The Financial Regulator has removed its requirement that a Fund be audited when it changes custodian or  administrator.

A&L Goodbody have received confirmation that the Financial Regulator has removed the  requirement for a collective investment scheme to have an audit on the change of a custodian or an administrator.

We understand that the Financial Regulator will require that, where there has been a change of trustee during the accounting period, that the next audited accounts of the funds include a report from the old and new trustee covering their respective periods of appointment.In addition, it is likely that the fund will be asked to file a letter confirming the intention to include those reports at the time of change of trustee.

New reporting obligations for Irish companies: The Company Reporting Directive 2006/46/EC
As reported in the November edition of The Front Page, Directive 2006/46/EC (on Company Reporting) was implemented in Ireland by the European Communities (Directive 2006/46/EC) Regulations. The regulations may impact on funds structured as companies which are listed. The scope of the measure and the  nature of its impact is currently being clarified. If you think you may be affected please speak with your usual contact in our Investment Funds Unit.

For more information regarding The Company Reporting Directive 2006/46/EC please click here.