Directors’ Compliance Statement: Impact on UCITS Regulated Funds

Directors’ Compliance Statement & UCITS

The Companies Act 2014 imposed a new requirement on directors to include a Directors’ Compliance Statement in the annual Directors’ Report.

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Whilst most Irish regulated fund vehicles are outside the scope
of the Directors' Compliance Statement requirement, UCITS regulated funds which are legally constituted as plcs are in scope. Directors of UCITS regulated funds which are legally constituted as plcs must confirm the following on an annual basis:

  • The fund has a compliance policy statement;
  • Processes have been put in place to secure material compliance; and
  • An annual review of the compliance processes has been carried out during the year.

This requirement applies for accounting periods commencing on or after 1 June 2015, and is applicable in relation to all Irish tax law obligations relevant to a fund, in addition to certain legal obligations prescribed by Companies Act 2014.

If you require assistance understanding the impact of Directors' Compliance
Statement obligations on your business, or to discuss how the ongoing
obligations could be managed, please get in touch with Gareth Bryan.

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