Fund Distribution Alert 2024-14

Starting 11 September 2024, UCITS and certain AIF passporting notifications and de-notifications to the Central Bank of Ireland (CBI) will be processed via the CBI portal and no longer per email.

Below is an overview of the passporting submissions which will only be possible via the new CBI Portal:

• UCITS Outward Marketing submissions - notifications and de-notifications (full sub-fund)
• Article 32 Outward submissions, i.e., Irish AIFMs marketing EU AIFs in EU Member States (excluding Ireland) – notifications and de-notifications; and
• Article 31 Inward submissions, i.e., Irish AIFMs marketing EU AIFs in Ireland - notifications and de-notifications.    

The CBI has confirmed that guidance on submitting passporting submission via Portal is currently being finalized and will be made available on the CBI’s website in due course. In order to facilitate a smooth transition to the new system, the CBI will host virtual workshops of submitting passporting submissions via the Portal. These training sessions will be open to all submitters of UCITS and AIF passporting notifications and de-notifications and will be delivered through Webex. The CBI will issue invitations directly to the relevant stakeholders in time.

In preparation for the use of the Portal for the submission of passporting notifications/de-notifications all Irish AIFMs as well as legal advisors and/or other filing representatives which intend to passport EU AIFs from 11 September 2024 will need to register on the Portal (if they are not already registered).

Any third-party entities who will be tasked with making these passporting submissions on the Portal will have to have valid institution connections with the relevant umbrella / standalone UCITS or AIF fund by 11 September, in order for the relevant Portal Administrator to be able to delegate the new CBDIF Passporting permissions to them.  

For detailed instructions on delegation and user rights management, please refer to the CBI webpage here.

Feel free to contact us should you require any additional information.

Partner
+352 22 51 51 7892
said.fihri@kpmg.lu

Senior Manager
+352 22 51 51 7417
henrik.olsson@kpmg.lu