On 17 February 2011, the Central Bank issued Consultation Paper CP 50 in relation to the introduction of the UCITS IV Directive, required to be implemented in Ireland by 1 July 2011.  The enhancements created by UCITS IV include the provision of a European passport for UCITS management companies, facilitating asset pooling through master/feeder UCITS structures and the requirement to provide a standardised “key investor information document” to replace the existing “simplified prospectus”.  The Central Bank will require all existing Irish UCITS management companies to submit revised business plans for review by 29 April 2011.  The arrangements for self-managed investment companies are more relaxed and some UCITS IV measures will require to be complied with by them by 1 July 2011 and others by 1 July 2013.  The consultation period ends on 15 March 2011.

Contributed by Patricia Taylor.