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the making
this Statutory Instrument was published in “Iris Oifigiúil”
25th March, 2016. The Minister for Finance, in exercise
the powers conferred on me by section 3
the European Communities Act 1972 (No. 27
1972) and for the purpose
giving effect to Directive 2014/91/EU
23 July 20141 , hereby make the following regulations: Citation
2011 ).
Regulation 3
Principal Regulations 3. Regulation 3
the Principal Regulations is amended by— (a) the insertion
the following after “Directive 2010/44/EU” in the definition
“Directive”: “and as amended by Directive 2014/91/EU
the European Parliament and
the Council
23 July 20141;”, (b) the insertion
the following definitions: “ ‘financial instrument’ means a financial instrument specified in Section C
Annex I to Directive 2014/65/EU
the European Parliament and
the Council2 ; ‘management body’ means the body with ultimate decision-making authority in a management company, investment company or depositary, comprising the supervisory and the managerial functions and includes the board
directors
the management company, investment company or depositary;”, and (c) the deletion
the definition
“trustee”. Substitution
“depositary” for “trustee” in Principal Regulations 4. The Principal Regulations are amended by the substitution
“depositary” for “trustee” in each place where it occurs. Insertion
new Regulations 24A and 24B in Principal Regulations 5. The Principal Regulations are amended by the insertion
the following new Regulations: “Remuneration policies 24A.
incorporation
the UCITS that the management company manages, and (c) do not impair compliance with the management companys duty to act in the best interest
the UCITS that it manages.
salaries and discretionary pension benefits.
staff (including senior management, risk takers, control functions and any employee receiving total remuneration that falls within the remuneration bracket
senior management and risk takers) whose professional activities have a material impact on the risk profiles
the management companies or
the UCITS that they manage. Remuneration policies — supplemental provisions 24B.
their activities: (a) the remuneration policy is consistent with and promotes sound and effective risk management and does not encourage risk taking that is inconsistent with the risk profiles, rules or instruments
incorporation
the UCITS that the management company manages; (b) the remuneration policy is in line with the business strategy, objectives, values and interests
the management company and the UCITS that it manages and
the investors in such UCITS, and includes measures to avoid conflicts
interest; (c) the remuneration policy is adopted by the management body
the management company in its supervisory function, and that body adopts, and reviews at least annually, the general principles
the remuneration policy and is responsible for, and oversees, their implementation, provided that the tasks referred to in this sub-paragraph shall be undertaken only by members
the board who do not perform any executive functions in the management company concerned and who have expertise in risk management and remuneration; (d) the implementation
the remuneration policy is, at least annually, subject to central and independent internal review for compliance with policies and procedures for remuneration adopted by the management body in its supervisory function; (e) staff engaged in control functions are compensated in accordance with the achievement
the objectives linked to their functions, independently
the performance
the business areas that they control; (f) the remuneration
senior
ficers in the risk management and compliance functions is overseen directly by the remuneration committee, where such a committee has been established under paragraph
remuneration is based on an assessment
— (i) the performance
the individual and
the business unit or UCITS concerned, (ii) the risks
the UCITS concerned, and (ii) the overall results
the management company when assessing individual performance, taking into account financial and non-financial criteria; (h) the assessment
performance is set in a multi-year framework appropriate to the holding period recommended to the investors
the UCITS managed by the management company in order to ensure that the assessment process is based on the longer term performance
the UCITS and its investment risks and that the payment
performance-based components
remuneration is spread over that period; (i) guaranteed variable remuneration is exceptional, occurs only in the context
hiring new staff and is limited to the first year
engagement
such staff; (j) fixed and variable components
total remuneration are appropriately balanced and the fixed component represents a sufficiently high proportion
the total remuneration to allow the operation
a fully flexible policy on variable remuneration components, including the possibility to pay no variable remuneration component; (k) payments relating to the early termination
a contract reflect performance achieved over time and are designed in a way that does not reward failure; (l) the measurement
performance used to calculate variable remuneration components or pools
variable remuneration components includes a comprehensive adjustment mechanism to integrate all relevant types
current and future risks; (m) subject to the legal structure
the UCITS and its fund rules or instruments
incorporation– (
UCITS accounts for less than 50 per cent
the total portfolio managed by the management company, a substantial portion,
any variable remuneration component consists
units
the UCITS concerned, equivalent ownership interests, or share-linked instruments or equivalent non-cash instruments with incentives that are as effective as any
the instruments referred to in this paragraph, and in respect
such a variable remuneration component– (I) the management company shall establish and apply to the instruments a retention policy designed to align incentives with the interests
the management company,
the UCITS that it manages and
the unit-holders
the UCITS, and (II) the Bank may place restrictions on the types and designs
the instruments or ban certain instruments as appropriate; (
