New Central Bank Fund Profile Return
The Central Bank has issued a new Fund Profile Form that must be completed for all existing funds/sub-funds and filed on the ONR system. This has an impact for all existing funds and also all new funds established going forward.
This is a very detailed questionnaire covering key product features of a fund. One is required to be completed for each sub-fund, so there will be a volume of work required to on-board this for all existing funds.
The first return is due to be completed for the period ended 30 June 2018 and will need to be filed by 31 August 2018.
All subsequent returns will be required to be completed as at 31 December of each year and filed by 28/29 February i.e. the second return will be as at the reporting date 31 December 2018 and will be filed prior to 28 February 2019.
Much of the information will be static, so subsequent returns should not be too onerous.
This filing is required regardless of the financial year end of the fund or if the fund(s) are dormant or unlaunched.
New funds - Where a new fund/sub-fund is authorised, a return is required to be filed within 10 business days of authorisation.
This additional return represents yet another work stream that fund sponsors will need to factor into the fund launch project.
The Fund Profile return is in the form of an Excel-based questionnaire which can be retrieved from the Central Bank's website. It contains 24 questions covering a sub-fund's investment objective and policies, structure, operation and governance. The form can be saved as an excel document, completed and saved according to a prescribed naming convention set out in the guidance and then uploaded via the Central Bank's ONR portal.
Guidance indicates that it is the responsibility of the management company or AIFM to determine who completes the Fund Profile return.
New CRO Form FS1
In a separate development, the form that will be required to accompany the filing of financial statements with the Companies Registration Office (“CRO”) has been published. This relates to the new requirement (introduced under the Companies (Accounting) Act 2017) for investment funds constituted as public limited companies to file accounts with the CRO within eleven months of the end of the relevant financial period.
Of note, these accounts will be publicly accessible. Of further note, this requirement is not applicable for investment funds constituted as ICAVs. For further details see Maples' previous Client Update on New Requirements to Make Accounts for Funds Structured as Investment Companies Publicly Available.
Industry Communications 2018 Guidance For Fund Profile Return Vol 1 June 2018 | pdf 410 KB