(b) in section 7(3) by substituting “2 years” for “12 months”.
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Amendment of section 31 of National Standards Authority of Ireland Act 1996.
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84.—
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Section 31
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of the National Standards Authority of Ireland Act 1996 is amended by substituting “€3,000” for “£1,500”.
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Amendment of Industrial and Provident Societies Act 1893.
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85.—The Industrial and Provident Societies Act 1893 is amended— (a) in section 4(a), by substituting “€150,000 or an amount equal to 1 per cent of the total assets of the society, whichever is the greater” for the amount standing specified in that section, (b) in section 25 (as substituted by section 5
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(1)of the Industrial and Provident Societies (Amendment) Act 1913 )— (i) in subsection (1), by substituting “€15,000” for the amount standing specified in each place where that amount occurs in that subsection, and (ii) in subsection (3), by substituting “€15,000” for the amount standing specified in that subsection, (c) in section 26(1) (as substituted by section 5
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(2)of the Industrial and Provident Societies (Amendment) Act 1913 ), by substituting “the limit specified in section 4(a) of this Act” for the amount standing specified in that subsection, (d) in section 27(1), by substituting “€10,000” for the amount standing specified in that subsection, and (e) in Schedule II, in paragraph 5, by substituting “the limit specified in section 4(a) of this Act” for the amount standing specified in that paragraph.
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Validation.
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86.—(1) Notwithstanding the repeal of section 35(1)(i) of the Credit Union Act 1966 by the Credit Union Act 1997 , the specified regulations made under that section continue, and shall be deemed always to have continued, to have full force and effect from the coming into operation of the specified regulations until the passing of this Act.
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(2)Nothing in this section shall affect any proceedings commenced in any court concerning the validity of the specified regulations where those proceedings were commenced before the passing of this Act.
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(3)In this section “specified regulations” means— (a) the Industrial and Provident Societies (Financial Limits) Regulations 1985 ( S.I. No. 392 of 1985 ), and (b) the Industrial and Provident Societies (Financial Limits) (Amendment) Regulations 1990 ( S.I. No. 246 of 1990 ).
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Amendment of section 33AN of, and Schedule 2 to, Central Bank Act 1942.
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87.—(1) Section 33AN of the Central Bank Act 1942 (inserted by the Central Bank and Financial Services Authority of Ireland Act 2004 ) is amended by inserting the following definitions after the definition of “contravene”: “ ‘designated enactment’ does not include Part 4 or 5 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005; ‘designated statutory instrument’ does not include the Market Abuse (Directive 2003/6/EC) Regulations 2005 (S.I. No. - of 2005) or the Prospectus (Directive 2003/71/EC) Regulations 2005 (S.I. No. - of 2005);”.
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(2)Schedule 2 to the Central Bank Act 1942 (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 ) is amended— (a) in the item relating to the Postal and Telecommunications Services Act 1983 , in column 3 of Part 1, by substituting “Sections 67 and 104” for “Section 104”, (b) in the item relating to the Dormant Accounts Act 2001 , in column 3 of Part 1, by substituting “The whole Act” for “Part 3 and section 17”, (c) by inserting in Part 1 the following item after the item relating to the Assets Covered Securities Act 2001: “ No. 28 of 2001 Company Law Enforcement Act 2001 Section 110A No. 2 of 2003 Unclaimed Life Assurance Policies Act 2003 The whole Act No.- of 2005 Investment Funds, Companies and Miscellaneous Provisions Act 2005 The whole Act ”, and (d) by inserting in Part 2 the following items after the item relating to the European Communities (Cross Border Payments in Euro) Regulations 2002 ( S.I. No. 335 of 2002 ): “ S.I. No. 211 of 2003 European Communities (Undertakings for Collective Investments in Transferable Securities) Regulations 2003 The whole instrument S.I. No. 198 of 2004 European Communities (Reorganisation and Winding-Up of Credit Institutions) Regulations 2004 The whole instrument S.I. No. 727 of 2004 European Communities (Financial Conglomerates) Regulations 2004 The whole instrument S.I. No. 853 of 2004 European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 The whole instrument S.I. No. 13 of 2005 European Communities (Insurance Mediation) Regulations 2005 The whole instrument S.I. No. - of 2005 Market Abuse (Directive 2003/6/EC) Regulations 2005 The whole instrument S.I. No. - of 2005 Prospectus (Directive 2003/71/EC) Regulations 2005 The whole instrument ”, SCHEDULE Amendment of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 ( S.I. No. 211 of 2003 ) as Amended
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Section 77
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.