a variable remuneration component
a particularly high amount, not less than 60 per cent,
a variable remuneration component referred to in paragraph (m), is deferred and vests no faster than on a pro-rata basis over a period that is– (I) appropriate in view
the holding period recommended to the unit-holders
the UCITS concerned, (II) correctly aligned with the nature
the risks
the UCITS in question, and (III) not less than 3 years; (
the management company as a whole, and (ii) justified according to the performance
the business unit,
the UCITS and
the individual concerned, and shall be considerably contracted where subdued or negative financial performance
the management company or
the UCITS concerned occurs, taking into account both current compensation and reductions in pay-outs
amounts previously earned, including through malus or clawback arrangements; (p) the pension policy is in line with the business strategy, objectives, values and long-term interests
the management company and the UCITS that it manages, and in particular- (i) if an employee leaves the management company before retirement, discretionary pension benefits in respect
the employee shall be held by the management company for a period
five years in the form
instruments referred to in paragraph (m), and (ii) in the case
an employee reaching retirement, discretionary pension benefits shall be paid to the employee in the form
instruments referred to in paragraph (m), subject to a five year retention period; (
the requirements laid down in these Regulations.
any type paid by the management company, to any amount paid directly by the UCITS itself, including performance fees, and to any transfer
units or shares
the UCITS, made for the benefit
those categories
staff (including senior management, risk takers, control functions and any employee receiving total remuneration that falls into the remuneration bracket
senior management and risk takers) whose professional activities have a material impact on the risk profile
the management company or the risk profile
the UCITS that they manage.
its size or the size
the UCITS that it manages, its internal organisation and the nature, scope and complexity
its activities shall establish a remuneration committee (in accordance, where appropriate, with guidelines issued by the European Securities and Markets Authority under paragraph
the Directive), which shall– (
decisions regarding remuneration, including those that have implications for the risk and risk management
the management company or the UCITS concerned and that are to be taken by the management body in its supervisory function, (iii) be chaired by a member
the management body who does not perform any executive functions in the management company concerned, (iv) consist
members
the management body who do not perform any executive functions in the management company concerned, (
unit-holders and other stakeholders and the public interest.”. Insertion
new Regulation 25A in Principal Regulations 6. The Principal Regulations are amended by the insertion
the following new Regulation: “Procedures for reporting contraventions 25A. Management companies, investment companies and depositaries shall have in place appropriate procedures for their employees to report contraventions
these Regulations internally through a specific, independent and autonomous channel.”. Amendment
Regulation 30
Principal Regulations 7. Regulation 30
the Principal Regulations is amended in paragraph
the following clause for clause (i): “(i) the written contract with the depositary referred to in paragraph
Regulation 33;”. Amendment
Regulation 31
Principal Regulations 8. Regulation 31
the Principal Regulations is amended in paragraph
the following clause for clause (i): “(i) the written contract with the depositary referred to in paragraph
Regulation 33;”. Substitution
Regulation 33
Principal Regulations 9. The Principal Regulations are amended by the substitution
the following Regulation for Regulation 33: “33.
the funds that it manages, a management company shall ensure that a single depositary is appointed in accordance with this Part.
the depositary shall be evidenced by a written contract, which shall include provisions to regulate the flow
information deemed to be necessary to allow the depositary to perform its functions for the UCITS for which it has been appointed as depositary, as laid down in these Regulations and in any other enactment or administrative provisions.”. Amendment
Regulation 34
Principal Regulations 10. Regulation 34
the Principal Regulations is amended— (a) by the substitution
the following paragraph for paragraph
units
the UCITS are carried out in accordance with these Regulations and the trust deed, the deed
constitution or the investment company’s articles; (b) ensure that the value
the units
the UCITS is calculated in accordance with the these Regulations and the trust deed, the deed
constitution or the investment company’s articles; (c) carry out the instructions
the management company or an investment company, unless they conflict with the these Regulations, or with the trust deed, the deed
constitution or the investment company’s articles; (d) ensure that in transactions involving the assets
the UCITS any consideration is remitted to the UCITS within the usual time limits; (e) ensure that the income
the UCITS is applied in accordance with the trust deed, the deed
constitution or the investment company’s articles.”, and (b) by the insertion
the following paragraphs after paragraph
the UCITS are properly monitored and, in particular, that all payments made by, or on behalf
, unit-holders upon the subscription
units
the UCITS have been received, and that all cash
the UCITS has been booked in cash accounts that are- (a) opened in the name
the UCITS,
the management company acting on behalf
the UCITS, or
the depositary acting on behalf
the UCITS, (
Commission Directive 2006/73/EC, and (c) maintained in accordance with the principles set out in Article 16
Commission Directive 2006/73/EC, and where the cash accounts are opened in the name
the depositary acting on behalf
the UCITS, no cash
the entity referred to in subparagraph (b) and none
the own cash
the depositary shall be booked on such accounts.
