Letter from the Central Bank to the Irish Funds Industry Association in respect of year-end timeframes for filing applications

On 2 October 2012, the Central Bank issued its customary letter to the Irish Funds Industry Association (the "IFIA") requesting information on the projected volume of fund applications and post-authorisation amendments which are to be approved before 31 December 2012. The Central Bank has also set out timeframes for receipt of applications over the Christmas period.

Requested Information

The Central Bank has requested responses from IFIA members by Friday 12 October 2012 as follows:

Applications yet to be submitted to the Central Bank

For all applications relating to new schemes, new sub-funds, or post-authorisation amendments that have yet to be submitted to the Central Bank, please let us know:

  • the anticipated submission date;
  • for new schemes or new sub-funds, the proposed authorisation / approval date. Specific reference must be made as to whether the application includes a self-managed investment company application and/or risk management process;
  • for post-authorisation amendments, the proposed clearance date. A brief description of the nature of the amendments must be included.

Applications already submitted to the Central Bank

For all applications that have already been submitted to the Central Bank, IFIA members are requested to set out the proposed authorisation / approval / clearance date relating to new schemes, new sub-funds or post-authorisation amendments.

Deadlines for Pre-Christmas/Year-End Applications

Please note that the Central Bank set out the following deadlines for receipt of applications which need to be cleared before Christmas:

QIF Filings

For all QIF applications, the Central Bank has confirmed that normal timeframes apply until 20 December 2012. After this date the deadlines for all applications are as follows:

This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.