication of a contact point (person/department, timing, etc.) where additional explanations may be obtained if needed,

— publishing date of the prospectus.

SCHEDULE 5 Functions included in the activity of collective portfolio management

(1) Investment management.

(2) Administration:

(a) legal and fund management accounting services;

(b) customer inquiries;

(d) regulatory compliance monitoring;

(e) maintenance of unit-holder register;

(f) distribution of income;

(g) unit issues and redemptions;

(h) contract settlements (including certificate dispatch);

(i) record keeping.

(3) Marketing.

SCHEDULE 6 Requirements and obligations for authorisation of management companies

(1) An application for authorisation shall be in such form and contain such particulars as the Bank shall specify from time to time and, without prejudice to the generality of the aforesaid, shall include such particulars

information as the Bank may request in relation to:

(a) the type of business to be carried on or likely to be carried on by the proposed management company;

(b) any person or persons having a qualifying shareholding or having ownership of the proposed management company including any natural or legal person whose shareholding or other commercial relationship with the proposed management company might influence the conduct of the proposed management company to a material degree; and

(2) A proposed management company shall not be authorised by the Bank unless it satisfies the Bank —

(a) that it is a company incorporated under the Companies Acts, and the proposed management company has made arrangements to ensure that its activities will be carried out in such a manner that the requirements of these Regulations are complied with;

(b) that, where applicable, the memorandum of association and articles of association of the proposed management company contain sufficient provision so as to enable it to operate in accordance with these Regulations, and in accordance with any condition or requirement, or both, as the Bank may impose;

(d) as to the probity and competence of each of its directors and managers;

(e) as to the suitability of each of its qualifying shareholders;

(f) as to the organisational structure and management skills of the proposed management company and that adequate levels of staff and expertise will be employed to carry out its proposed activities;

(g) that it has and will follow established procedures to enable the Bank to be supplied with all information necessary for the Bank to carry out its supervisory functions and to enable the public to be supplied with any information which the Bank may specify;

(h) that the organisation of its business structure is such that it and any of its associated or related undertakings, where appropriate and practicable, are capable of being supervised adequately by the Bank; and

(i) as to its conduct of business, its financial resources and any other matters as the Bank considers necessary in the interests of the proper and orderly regulation and supervision of authorised management companies or in the interests of the protection of investors.

(3) The Bank may impose conditions or requirements, from time to time in respect of the level of capital to be maintained by an authorised management company and shall have regard to the capital requirements set out in these Regulations and the Investment Intermediaries Acts 1995 to 2000.

(4) The Bank may require that an appointment as a director of an authorised management company or proposed management company or to the post of chief executive or manager or post equivalent thereto, on or after the granting of an authorisation under these Regulations, shall be subject to the prior approval in writing of the Bank which approval shall not be given unless the authorised management company or proposed management company satisfies the Bank as to the probity and competence of the proposed appointee.

(5) The Bank may direct an authorised management company to alter its memorandum or articles of association in the interest of the proper and orderly regulation and supervision of management companies or the protection of investors or both.

(6) An authorisation granted by the Bank under these Regulations shall specify the classes of services which may be provided by an authorised management company.

(7)
(a) The Bank may authorise in writing such and so many persons to be authorised officers for the purposes of these Regulations and may revoke such authorisations,

(b) The Bank may at any time prior to the grant or refusal of an authorisation request further information from the proposed management company or may instruct an authorised officer to make such inquiries or carry out such investigations as may be necessary for the purpose of evaluating properly an application under these Regulations and such inquiries or investigations shall be carried out in accordance with these Regulations.

(8) The Bank shall consult the competent authorities of the other Member State involved before authorising a management company which is:

(a) a subsidiary of another management company, an investment firm a credit institution or an insurance undertaking authorised in another Member State,

(b) a subsidiary of the parent undertaking of another management company, an investment firm, a credit institution or an insurance undertaking authorised in another Member State,

(c) controlled by the same natural or legal persons as control another management company, an investment firm, a credit institution or an insurance undertaking authorised in another Member State.

(9)
(a) In the case of a management company, the Bank shall apply these Regulations, having regard to the division of responsibilities between the home and host Member States of the management company concerned, which are set out in the Directive and the relevant sections of these Regulations shall be construed accordingly.

(b) Subject to the provisions of these Regulations, a management company shall comply with such conditions or requirements or both as may be imposed on it by the Bank in the interests of any or all of the following, namely:

(i) the proper and orderly regulation and supervision of a management company,

(ii) the protection of investors or clients or both.

(10) The Bank may impose requirements on a proposed management company or an authorised management company to organise its business or corporate structure or control of any associated undertaking or related undertaking not supervised by the Bank such that the management company when authorised under these Regulations and where appropriate and practicable, the business of any associated undertaking or related undertaking, either collectively or individually, is capable of being supervised to the satisfaction of the Bank under these Regulations.

Footnotes

O.J. No. L375/3 of 31/12/1985

O.J. No. L100/31 of 19/4/1988

O.J. No. L168/7 of 18/7/1995

O.J. No. L41/35 of 13/2/2002 (the Product Directive)

O.J. No. L41/20 of 13/2/2002 (the Management Directive)

O.J. L 141/27 of 11/6/1993

O.J. L 126/1 of 26/5/2000

O.J. L 193/1 of 18/7/1983

O.J. L 348/62 of 17/12/1988

O.J. L 141/1 of 11/6/1993

Investment companies within the meaning of Regulation 41(1) of these Regulations shall also indicate: — the method and frequency of calculation of the net asset value of units, — the means, place and frequency of the publication of the value, — the stock exchange in the country of marketing the price on which determines the price of transactions effected outside stock exchanges in that country.