the UCITS shall be entrusted to the depositary for safekeeping as follows: (
Commission Directive 2006/73/EC, opened in the name
the UCITS or the management company acting on behalf
the UCITS, so that they can be clearly identified as belonging to the UCITS in accordance with the applicable law at all times; (
the UCITS,
such assets by assessing whether the UCITS or the management company acting on behalf
the UCITS holds the ownership based on information or documents provided by the UCITS or by the management company and, where available, on external evidence, and (ii) maintain a record
those assets for which it is satisfied that the UCITS or the management company acting on behalf
the UCITS holds the ownership and keep that record up to date.
all
the assets
the UCITS.
this paragraph, reuse means any transaction
assets held in custody including, but not limited to, transferring, pledging, selling and lending.
the assets is executed for the account
the UCITS, (b) the depositary is carrying out the instructions
the management company on behalf
the UCITS, (c) the reuse is for the benefit
the UCITS and in the interest
the unit holders, and (d) the transaction is covered by high-quality and liquid collateral received by the UCITS under a title transfer arrangement where the market value
the collateral amounts, at all times, to at least the market value
the reused assets plus a premium.”. Insertion
new Regulation 34A in Principal Regulations 11. The Principal Regulations are amended by the insertion
the following new Regulation: “Depositary delegation 34A.
Regulation 34.
Regulation 34 provided that– (a) the requirements
paragraph
avoiding the requirements laid down in these Regulations, (
the third party, (ii) carries out periodic reviews and ongoing monitoring
the third party and
the arrangements put in place by the third party in respect
the delegation, and (iii) continues to exercise all due skill, care and diligence in carrying out such review and monitoring.
a delegation referred to in paragraph
the function or functions delegated to it- (a) have structures and expertise that are adequate and proportionate to the nature and complexity
the assets
the UCITS or the management company acting on behalf
the UCITS that have been entrusted to it, (b) in respect
custody tasks referred to in subparagraph (a)
Regulation 34
clients
the depositary from its own assets and from the assets
the depositary in such a way that such assets can, at any time, be clearly identified as belonging to clients
a particular depositary, (d) take all necessary steps to ensure that in the event that it becomes insolvent, assets
a UCITS held by it in custody are unavailable for distribution among, or realisation for the benefit
, its creditors, and (e) comply with the general obligations and prohibitions laid down in paragraph
Regulation 33, paragraphs
Regulation 34 and paragraphs
Regulation 37.
subparagraph
a third country requires that certain financial instruments be held in custody by a local entity and no local entity satisfies the delegation requirements laid down in that clause, the depositary may delegate its functions to such a local entity to the extent required by the law
the third country and for as long as there is no local entity that satisfies those requirements, provided that- (a) the unit-holders
the relevant UCITS are informed, prior to their investment,
the fact that such a delegation is required due to legal constraints in the law
that third country,
the circumstances justifying the delegation and
the risks involved in such a delegation, and (b) the investment company, or the management company on behalf
the UCITS, has instructed the depositary to delegate the custody
such financial instruments to such a local entity.
