IRELAND Law and Practice Contributed by: Nicholas Blake-Knox, Jonathan Sheehan, Damien Barnaville and Joe Mitchell, Walkers
application, and to respond to all subsequent comments within five business days of receipt. 3.3.5 Rules Concerning Pre-Marketing of Retail Funds There is no pre-marketing regime available for UCITS, nor for AIFs pre-marketing to non-pro - fessional investors. 3.3.6 Rules Concerning Marketing of Retail Funds The marketing rules contained in the UCITS Directive apply to entities seeking to market UCITS in Ireland. The Central Bank UCITS Regu - lations and other Central Bank guidance provide additional information on the marketing of UCITS to investors in Ireland. As set out in 2.3.6 Rules Concerning Marketing of Alternative Funds , additional requirements have been introduced for the cross-border distribution of investment funds, including in relation to marketing com - munications and local facilities arrangements. A prior notification period of one month for certain changes, including the marketing of additional share classes, was also introduced in respect of UCITS. The firm carrying out the marketing activity will also need to consider whether it is performing any other regulatory activities that may need to be licensed under MiFID – eg, the A UCITS can generally be sold without any material restriction to any category or number of investors in any EU member state, subject to the filing of appropriate documentation with the relevant competent authority in the EU member state(s) where it is intended to market the invest - ment fund. As set out in 2.3.7 Marketing of Alternative Funds , the CBDR and ESMA’s guidelines on provision of investment advice. 3.3.7 Marketing of Retail Funds
marketing communication requirements apply rules in respect of the marketing communica - tions of retail funds. 3.3.8 Marketing Authorisation/Notification Process In order to market a UCITS in Ireland, a market - ing application must be submitted to the com - petent authority in its home member state for onward submission to the Central Bank prior to the commencement of marketing in Ireland. The notification file is submitted electronically, consisting of a standard form notification letter and fund documentation. It is transmitted from the home state authority to the Central Bank, which will issue its confirmation, after which the notified class(es) of the UCITS may be marketed in Ireland. The prospectus of a UCITS that is authorised in another member state and markets its units in Ireland must provide the following information for Irish investors: • details of the facilities agent and of the facili - ties that are being maintained; and • relevant provisions of Irish tax laws. Ireland has implemented Article 43 of the AIFMD, which permits the marketing of AIFs to retail investors. Accordingly, it is possible for a non- Irish AIF to market in Ireland to retail investors. An AIF situated in another jurisdiction that pro - poses to market its units in Ireland to retail inves - tors must apply to the Central Bank in writing and may not conduct marketing in Ireland until it has received a letter of approval from the Central Bank. The Central Bank requires that such AIFs must be authorised by a supervisory authority to ensure the protection of unitholders; such protection must be equivalent to that provided
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