This document does not substitute the official text published in the Irish Statute Book. We accept no responsibility for any inaccuracies arising from the transcription of the original into this format.

This text is published under Irish Statute Book's own terms of reuse, not a Legalize or public-domain licence. Irish Statute Book
CC-BY 4.0 (Oireachtas Open Data PSI Licence)
Contains Irish Public Sector Information licensed under the Oireachtas (Houses of the Oireachtas) Open Data PSI Licence / Creative Commons Attribution 4.0 International, sourced from https://www.irishstatutebook.ie.


1. Information concerning the unit trust or common contractual fund.	1. Information concerning the management company.	1. Information concerning the investment company.
1.1. Name.	1.1. Name or style, form in law, registered office and head office if different from the registered office.	1.1. Name or style, form in law, registered office and head office if different from the registered office.
1.2. Date of establishment of the unit trust or common contractual fund. Indication of duration, if limited.	1.2. Date of incorporation of the company. Indication of duration if limited.	1.2. Date of incorporation of the company. Indication of duration, if limited.
	1.3. If the company manages other unit trusts or common contractual funds, indication of those other trusts.	1.3. In the case of investment companies having different investment compartments, the indication of the compartments.
1.4. Statement of the place where the trust deed or deed of constitution, if it is not annexed, and periodic reports may be obtained.		1.4. Statement of the place where the articles of association, if they are not annexed, and periodic reports may be obtained.
1.5. Brief indications relevant to unit-holders of the tax system applicable to the unit trust or common contractual fund. Details of whether deductions are made at source from the income and capital gains paid by the trust to unit-holders.		1.5. Brief indications relevant to unit-holders of the tax system applicable to company. Details of whether deductions are made at source from the income and capital gains paid by the company to unit holders.
1.6. Accounting and distribution dates.		1.6. Accounting and distribution dates.
1.7. Names of the persons responsible for auditing the accounting information referred to in Regulation 85(1).		1.7. Names of the persons responsible for auditing the accounting information referred to in Regulation 85 (1).
	1.8. Names and positions in the company of the members of the administrative, management and supervisory bodies. Details of their main activities outside the company where these are of significance with respect to that company.	1.8. Names and positions in the company of the members of the administrative, management and supervisory bodies. Details of their main activities outside the company where these are of significance with respect to that company.
	1.9. Amount of the subscribed capital with an indication of the capital paid- up.	1.9. Capital.
1.10. Details of the types and main characteristics of the units and in particular:		1.10. Details of the types and main characteristics of the units and in particular:
— the nature of the right (real, personal or other) represented by the unit, — original securities or certificates providing evidence of title; entry in a register or in an account, — characteristics of the units: registered or bearer. Indication of any denominations which may be provided for, — indication of unit-holders' voting rights if these exist, — circumstances in which winding-up of the unit trust or common contractual fund can be decided on and winding-up procedure, in particular as regards the rights of unit-holders.		— original securities or certificates providing evidence of title; entry in a register or in an account, — characteristics of the units; registered or bearer. Indication of any denominations which may be provided for, — indication of unit- holders' voting rights, — circumstances in which winding-up of the investment company can be decided on and winding-up procedure, in particular as regards the rights of unit- holders.
1.11. Where applicable, indication of stock exchanges or markets where the units are listed or dealt in.		1.11. Where applicable, indication of stock exchanges or markets where the units are listed or dealt in.
1.12. Procedures and conditions of issue and sale of units.		1.12. Procedures and conditions of issue and sale of units.
1.13. Procedures and conditions for repurchase or redemption of units, and circumstances in which repurchase or redemption may be suspended.		1.13. Procedures and conditions for purchase of units, and circumstances in which purchase may be suspended. In the case of investment companies having different investment compartments, information on how a unit- holder may pass from one compartment into another and the charges applicable in such cases.
1.14. Description of rules for determining and applying income.		1.14. Description of rules for determining and applying income.
1.15. Description of the unit trust's or common contractual fund's investment objectives, including its financial objectives (e.g. capital growth or income), investment policy (e.g. specialisation in geographical or industrial sectors), any limitations on that investment policy and an indication of any techniques and instruments or borrowing powers which may be used in the management of the unit trust or common contractual fund.		1.15. Description of the company's investment objectives, including its financial objectives (e.g. capital growth or income), investment policy (e.g. specialisation in geographical or industrial sectors), any limitations on that investment policy and an indication of any techniques and instruments or borrowing powers which may be used in the management of the company.
1.16. Rules for the valuation of assets.		1.16. Rules for the valuation of assets.
1.17. Determination of the sale or issue price and the repurchase or redemption price of units, in particular:		1.17. Determination of the sale or issue price and the purchase price of units, in particular:
— the method and frequency of the calculation of those prices, — information concerning the charges relating to the sale or issue and the repurchase or redemption of units, — the means, places and frequency of the publication of those prices.		— the method and frequency of the calculation of those prices, — information concerning the charges relating to the sale or issue and the purchase of units, — the means, places and frequency of the publication of the prices¹¹ .
1.18. Information concerning the manner, amount and calculation of remuneration payable by the unit trust or common contractual fund to the management company, the trustee or third parties, and reimbursement of costs by the unit trust or common contractual fund to the management company, to the trustee or to third parties.		1.18. Information concerning the manner, amount and calculation of remuneration paid by the company to its directors, and members of the administrative, management and supervisory bodies, to the trustee, or to third parties, and reimbursement of costs by the company to its directors, to the trustee or to third parties.