Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2017.
Statutory Instruments
Source: Statutory Instruments

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paragraphs: These Regulations may be cited as the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2017.
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paragraphs: In these Regulations “Principal Regulations” means the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 ( S.I. No. 420 of 2015 ) as amended by the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016 ( S.I. No. 307 of 2016 ).
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paragraphs: Regulation 2(1) of the Principal Regulations is amended—
(a) by deleting the definition of “financial resources”,
(b) by inserting the following definition:
“‘own funds’ has the meaning given to the term in point (118) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 20131 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012;”, and
(c) by substituting for the definition of “anti-dilution levy” the following definition:
“‘anti-dilution levy’ means a charge imposed on subscriptions or on redemptions as relevant, to offset the dealing costs of buying or selling assets of the UCITS and to preserve the net asset value per share of the UCITS, as a result of net subscriptions or of net redemptions on a dealing day;”.
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paragraphs: Regulation 8 of the Principal Regulations is amended—
(a) in paragraph (3), by substituting for subparagraph (c) the following subparagraph:
“(c) a group company of an entity approved as a bank holding company by the Federal Reserve of the United States of America where that group company is subject to bank holding company consolidated supervision by the Federal Reserve.”, and
(b) in paragraph (6)(b)(iii), by inserting “(1)(c),” after “paragraphs”.
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paragraphs: The Principal Regulations are amended by inserting after Regulation 9 the following Regulation:
“Investment through subsidiaries
9A.(1) A responsible person shall not establish a subsidiary unless the following conditions have been satisfied:
(a) the prior approval of the Bank to establish a subsidiary has been received;
(b) the subsidiary must be wholly owned and controlled by the UCITS and, in particular, the directors of either the UCITS investment company or the UCITS management company or both must form a majority of the board of directors of the subsidiary;
(c) the subsidiary must not be an investment fund or issuing body;
(d) the subsidiary must not appoint any third parties or enter into any contractual arrangements appointing third parties unless the UCITS is a party to such appointments or contractual arrangements;
(e) the prospectus of the UCITS must contain the following:
(i) a statement referring to the ability to establish wholly owned subsidiaries in accordance with this Regulation, and
(ii) that the names of any subsidiaries will be contained in the annual report;