Authorisation Process for UCITS

An application for authorisation of a UCITS must be made in writing and contain the following information (non-exhaustive list):

• The relevant Central Bank Application Forms (fully completed and signed);
• Draft fund documents (e.g. prospectus, supplements, etc.);
• Draft letters relevant to the application (e.g. letter of application, letter regarding safekeeping of assets);

Please note that additional information may be required by the Central Bank in the course of determining individual applications.

UCITS Umbrella applications should be submitted through the Central Bank Portal via Request Changes:

Step 1: Please email [email protected] with the proposed UCITS umbrella Fund name and the Portal Administrator Details (Name of Portal Administrator and Portal Administrator Person Code (if you do not have an existing Portal account you can register at https://registration.centralbank.ie/ )). Once the Fund has been given a C code and the Portal Administrator has been linked to the Fund and this has been confirmed by the online authorisation mailbox team, please proceed to Step 2.

Step 2: An application for a UCITS umbrella only must be made through the Central Bank Portal using the ‘UCITS – Umbrella Application’ Request Change.

Please note that access to the relevant Request Changes must be granted to users by the Portal Administrator in order for users to be able to view them. (Please see link to Request Changes Help: Why can’t I see a particular Request Change menu option? ID: 203).

Standalone UCITS and new Sub-funds of existing UCITS umbrellas should be submitted through ORION.

For all UCITS applications, once the documentation has been cleared of comment by the Central Bank, the applicant must submit final dated documentation for review no later than 10:00am on the day prior to the proposed authorisation/approval date. Once the Central Bank has reviewed the dated documentation, the following documents should be submitted by 5.00pm on the day prior to the proposed authorisation/approval date: (1) Cover letter and (2) Final executed documentation. 

Fitness and Probity

A sound and effective fit-and-proper test is a critical component of the regulatory regime. To ensure the proper discharge of their responsibilities, it is important that Directors and Managers have the skills to manage a UCITS.

“Fitness” requires that a person appointed as a Director or Manager has the necessary qualifications, skills and experience to perform the duties of that position. “Probity” requires that a person is honest, fair and ethical.

Before a Director is appointed to UCITS established as an investment company, they must complete an Individual Questionnaire which must be submitted to the Central Bank via the Central Bank of Ireland Portal. Find out more about the Central Bank's Fitness & Probity rules.

Requests for a Derogation for a UCITS

A request for a derogation from the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 may be sought by a UCITS and will be considered on a case-by-case basis.