Authorisation Process for Depositaries

All applicants seeking to provide services to collective investment schemes are requested to contact the Central Bank of Ireland in advance of making a formal application. 

It is normal practice for the Central Bank to meet with new applicants to discuss their proposed business prior to engaging in the authorisation/approval process.  

This serves a dual purpose by enabling the Central Bank to familiarise itself with the background and business credentials of the applicant whilst identifying, at a critical early stage, any potential issues with the proposed business.  

Applicants seeking authorisation as a depositary pursuant to the Investment Intermediaries Act, 1995 (“IIA”) must submit:

• A completed Application Form for Authorisation 
• A completed Individual Questionnaire (“IQ”) in respect of each director and senior manager, where relevant 
• A detailed business plan which takes account of the requirements of the Guidance Note on Completing and Submitting an Application 

Where an entity, which is already established as a branch of a licensed bank, seeks to act as depositary to Irish collective investment schemes, it should consult with the Central Bank regarding its requirements for approval to carry out this activity.  Applicants should consider their status under the eligibility criteria for depositaries set out in relevant sections of the UCITS and Non-UCITS Notices on Collective Investment Schemes.

Each applicant should bear in mind the nature of its proposed business and structure in preparing an application for submission.

The Central Bank will advise the applicant of any additional information or clarification required, having reviewed the documentation submitted, by issuing detailed written comments to the applicant or its legal representative, as appropriate.

An effective and expeditious authorisation process depends on the timeliness and quality of responses received to the Central Bank’s comments.