Ireland

1. EEA UCITS Schemes

EEA Management Companies may exercise passporting rights for the marketing of an EEA UCITS Scheme in Ireland. In order to do so, the requirements of the European Communities UCITS Regulations 2011, as amended, and the rules on UCITS cross border notifications (the “Regulations”) published by the Central Bank of Ireland (“CBI”) must be met.

Notification

An EEA Management Company seeking to passport an EEA UCITS Scheme is required to notify their HMSA if they intend to market an EEA UCITS Scheme in Ireland. The HMSA will provide their consent notice to the Irish regulator, the CBI. The notification provided to the CBI must be accompanied by the EEA UCITS Scheme’s rules or instrument of incorporation, the prospectus, KIIDs translated into Irish or English, and the latest annual reports and biannual accounts where applicable, together with a link indicating where the latest electronic copies of the above documents may be obtained in the future.

Following the transmission of this notification from the HMSA to the CBI, the CBI will issue its confirmation of recognition to the HMSA, from which point the EEA Management Company will be able to market the notified unit / share class(es) of the EEA UCITS Scheme in Ireland.

The notification provided to the CBI must state the name of the firm who will market the EEA UCITS Scheme in Ireland. The EEA Management Company is not required to seek any additional permission. However, if the EEA UCITS Scheme is to be marketed by someone other than the EEA Management Company, that person may be required to be authorised in Ireland.

An EEA Management Company proposing to market an EEA UCITS Scheme in Ireland is required to maintain facilities in Ireland for making payments to unit holders, repurchasing and redeeming units and enabling investors to obtain or inspect the documentation constituting the EEA UCITS Scheme. The CBI must be provided with a written confirmation from the entity providing these facilities that it has agreed to act for the EEA UCITS Scheme.

In addition, details of the facilities agent must be included in the notification provided to the CBI and the EEA UCITS Scheme’s prospectus must also disclose the name and address of the facilities agent as well as the relevant provisions of Irish tax law.

Marketing

When marketing an EEA UCITS Scheme which is recognised in Ireland for the purposes of Regulations, the CBI’s rules on marketing, which include the CBI’s rules on advertising standards, must be complied with. Furthermore, subject to certain conditions, non-EEA firms may market a UCITS fund in Ireland without the need to obtain a licence under the markets in financial instruments directive (“MiFID”). Advice should be sought on each case prior to marketing in Ireland.

2. Fees

There is presently no fee payable to the CBI or any other statutory body in Ireland for the initial recognition of an EEA Management Company or for EEA UCITS Scheme or periodically thereafter.