On 29 March, CBOI proposed amendments to the UCITS regulation.

  • CBOI undertook to keep UCITS regulations under review, and to update periodically.
  • In the process of the annual review, a number of amendments have been identified.
  • Proposed to incorporate previous amendments into consolidated version of the rules.

Format of Consultation

  • Section I contains details of the amendments, taking account of CBOI 2017 review.
  • Section II on implementation of ESMA’s Opinion to NCAs on Share Classes of UCITS.
  • Section III introduces obligations regarding UCITS charging performance related fee.
  • Section IV sets out amendments, as a result of the MMFR, in force on 20 July 2017.

CBOI Review Amendments

  • Take account of CRR implementation, when assess equivalence of third country bank.
  • Holding of ancillary liquidity applies in case of any single bank, to remove ambiguity.
  • 18-month requirement for first annual audit applies to umbrella UCITS, and subfunds.
  • Remove duplication of requirements, for maintenance of company secretary material.

Effectiveness

  • Comments on consultation should be received by 29 June 2018.