Regulation 34, subject to the same requirements and in such a case, paragraphs
this Regulation, the provision
services, as specified by Directive 98/26/EC
the European Parliament and
the Council on settlement finality in payment and securities settlement systems3 , by securities settlement systems as designated for the purposes
that Directive, or the provision
similar services by third-country securities settlement systems, shall not be considered to be a delegation or sub-delegation
custody functions.”. Amendment
Regulation 35
Principal Regulations 12. Regulation 35
the Principal Regulations is amended by- (a) the substitution
the following paragraph for paragraph
2014 ), (b) a branch, established in the State,
a credit institution authorised in accordance with Directive 2013/36/EU
the European Parliament and
the Council
26 June 2013 on access to the activity
credit institutions and the prudential supervision
credit institutions and investment firms4 , or (
which are guaranteed by, a credit institution authorised in accordance with Directive 2013/36/EU, provided the depositary is authorised under the Investment Intermediaries Act 1995 and meets the capital requirements set out in paragraph
which are guaranteed by, an institution established in a third country that is deemed by the Bank to be the equivalent
a credit institution authorised in accordance with Directive 2013/36/EU, provided the depositary is authorised under the Investment Intermediaries Act 1995 and meets the capital requirements set out in paragraph
which are guaranteed by, an institution or company established in another Member State or third country that is deemed by the Bank to provide unit-holders with protection equivalent to that provided by an institution, branch or company that would satisfy the requirements
subparagraph (a), (
these Regulations, is authorised under the Investment Intermediaries Act 1995 and meets the capital requirements set out in paragraph
the following paragraph: “(2A) A company referred to in subparagraph (c)
paragraph
the company, including its managers and employees, with its obligations under these Regulations, (
interest, (e) it shall arrange for records to be kept
all services, activities and transactions that it undertakes, which shall be sufficient to enable the Bank to fulfil its supervisory tasks and to perform the enforcement actions provided for in these Regulations, (f) it shall take reasonable steps to ensure continuity and regularity in the performance
its functions as depositary by employing appropriate and proportionate systems, resources and procedures including to perform its depositary activities, (g) all members
its management body and senior management shall, at all times, be
sufficiently good repute and possess sufficient knowledge, skills and experience, (
its management body and senior management shall act with honesty and integrity.”, (c) the insertion
the following paragraph: “(2B) Where an investment company or management company has, before the making
these Regulations, appointed as a depositary an institution that does not meet the requirements laid down in paragraphs
the following paragraph for paragraph
the following: (a) the amount
initial capital required under Article 28
Regulation (EU) No. 575/2013
the European Parliament and
the Council5 and any regulatory technical standards published in accordance with paragraph
that Regulation, or (ii) where the criteria set out in Article 320
Regulation (EU) No. 575/2013 are met, the Standardised Approach set out in Articles 317 and 318
that Regulation and any implementing technical standards published in accordance with paragraph
that Regulation.”, and (e) the substitution
the following for paragraph
the UCITS or
the management company.”. Substitution
Regulation 36
the Principal Regulations 13. The Principal Regulations are amended by the substitution
the following for Regulation 36: “36.
a financial instrument held in custody by the depositary or a third party to whom the custody
financial instruments held in custody in accordance with paragraph
Regulation 34 has been delegated.
an identical type or the corresponding amount to the UCITS or the management company acting on behalf
the UCITS without undue delay.
an external event beyond its reasonable control, the consequences
which would have been unavoidable despite all reasonable efforts to the contrary.
the UCITS, for all other losses suffered by them as a result
the depositary’s negligent or intentional failure to properly fulfil its obligations under these Regulations.
a depositary under paragraph
a depositary under paragraph
such agreement that purports to exclude or limit such liability shall be void.
redress or to unequal treatment
the unit-holders.”. Amendment
Regulation 37
Principal Regulations 14. Regulation 37
the Principal Regulations is amended by the substitution
the following paragraphs for paragraph
the same UCITS, or (
the UCITS and the unit-holders
the UCITS, and (b) the investment company and the depositary shall act honestly, fairly, professionally, independently and solely in the interest
the unit-holders
the UCITS. (1B) A depositary shall not carry out activities with regard to the UCITS or the management company on behalf
the UCITS that may create conflicts
interest between the UCITS, the investors in the UCITS, the management company and itself, unless- (a) the depositary has functionally and hierarchically separated the performance
its depositary tasks from its other potentially conflicting tasks, and (b) the potential conflicts
interest are properly identified, managed, monitored and disclosed to the unit-holders
the UCITS.”. Substitution
Regulation 38
Principal Regulations 15. The Principal Regulations are amended by the substitution
the following Regulation for Regulation 38: “38.
constitution, shall lay down the conditions for the replacement
the management company and
the depositary and rules to ensure the protection
unit-holders in the event
such replacement.
