IRELAND Law and Practice Contributed by: Nicholas Blake-Knox, Jonathan Sheehan, Damien Barnaville and Joe Mitchell, Walkers
under Irish laws, regulations and conditions gov - erning Irish authorised RIAIFs. The AIF shall include the following information for Irish retail investors in its prospectus: • details of the facilities agent and the facilities maintained; • provisions of Irish tax laws, if applicable; and • details of the places where issue and repur - chase prices can be obtained or are pub - lished. When an AIF has received approval from the Central Bank to market units in Ireland to retail investors, the name of the AIF and the name and address of the facilities agent will be placed on a list of AIFs marketing in Ireland to retail inves - tors, which will be made available to the public on request. 3.3.9 Post-Marketing Ongoing Requirements Funds marketing their units to retail investors in Ireland must comply with the law, regulations and administrative provisions in force in Ireland, including but not limited to the Consumer Pro - tection Code of the Central Bank. UCITS and AIFs marketing in Ireland to retail investors must submit a copy of their annual and any half-yearly reports to the Central Bank, as soon as they are available. UCITS availing of the marketing passport in Ireland must keep the key fund documents in the notification file up to date and must give one month’s advance written notice to the host member state of any changes to be made to the classes that will be marketed in the host mem - ber state. Accordingly, changes in information in the original notification letter or a change in the share classes to be marketed should be sub -
mitted to the home and host state competent authorities at least one month before the imple - mentation of the change. UCITS must ensure compliance with the Central Bank UCITS Regulations regarding the contents, format and manner of presentation of market - ing communications, including compulsory warnings and restrictions on the use of certain words or phrases and the advertising standards set out in Schedule 6 of the Central Bank UCITS Regulations. A de-registration process (as detailed in 2.3.9 Post-Marketing Ongoing Requirements ) must also be followed where it is proposed that UCITS will cease cross-border marketing, pursuant to the marketing passport. 3.3.10 Investor Protection Rules There are no Irish regulatory restrictions on the categories of investors that can invest in UCITS. Any restrictions on the categories of investors that a UCITS may be marketed to will be set out in the fund’s prospectus. Please see 3.1.4 Disclosure Requirements for a summary of the regulatory reporting require - ments applicable to UCITS. 3.3.11 Approach of the Regulator The Central Bank is generally available to answer specific queries relating to the authorisation and ongoing supervision of UCITS. Such queries generally need to be submitted in writing to the Central Bank for consideration, and the time - frame within which the Central Bank will respond depends on the nature of the query. The Cen - tral Bank is reluctant to deal with substantive or complex queries on a “no names” basis.
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