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