UCITS Depositaries

Reporting of Material Breaches

  1. Regulation 118(3) of the Central Bank UCITS Regulations provides,

    2. “A depositary shall notify the Bank promptly of any material breach by the UCITS or by the depositary of any requirement, obligation or document to which paragraph (2) relates.”

    The Central Bank considers that “any material breach” includes any material error.

Directors and Key Executives in Common

  1. Regulation 120(1) of the Central Bank UCITS Regulations provides,

    "A depositary shall not have a director who is also simultaneously a director of:

    1. the relevant management company;
    2. the relevant administration company; or
    3. the relevant UCITS investment company.”

    The Central Bank considers that this includes a prohibition on having any key executives/PCFs in common, except for key executives/PCFs in support functions such as Finance, Risk, Compliance, HR and IT.

Capital Requirements

  1. Capital requirements for depositaries which fall within Regulation 35(2)(c) of the UCITS Regulations are set out in Regulation 35(4) of the UCITS Regulations. However, the Central Bank reserves the right to increase this amount should it be deemed not to reasonably reflect the current position of the depositary.

Provision of Information

  1. The Central Bank may request information on non-Irish investment funds in its role as supervisor of Irish service providers. Such requests do not imply any regulatory or supervisory role for the Central Bank in respect of non-Irish investment funds.

Issued: 5 October 2015

Latest revision: 6 June 2019