knowledge 2 October 2020 |

Pre-Christmas and Year End Deadlines for Funds in 2020

The Central Bank of Ireland (“CBI”) has issued its annual letter outlining the timeframes for receipt of fund/sub-fund applications and post-authorisation amendments that have pre-Christmas or pre-year end authorisation/approval/noting deadlines.

Deadlines for receipt of complete applications to facilitate pre-Christmas and year end approvals

 

INDIVIDUAL QUESTIONNAIRE (IQ) FILINGS
IQ APPLICATION TYPE DEADLINE FOR RECEIPT
IQs related to QIAIFs 5pm on 1 December
IQs relating to Other Fund Types and Fund Service Providers 5pm on 20 November
Normal timeframes apply until 20 November

 

UCITS AND RIAIF FUND/POST AUTHORISATION APPLICATIONS
Funds and non-fast-track sub-funds (this deadline also applies to self-managed/internally managed investment company/ICAV applications) 5pm on 16 October
Fast-track sub-funds1 5pm on 13 November
Post-Authorisation – major items 5pm on 16 October
Post-Authorisation – all other items 5pm on 13 November

 

QIAIF FILINGS (submitted through ORION)
FOR AUTHORISATION /APPROVAL / NOTING ON: DEADLINE FOR RECEIPT
23 December 5pm on 22 December
29 December2 3pm on 23 December
4 January3 5pm on 30 December
Normal timeframes apply until 22 December

 

QIAIF FILINGS (non-ORION based application)
FOR AUTHORISATION /APPROVAL / NOTING ON: DEADLINE FOR RECEIPT
23 and 24 December 3pm on 22 December
29 December 3pm on 23 December
4 January 3pm on 30 December
Normal timeframes apply until 22 December

 

Other Deadlines:

  • QIAIF change of service provider filings with an effective date between 29 December 2020 and 1 January 2021 – 5pm on 15 December;
  • Investment Manager Applications – 5pm on 13 November; and
  • ICAV registration/conversion/migration applications – 5pm on 1 December.
  • UCITS and RIAIF authorisations/approvals/notings required on:
    • 24 and/or 29 December – executed documentation must be received by 12pm on 23 December;
    • 4 January – executed documentation must be received by 3pm on 30 December.
  • Funds seeking to revoke their authorisation at end December 2020 must submit a complete revocation application, including payment of the funding levy, by 5pm on 4 December.
  1. The CBI has indicated that the only funds that are acceptable under the fast track process are either: (i) clones of funds recently approved by the CBI; or (ii) non-complex funds (i.e. plain vanilla equity funds which do not use derivatives).
  2. 29 December is the first day after Christmas that funds may be authorised
  3. 4 January is the first day in 2021 that funds may be authorised

This document has been prepared by McCann FitzGerald LLP for general guidance only and should not be regarded as a substitute for professional advice. Such advice should always be taken before acting on any of the matters discussed.