Post Authorisation for Depositaries
There are ongoing requirements in relation to Depositaries that fall outside the scope of previous sections. This section highlights some of these requirements and how they are dealt with.
The following list is not exhaustive and is intended to serve as a guide only. If any Depositary is unclear of its obligations they should contact the Funds Supervision Division.
Change of Director/Manager
Any change of director/manager should be notified to the Central Bank. This includes both proposed appointments and resignations. All proposed appointees are subject to the ‘Fitness & Probity’ regime as outlined in the Supervision Process section.
Change in Qualifying Holding
Changes to qualifying holdings in Depositaries are subject to the approval of the Central Bank and details of the exact requirements are set out in the Authorisation Process section documentation. Depositaries are obliged to advise the Central Bank on an annual basis of its ownership structure.
The attached Acquiring Transaction Notification Form is to be used to provide prior notification to the Central Bank of proposed changes to qualifying holdings.
The Central Bank would appreciate a pre-engagement discussion with proposed acquirers prior to submission of the Acquiring Transaction Notification Form (ATNF). Please contact the Authorisation team by email - [email protected] to arrange a pre-engagement discussion on proposed ATNF's.”
Change of Company name
The Central Bank must first approve any change in company name before it is submitted to the Companies Registration Office (CRO).
Application for Extension of Authorisation
An application by a firm to extend its authorisation requires review and the prior approval of the Central Bank.
Subordinated Loans
Subordinated loans are accepted as part of the financial resources requirement provided they are executed in the Central Bank's approved format.
Change of Address
Any change of address by a Depositary must be notified in advance to the Funds Supervision Division. This will allow us to update our records and systems on a timely basis.
Other changes
If there is uncertainty regarding whether a change within a Depositary constitutes a material change for supervisory purposes you should contact supervision directly.