Financial Markets Conduct (Irish UCITS) Exemption Notice 2022

Summary:  The Financial Markets Conduct (Irish UCITS) Exemption 2022 exempts the specified investment managers—and managers of restricted schemes that have contracted some or all of their functions as a manager to a specified investment manager—from the in-house assets restrictions in section 176 and clause 39 of Schedule 4 of the Financial Markets Conduct Act 2013. The specified investment managers are restricted to PIMCO Australia Pty Limited and Russell Investment Group Limited.

The exemption applies in respect of any in‑house asset that is a specified UCITS fund and in respect of any acquisition of a specified UCITS fund, where a specified UCITS fund means an Undertaking for Collective Investments in Transferable Securities fund, including segregated sub-funds, established in Ireland and authorised by Central Bank of Ireland in accordance with the relevant regulations. Various conditions must also be met for the exemption to apply, including that the specified manager certifies that the investment in a specified UCITS fund is in the best interests of the scheme participants.

This notice replaces, with minor changes, the Financial Markets Conduct (Irish UCITS) Exemption 2017, which was revoked on the close of 29 November 2022.