LegalizeS.I. No. 352/2011 - European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011
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.
25 amending acts · 2026-06-26, S.I. No. 289/2026 - European Union (Undertakings for Collective Investment in Transferabl…
The agreement referred to in paragraph 1 shall include provisions on the preparation of the audit reports referred to in Regulations 82(2) and 93 and the manner and timing for the provision of the audit report for the master UCITS and drafts of it to the auditor of the feeder UCITS.
Where the feeder UCITS and the master UCITS have different accounting year-end dates, the agreement referred to in paragraph 28 shall include the manner and timing by which the auditor of the master UCITS is to make the ad hoc report required by Regulation 82(2)(b) and to provide it and drafts of it to the auditor of the feeder UCITS.
Regulation 89(2)
SCHEDULE 11 Information to be contained in prospectus
| 1. Information concerning the common fund | 1. Information concerning the management company including an indication whether the management company is domiciled in another Member State than in the UCITS home Member State | 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 common fund. Indication of duration, if limited. | 1. 2. Date of incorporation of the company. Indication of duration, if limited. | 1. 2. Date of the incorporation of the company. Indication of duration, if limited. |
| 1. 3. If the company manages other common contractual funds and unit trusts, indication of those other funds. | 1. 3. In the case of investment companies having different sub-funds sub-funds, the indication of the sub-funds. | |
| 1. 4. Statement of the place where the fund rules, if they are not annexed, and periodic reports may be obtained. | 1. 4. Statement of the place where the instruments of incorporation, if they are not annexed, and periodical reports may be obtained. | |
| 1. 5. Brief indications relevant to unit-holders of the tax system applicable to the common fund. Details of whether deductions are made at source from the income and capital gains paid by the common fund to unit-holders. | 1. 5. Brief indications relevant to unit-holders of the tax system applicable to the 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 88. | 1. 7. Names of the persons responsible for auditing the accounting information referred to in Regulation 88. | |
| 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: 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 common fund can be decided on and winding-up procedure, in particular as regards the rights of unit-holders. | 1. 10. Details of the types and main characteristics of the units and in particular: 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 re-purchase or redemption of units, and circumstances in which re-purchase or redemption may be suspended. | 1. 13. Procedures and conditions for re-purchase or redemption of units, and circumstances in which re-purchase or redemption may be suspended. In the case of investment companies having different sub-funds, 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 common funds 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 common fund. | 1. 15. Description of the companys 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 re-purchase or redemption 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 re-purchase or redemption of units, the means, places and frequency of the publication of those prices. | 1. 17. Determination of the sale or issue price and the re-purchase or redemption 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 re-purchase or redemption of units, the means, places and frequency of the publication of those prices. (Investment companies within the meaning of Regulation 48 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 that value, and the stock exchange in the country of marketing the price on which determines the price of transactions effected outwith stock exchanges in that country.) | |
| 1. 18. Information concerning the manner, amount and calculation of remuneration payable by the common fund to the management company, the trustee or third parties, and reimbursement of costs by the common 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:
1.Name or style, form in law, registered office and head office if different from the registered office;
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:
1.Name or style of the firm or name of the adviser;
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.Other significant activities.
Information concerning the arrangements for making payments to unit-holders, re-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 established. 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:
1.Historical performance of the common fund or of the investment company (where applicable) — such information may be either included in or attached to the prospectus;
2.Profile of the typical investor for whom the common fund or the investment company is designed.
Economic information:
1.Possible expenses or fees, other than the charges mentioned in point 1.17, distinguishing between those to be paid by the unit-holder and those to be paid out of the common funds or of the investment companys assets.
Regulation 89(3)
SCHEDULE 12 Information to be included in periodic reports
1.Statement of assets and liabilities
transferable securities,
bank balances,
other assets,
total assets,
liabilities,
net asset value.
2.Number of units in circulation
3.Net asset value per unit
4.Portfolio, distinguishing between:
- (a) transferable securities admitted to official stock exchange listing;
- (b) transferable securities dealt in on another regulated market;
- (c) recently issued transferable securities of the type referred to in Regulation 68(1)(d);
- (d) other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c),
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.
