The Central Bank of Ireland (the Central Bank) has confirmed the timeframes for receipt of applications that are seeking a year-end effective date.
Historically, the Central Bank has published the timeframes for year-end submissions during the third quarter of the year. However, since 2021, the Central Bank has said that it would not be continuing this practice, with applications being assessed in accordance with the authorisation timeframes that apply throughout the year.
The Central Bank has provided timeframes for the following applications:
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For authorisation / approval / noting on: |
Deadline for submission |
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or before Wednesday 20 December 2023 |
normal timeframes apply |
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Thursday 21 December and 22 Friday December 2023 |
3pm on Wednesday 20 December 2023 |
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Wednesday 27 December 2023 |
3pm on Thursday 21 December 2023 |
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Thursday 28 December 2023 |
3pm on Wednesday 27 December 2023 |
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Friday 29 December 2023 |
3pm on Thursday 28 December 2023 |
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Tuesday 2 January 2024 |
5pm on Friday 29 December 2023 |
QIAIFs seeking authorisation/approval of sub-funds/noting of documents:
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Effective date |
Deadline for submission |
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Wednesday 27 December 2023 – Monday 1 January 2024 |
5pm on Friday 15 December 2023 |
QIAIFs seeking a change of service provider:
|
Effective date |
Deadline for submission |
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Friday 22 December 2022 – Sunday 31 December 2023 |
5pm on Friday 8 December 2023 |
ICAV registrations/conversions/migrations:
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UCITS and RIAIF Authorisations/Approvals |
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Executed documentation for authorisations/approvals required on 22, 27, 28 and/or 29 December 2023 must be received by close of business on Wednesday 20 December 2023. In order to prioritise applications that are considered likely to be authorised / approved prior to year-end, (a) no new Draft 1 applications; or (b) no applications that are not reasonably expected to be in a position to submit for authorisation/approval by Wednesday 20 December, should be submitted to the Central Bank after close of business on Friday 15 December 2023. From Tuesday 2 January 2024, applications may be submitted to the Central Bank. Where applications (initial and later drafts) are received after close of business on Friday 15 December, these applications will have an effective received date of 2 January 2024. Tuesday 2 January 2024 is the first day of 2024 on which funds may be authorised/approved and/or post-authorisation updates noted. Executed documentation for funds seeking authorisation/approval on that date must be received by close of business on Thursday 28 December 2023. |
UCITS and RIAIF authorisations/approvals:
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Fund Service Provider Authorisations |
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Firms intending to submit an Acquiring Transaction notification between Wednesday 20 December and Wednesday 3 January 2024 should engage with the Fund Service Provider Authorisation Team in advance of Wednesday 20 December 2023 by emailing Mancofspauthorisations@centralbank.ie. |
Fund service provider authorisations:
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Revocations |
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Funds seeking revocation at end of December 2023 must submit a complete revocation application, including payment of any funding levy, by 5pm on Friday 15 December 2023. |
Fund revocations:
Please get in touch with your usual Dillon Eustace contact if you have any queries regarding these deadlines.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
