Central Bank publishes Feedback Statement to Consultation Paper CP152 – Own Funds requirements for UCITS Management Companies and AIFMs authorised for discretionary portfolio management services

The Central Bank has published the Feedback Statement to Consultation Paper CP152 – Own Funds requirements for UCITS Management Companies and AIFMs authorised for discretionary portfolio management services.

This Feedback Statement confirms the amendment of the additional capital requirement imposed on UCITS Management Companies and AIFMs authorised for discretionary portfolio management services.

As per Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2023 (S.I. No. 565 of 2023) the new requirements will not apply to UCITS Management Companies authorised for discretionary portfolio management services on or before 27 November 2023 until 27 May 2024.   

The new requirements for AIFMs authorised for discretionary portfolio management services are included in Part B of Chapter 3, Alternative Investment Fund Manager Requirements, in the AIF Rulebook.  The new requirements will not apply to AIFMs authorised for discretionary portfolio management services on or before 27 November 2023 until 27 May 2024.    

For the avoidance of doubt, the current condition of authorisation continues to apply to all relevant UCITS Management Companies and AIFMs authorised for discretionary portfolio management services on or before 27 November 2023 pending the application of the new own funds requirements.

UCITS Management Companies and AIFMs which obtain authorisation for discretionary portfolio management services after 27 November 2023 will be subject to these new requirements upon authorisation.