the investment company shall lay down the conditions for the replacement
the management company and
the depositary and rules to ensure the protection
unit-holders in the event
such replacement.”. Amendment
Regulation 43
Principal Regulations 16. Regulation 43
the Principal Regulations is amended by the substitution
“, 24, 24A and 24B” for “and 24” in each please where it occurs. Deletion
Principal Regulations 17. The Principal Regulations are amended by the deletion
. Amendment
Regulation 89
Principal Regulations 18. The Principal Regulations are amended- (a) in paragraph
the following subparagraph: “(
the up-to-date remuneration policy, including but not limited to- (I) a description
how remuneration and benefits are calculated, (II) the identities
persons responsible for awarding the remuneration and benefits, and (III) the composition
the remuneration committee where such a committee exists, or (ii) a summary
the remuneration policy and a statement to the effect that the details referred to in subparagraph (i) are available by means
a website (the address
which shall be included in the statement) and that a paper copy
the policy will be made available free
charge upon request.”, and (b) by the insertion
the following paragraph: “(3A) The annual report shall include- (a) the total amount
remuneration for the financial year, split into fixed and variable remuneration paid by the management company and by the investment company to its staff, and the number
beneficiaries, and where relevant, any amount paid directly by the UCITS itself, including any performance fee, (b) the aggregate amount
remuneration broken down by categories
employees or other members
staff as referred to in paragraph
Regulation 24A, (c) a description
how the remuneration and the benefits have been calculated, (d) the outcome
the reviews referred to in subparagraphs (c) and (d)
paragraph
Regulation 24B including any irregularities that have occurred, and (e) a description
material changes made to the adopted remuneration policy.”. Amendment
Regulation 98
Principal Regulations 19. Regulation 98
the Principal Regulations is amended– (a) in paragraph
the following for clause (i)
subparagraph (a): “(i) identification
the UCITS and
the Bank as the competent authority
the UCITS;”, and (b) by the insertion
the following paragraph after paragraph
the up-to-date remuneration policy, including but not limited to- (a) a description
how remuneration and benefits are calculated, (b) the identities
persons responsible for awarding the remuneration and benefits, and (III) the composition
the remuneration committee where such a committee exists, are available by means
a website (the address
which shall be included in the statement) and that a paper copy
the policy will be made available free
charge upon request.”. Amendment
Regulation 123
Principal Regulations 20. Regulation 123
the Principal Regulations is amended in paragraph
the following subparagraph for subparagraph (d): “(
the State, existing data traffic records held by a telecommunications operator, where- (I) there is a reasonable suspicion
an infringement
these Regulations, and (II) such records may be relevant to an investigation into the infringement; (ii) existing recordings
telephone conversations or electronic communications or other data traffic records held by UCITS, management companies, investment companies, depositaries or any other entities that are subject to these Regulations,”. Insertion
new Regulation 132A in Principal Regulations 21. The Principal Regulations are amended by the insertion
the following new Regulation: “Penalties for purposes
section 33AQ
Central Bank Act 1942 132A.
paragraph (b)
subsection
section 33AQ
the Central Bank Act 1942 , the amount prescribed in accordance with paragraph (c)
that subsection is €5,000,000.
paragraph (a)
subsection
section 33AQ
the Central Bank Act 1942 , the amount prescribed in accordance with paragraph (b)
that subsection is €5,000,000.
section 33AQ
the Central Bank Act 1942 , the Bank makes a finding that a regulated financial service provider is committing or has committed a prescribed contravention (within the meaning
that Act) that consists
a contravention
any provision
these Regulations, it may, as an alternative to the monetary penalty provided for in paragraph (c)
that subsection, and notwithstanding that the monetary penalty so imposed would exceed the prescribed amount for the purposes
that paragraph, direct a UCITS to pay a monetary penalty equivalent to twice the amount
the benefit derived from the contravention.
section 33AQ
the Central Bank Act 1942 , the Bank makes a finding that a person concerned in the management
a regulated financial service provider is participating or has participated in the commission by the financial service provider
a prescribed contravention (within the meaning
that Act) that consists
a contravention
any provision
these Regulations, it may, as an alternative to the monetary penalty provided for in paragraph (b)
that subsection, and notwithstanding that the monetary penalty so imposed would exceed the prescribed amount for the purposes
that paragraph, direct the person to pay a monetary penalty equivalent to twice the amount
the benefit derived from the contravention.”. Insertion
new Regulation 132B in Principal Regulations 22. The Principal Regulations are amended by the insertion
the following new Regulation: “Effective application
sanctions and exercise
powers to impose sanctions 132B.
