Where an investment scheme is constituted as an umbrella scheme, each sub-fund must comply with the laws, regulations and conditions in relation to collective investment schemes.\u00a0 The prospectus must clearly state the charges applicable to the exchange of units in sub-funds if any.<\/p>\n
The constitutional documents must provide the assets of each fund are not to be used directly or indirectly to discharge the liabilities of any other fund and are not to be available for such purpose.<\/p>\n
The prospectus must set out that the fund is an umbrella fund with segregated liability between sub-funds.<\/p>\n
A unit trust of a common contractual fund constituted as an umbrella fund, may have separate periodic reports for each fund.\u00a0 The report must name the other sub-funds and state that each sub-fund report is available free of charge on request.<\/p>\n
An investment company must include accounts for all sub-funds of the company in its periodic reports.<\/p>\n
An umbrella fund which has been authorised by the Central Bank must obtain approval for each sub-fund.\u00a0 Details of the proposed sub-funds and the amendment or supplement to the prospectus, which will set out the investment objectives and policy for the new sub-funds, must be submitted for approval.\u00a0 Where the supplement to the prospectus is issued, the supplement must state that the scheme is constituted as an umbrella fund and name other sub-funds.<\/p>\n
Investments by a sub-fund within an umbrella scheme in the units of another sub-fund must, in addition to both provisions not invest in a sub-fund which in itself holds units in other sub-funds within the umbrella.<\/p>\n
Investing sub-fund may not charge an annual management fee in respect of part of the assets in the other sub-funds.<\/p>\n
Investments by a sub-fund within an investment company constituted by an umbrella scheme in the schemes of another sub-fund by way of transfer for consideration are subject to prior notification to the Central Bank.<\/p>\n\n
\n <\/div>\n\n","protected":false},"excerpt":{"rendered":"
General Investment Restrictions General investment restrictions are applicable to non-UCIT schemes.\u00a0 The following applies to all UCIT schemes except where dis-applied by schemes, by notices relating to schemes with specific investment and\/or marketing objectives.\u00a0 Schemes may derogate from the investment restrictions for six months following the date of their launch, provided they adhere to the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[167],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/12841"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=12841"}],"version-history":[{"count":4,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/12841\/revisions"}],"predecessor-version":[{"id":31896,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/12841\/revisions\/31896"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=12841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=12841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=12841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}