5.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,
transaction costs, which are costs incurred by a UCITS in connection with transactions on its portfolio.
6.A comparative table covering the last 3 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.
7.Details, by category of transaction within the meaning of Regulation 69(1)(c) carried out by the UCITS during the reference period, of the resulting amount of commitments.
Regulation 115(4)
SCHEDULE 13 Information to be made Accessible by Bank
The following categories of information on the relevant laws, regulations and administrative provisions shall be made accessible in accordance with Regulation 115(2):
- (a) the definition of the term “marketing of units of UCITS” or the equivalent legal term either as stated in national legislation or as developed in practice;
- (b) requirements for the contents, format and manner of presentation of marketing communications, including all compulsory warnings and restrictions on the use of certain words or phrases;
- (c) without prejudice to Chapter IX of Directive 2009/65/EC, details of any additional information required to be disclosed to investors;
- (d) details of any exemptions from rules or requirements governing arrangements made for marketing applicable in that Member State for certain UCITS, certain share classes of UCITS or certain categories of investors;
- (e) requirements for any reporting or transmission of information to the Bank, and the procedure for lodging updated versions of required documents;
- (f) requirements for any fees or other sums to be paid to the Bank, either when marketing commences or periodically thereafter;
- (g) requirements in relation to the facilities to be made available to unit-holders as required by Regulation 117;
- (h) conditions for the termination of marketing of units of UCITS in that Member State by a UCITS situated in another Member State;
- (i) detailed contents of the information required by the Bank to be included in Part B of the notification letter as referred to in Article 1 of Commission Regulation (EU) No. 584/2010 of 1 July 201017 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities;
17 OJ No. L176, 10.07.2010, p. 16
- (j) the e-mail address designated for the purpose of Regulation 14.
The information listed in paragraph (1) shall be in the form of a narrative description, or a combination of a narrative description and a series of references or links to source documents.
Regulation 117(9)
SCHEDULE 14 Notification Requirements
UCITS shall ensure that an electronic copy of each document referred to in Regulation 117(2) is made available on a website of the UCITS, or a website of the management company that manages that UCITS, or on another website designated by the UCITS in the notification letter submitted in accordance with Regulation 117(1) or any updates of it. Any document made available on a website shall be provided in an electronic format in common use.
UCITS shall ensure that the UCITS host Member State has access to the website referred to in paragraph (1).
The Bank shall designate an e-mail address for the purpose of receiving notification of updates and amendments to the documents referred to in Regulation 117(2), pursuant to Regulation 117(5).
(1) UCITS may notify any update or amendment to the documents referred to in Regulation 117(2), pursuant to Regulation 117(5) by e-mail to be sent to the e-mail address referred to in paragraph (3).
- (2) The e-mail notifying such an update or amendment may either describe the update or the amendment that has been made, or provide a new version of the document as an attachment.
Any document attached to the e-mail referred to in paragraph 4, shall be provided by UCITS in a commonly used electronic format.
In order to facilitate access by the competent authority of the UCITS host Member States to the information or documents referred to in Regulation 117(1),(2) and (3), for the purpose of Regulation 117(7), the Bank shall coordinate with other competent authorities with regard to the establishment of sophisticated electronic data processing and central storage systems common to all Member States.
Regulation 138(3)
SCHEDULE 15 Requirements Applicable to Simplified Prospectus
An investment company and, for each of the unit trusts and common contractual funds it manages, a management company, shall publish a simplified prospectus which must be dated and its essential elements kept up to date.
The simplified prospectus shall contain in summary form the key information provided for in paragraph 11. It shall be structured and written in such a way that it can be easily understood by the average investor.
The Bank may permit that the simplified prospectus be attached to the prospectus as a removable part of it.
The simplified prospectus can be used as a marketing tool designed to be used in all Member States without alterations except translation. The Bank may therefore not require any further documents or additional information to be added.
The simplified prospectus may be incorporated in a document in writing, or in any durable medium having an equivalent legal status approved by the Bank.
A UCITS shall send its simplified prospectus and any amendments thereto to the Bank.