penalties or measures and the level
penalties to be imposed in respect
a contravention
these Regulations, the Bank shall ensure that they are effective, proportionate and dissuasive and take into account all relevant circumstances, including, where appropriate- (a) the gravity and the duration
the contravention, (b) the degree
responsibility
the person responsible for the contravention, (c) the financial strength
the person responsible for the contravention as indicated, for example, by its total turnover in the case
a legal person or the annual income in the case
a natural person, (d) the importance
the profits gained or losses avoided by the person responsible for the contravention, the damage to other persons and, where applicable, the damage to the functioning
markets or the wider economy, in so far as they can be determined, (e) the level
cooperation with the Bank
the person responsible for the contravention, (
new Regulation 132C in Principal Regulations 23. The Principal Regulations are amended by the insertion
the following new Regulation: “Bank to report to European Securities and Markets Authority 132C.
contraventions
these Regulations.
contraventions
these Regulations, it shall simultaneously report those penalties or sanctions to the European Securities and Markets Authority.”. Insertion
new Regulation 132D in Principal Regulations 24. The Principal Regulations are amended by the insertion
the following new Regulation: “Publication by Bank
decisions 132D.
ficial website any decision against which there is no appeal imposing a sanction or measure for contravention
these Regulations, without undue delay after the person on whom the sanction was imposed has been informed
that decision.
decisions imposing measures that are
an investigatory nature, include at least information on the type and nature
the contravention and, subject to paragraph
the persons responsible.
the identity
the legal persons or
the personal data
the natural persons is considered by the Bank to be disproportionate following a case-by-case assessment conducted on the proportionality
the publication
such data, or where publication jeopardises the stability
financial markets or an ongoing investigation, the Bank shall- (a) defer the publication
the decision to impose the sanction or measure until the reasons for non- publication cease to exist, (b) publish the decision to impose the sanction or measure on an anonymous basis in a manner which complies with national law, if such anonymous publication ensures an effective protection
the personal data concerned, and in this case the publication
the relevant data may be postponed for a reasonable period
time if it is envisaged that within that period the reasons for anonymous publication shall cease to exist; (
financial markets would not be put in jeopardy, and (ii) the proportionality
the publication
such decisions with regard to measures which are deemed to be
a minor nature.
all sanctions imposed but not published in accordance with subparagraph (c)
paragraph
the initiation
any criminal prosecution on indictment for an
fence under these Regulations against the relevant UCITS or the management company
the relevant UCITS or against any
ficer or employee
the UCITS.
ficial website such information, any subsequent information on the outcome
such appeal, and any decision annulling a previous decision to impose a sanction or a measure.
ficial website for a period
at least 5 years after its publication, provided that personal data contained in the publication shall only be kept on the
ficial website
the Bank for the period that is necessary in accordance with the Data Protection Acts 1998 and 2003.”. Amendment
Regulation 133
Principal Regulations 25. Regulation 133
the Principal Regulations is amended- (a) in paragraph
the following subparagraph: “(c) The Bank may cooperate with competent authorities
other Member States with respect to facilitating the recovery
pecuniary sanctions.”, and (b) in paragraph
the following subparagraphs for subparagraph (a): “(a) communication
relevant information might adversely affect the security
the Member State addressed, in particular the fight against terrorism and other serious crimes, (aa) compliance with the request is likely to affect adversely its own investigation, enforcement activities or, where applicable, a criminal investigation,”. Amendment
Regulation 136
Principal Regulations 26. Regulation 136 is amended by the insertion
the following paragraph: “
the depositary but not
the UCITS or the management company
the UCITS, it shall without delay share any information received from the depositary in accordance with paragraph
Regulation 35 with the competent authority
the UCITS and the competent authority
the management company
the UCITS.”. Amendment
Schedule 11 to Principal Regulations 27. The Principal Regulations are amended by the substitution
the following for point 2
Schedule 11: “
the depositary
the UCITS and a description
its duties and
conflicts
interest that may arise; 2.2. A description
any safe-keeping functions delegated by the depositary, the list
delegates and sub-delegates and any conflicts
interest that may arise from such delegation; 2.3. A statement that up to date information regarding points 2.1 and 2.2 will be made available to investors on request.”. GIVEN under the
ficial Seal
the Minister for Finance 21 March 2016. AIDAN CARRIGAN, A Person Authorised Under Section 15
the Ministers and Secretaries Act 1924 to Authenticate the Seal
the Minister for Finance. 1 OJ No. L. 257, 28.8.2014, p.
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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.