Umbrella UCITS

General

  1. Where a UCITS is constituted as an umbrella UCITS, each sub-fund of the UCITS should comply with the UCITS Regulations and the Central Bank UCITS Regulations.
  1. In accordance with company law, an investment company constituted as an umbrella UCITS must include accounts for all sub-funds of that company in the periodic reports issued by the company.
  1. In accordance with the ESMA guidelines to simplify the notification procedure of UCITS (Ref: CESR 06-120b), a UCITS umbrella is recommended to have one prospectus and one annual and half-yearly report dealing with all sub-funds in the umbrella.

Cross Investment

  1. Regulation 40(5)(a) of the UCITS Regulations permits an umbrella investment company to acquire shares in a sister sub-fund by way of subscription or transfer for consideration. It is expected that, generally, such cross-investments will be processed as subscriptions, under normal dealing arrangements. In the event that a transfer for consideration is proposed the UCITS should notify the Central Bank in advance setting out the rationale behind the proposed transaction.

Issued:5 October 2015

Latest revision: 5 October 2015