The simplified prospectus shall be offered to subscribers free of charge before the conclusion of the contract concerned.
The annual and half-yearly reports shall be available to the public and the places, or through other means approved by the Bank, specified in the simplified prospectus.
A UCITS situated in another Member State shall send to the Bank its simplified prospectus including any amendments thereto.
Where a UCITS markets its units in another Member State, it shall distribute its simplified prospectus in that other Member State, in accordance with the same procedures as those provided for by the Bank.
The simplified prospectus shall contain:
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 57 and 72 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 ( S.I. No. 211 of 2003 ) revoked by Regulation 139(1) 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 indictor of future performance — such information may be included in or attached to the prospectus,
— profile of the typical investor that 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.
Regulation 139(2)
SCHEDULE 16 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 | 2003 UCITS Regulations references | 2011 UCITS Regulations references |
| 1 | 15 | 1 | 63 | 104(2) |
| 2 | 15 | 1 | 75 to 85 | 88(1)(b), 88(1)(c), 88(2), 89(3), 89(5), 91, 93, 94, 95(1), 95(3), 134 |
| 3 | 15 | 1 | 98 to 105 | 125, 126, 127, 128, 129, 130, 131, 135(2) |
| 4 | 15 | 1 | 80 | 89(5) |
| 5 | 15 | 1 | Schedule 279 to 80 | Schedule 1289(3) and 89(5) |
| 6 | 15 | 1 | 105 | 135(2) |
| 7 | 15 | 2 | 102 | 129 |
| 8 | 15 | Table | 14 | 17(11), 42(4)(d), 135(1) |
| 9 | 15 | Table | 59 | 104(1) |
PART 2 Companies Act 1990 (No. 33 of 1990)
| Item | Section of Act | 2003 UCITS Regulations references | 2011 UCITS Regulations references |
| 1 | 258 | 14 | 17(11), 42(4)(d), 135(1) |
| 2 | 258 | 31 | 40(2) |
| 3 | 258 | 63 | 104(2) |
| 4 | 258 | 74(3) | N/A |
| 5 | 258 | 85(2) to (9) | 134(1) to (8) |
| 6 | 258 | 98, 99, 100, 102 to 105 | 125, 126, 127, 129, 130, 131, 135(2) |
PART 3 INVESTMENT FUNDS, COMPANIES AND MISCELLANEOUS PROVISIONS ACT 2005
(No. 12 of 2005)
| Item | Section of Act | Subsection or Table of Section | 2003 UCITS Regulations references | 2011 UCITS Regulations references |
| 1 | 18 | 1 | 63 | 104(2) |
| 2 | 18 | 1 | 77 to 85 | 88(1)(b), 88(1)(c), 88(2), 89(3), 89(5), 93, 95(1), 95(3) and 134 |
| 3 | 18 | 1 | 98 to 105 | 125, 126, 127, 128, 129, 130, 131, 135(2) |
| 4 | 18 | Table | 14 | 17(11), 42(4)(d), 135(1) |
| 5 | 18 | Table | 59 | 104(1) |
GIVEN under my Official Seal,
29 June 2011.
MICHAEL NOONAN,
Minister for Finance.
Footnotes
OJ No. L302, 17.11.2009, p. 32
OJ No. L176, 10.07.2010, p. 42
OJ No. L176, 10.07.2010, p. 28
OJ No. L193, 18.07.1983, p. 1
OJ No. L177, 30.06.2006, p. 1
OJ No. L176, 10.07.2010, p. 1
OJ No. L145. 30.04.2004, p. 1
OJ No. L177, 30.06.2011, p. 201
OJ No. L348, 17.12.1988, p. 62
OJ No. L390, 31.12.2004, p. 38
O.J. No. L 84, 26.03.1997, p. 22
OJ No. L157, 09.06.2007, p. 87
OJ No. L222, 14.08.1978, p. 11.
OJ No. L331, 15.12.2010, p. 84
OJ No. L 241, 02.09.2006, p. 26
OJ No. L96, 12.04.2003, p. 16
OJ No. L176, 10.07.2010, p. 16
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