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Amendment of Regulation 2(1) 1. Regulation 2(1) is amended— (a) by inserting the following before “transferable securities”: “ ‘sub-fund’ means a separate portfolio of assets maintained by a UCITS in accordance with its trust deed, deed of constitution or articles;”, and (b) by substituting the following for the definition of “umbrella fund”: “ ‘umbrella fund’ means a UCITS which is divided into a number of sub-funds, and each sub-fund shall be treated as a separate UCITS for the purposes of the application of Part VII of these Regulations;”.
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Addition of new Regulation 32A 2. The following is inserted after Regulation 32: “Cross investment by sub-funds of an umbrella fund.
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32A.—(1) A company to which this chapter applies and which is established as an umbrella fund may acquire by way of subscription or transfer for consideration shares in one sub-fund of the company for the account of another sub-fund of the company in accordance with Regulation 51.
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(2)Shares acquired under this Regulation may be held for the account of the sub-fund for which they were acquired and need not be cancelled.”.
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Amendment of Regulation 35 3. Regulation 35(1)(b) is amended by inserting the following after “section 41 (restriction on company acquiring its own shares);”: “section 43 (treatment of shares held by or on behalf of a public limited company); section 43A (accounting for own shares);”.
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Addition of new Regulation 36F 4. The following is inserted after Regulation 36E: “Application of segregated liability to investment companies established as UCITS.
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36F.—The provisions of sections 256A to 256E of the Companies Act 1990 (inserted by section 25 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005) shall apply to any investment company authorised pursuant to these Regulations and for this purpose the references to umbrella fund and sub-fund shall be interpreted in accordance with the provisions of these Regulations, the references to authorisation shall be read as referring to authorisation pursuant to these Regulations and the reference to the commencement date shall be read as referring to the commencement date of section 25 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005.”.
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Addition of new Regulation 51A 5. The following is inserted after Regulation 51: “UCITS umbrella funds.
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51A.—An umbrella fund may acquire the units of one sub-fund for the account of another sub-fund within that umbrella, subject to the provisions of Regulation 51 and such conditions as may be imposed by the Bank.”.
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Addition of new Regulation 79A 6. The following is inserted after Regulation 79: “79A.—(1) Notwithstanding section 148
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(2)of the Companies Act 1963 (inserted by the European Communities (International Financial Reporting Standards and Miscellaneous Amendments) Regulations 2005 ( S.I. No. 116 of 2005 )) an investment company to which chapter 1 or 2 of Part VI applies may, in respect of its individual accounts, opt to prepare those accounts in accordance with both of the following, namely— (a) an alternative body of accounting standards, and (b) section 149A of the Companies Act 1963 , as if the references in that section 149A to international financial reporting standards were references to that alternative body of accounting standards.
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(2)In the application of subsections (4), (5) and (6) of section 148 of the Companies Act 1963 to an investment company which has opted under paragraph (1) to prepare its accounts in accordance with an alternative body of accounting standards— (a) the reference in that subsection (4) to international financial reporting standards shall be read as a reference to that alternative body of accounting standards, and (b) there shall be substituted for ‘IFRS’, in each place where it occurs in those subsections (4), (5) and (6), ‘ABAS’ (which shall be read as referring to that alternative body of accounting standards).
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(3)For the purposes of this Regulation, accounts shall not be regarded as having been prepared in accordance with an alternative body of accounting standards unless the accounts concerned would, were they to have been prepared by a company or undertaking registered in the relevant jurisdiction, be regarded as having been prepared in accordance with those standards.
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(4)In this Regulation— ‘alternative body of accounting standards’ means standards that accounts of companies or undertakings must comply with that are laid down by such body or bodies having authority to lay down standards of that kind in— (a) United States of America, (b) Canada, (c) Japan, or (d) any other state or territory prescribed for the purposes of the section hereafter mentioned in this paragraph, as are prescribed under the Companies Act 1990 for the purposes of section 260A(4) (inserted by the Investment Funds, Companies and Miscellaneous Provisions Act 2005) of that Act; ‘relevant jurisdiction’ means the state or territory in which the alternative body of accounting standards concerned have effect.”.
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Amendment of Regulation 85 7. Regulation 85 is amended by inserting the following after paragraph (10): “(11) The requirements of this Regulation shall apply with appropriate modifications to auditors of a management company.”.
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1 OJ L375, 31.12.1985, p. 3 2 OJ L096, 12.4.2003, p. 16 3 OJ L336, 23.12.2003, p. 33 4 OJ L339, 24.12.2003, p. 70 5 OJ L339, 24.12.2003, p. 73 6 OJ L162, 30.4.2004, p. 70 7 OJ L360, 9.12.1992, p. 1 8 OJ L345, 31.12.2003, p. 64 9 OJ L149, 30.4.2004, p. 1 10 OJ L142. 30.4.2004, p. 12 Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais