Central Bank publishes updated Minimum Capital Requirements Reporting Template for AIFMs and UCITS Management Companies
Funds
Date:
30 November 2023
The Central Bank has published an updated Minimum Capital Requirements Reporting Template (MCR) for AIFMs and UCITS Management Companies.
The updated MCR reflects:
- The amendment of Article 17(6) of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and Regulation 10(5) of the European Union (Alternative Investment Fund Managers) Regulations 2013 such that the own funds of a UCITS Management Company or AIFM can never be less than the amount prescribed in Article 11 of Regulation (EU) No. 2019/2033 on the prudential requirements of investment firms (the IFR), the fixed overhead requirement.
- The additional capital requirement for UCITS Management Companies and AIFMs authorised to provide individual portfolio management services as set out in 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) and Part B of Chapter 3, Alternative Investment Fund Manager Requirements, in the AIF Rulebook.
The updated MCR will not apply to UCITS Management Companies or AIFMs authorised on or before 27 November 2023 until 27 May 2024 but will apply on authorisation to UCITS Management Companies or AIFMs authorised from 27 November 2023.