S.I. No. 182/2026 - European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2026

1. Suspension of subscriptions, repurchases and redemptions: suspension of subscriptions, repurchases and redemptions means temporarily disallowing the subscription, repurchase and redemption of the fund’s units or shares.

2. Redemption gate: a redemption gate means a temporary and partial restriction of the right of unit-holders or shareholders to redeem their units or shares, so that investors can only redeem a certain portion of their units or shares.

3. Extension of notice periods: the extension of notice periods means extending the period of notice that unit-holders or shareholders must give to fund managers, beyond a minimum period which is appropriate to the fund, when redeeming their units or shares.

4. Redemption fee: redemption fee means a fee, within a predetermined range that takes account of the cost of liquidity, that is paid to the fund by unit-holders or shareholders when redeeming units or shares, and that ensures that unit-holders or shareholders who remain in the fund are not unfairly disadvantaged.

5. Swing pricing: swing pricing means a pre-determined mechanism by which the net asset value of the units or shares of an investment fund is adjusted by the application of a factor (‘swing factor’) that reflects the cost of liquidity.

6. Dual pricing: dual pricing means a pre-determined mechanism by which the subscription, repurchase and redemption prices of the units or shares of an investment fund are set by adjusting the net asset value per unit or share by a factor that reflects the cost of liquidity.

7. Anti-dilution levy: anti-dilution levy means a fee that is paid to the fund by a unit-holder or shareholder at the time of a subscription, repurchase or redemption of units or shares, that compensates the fund for the cost of liquidity incurred because of the size of that transaction, and that ensures that other unit-holders or shareholders are not unfairly disadvantaged.

8. Redemption in kind: redemption in kind means transferring assets held by the fund, instead of cash, to meet redemption requests of unit-holders or shareholders.

9. Side pockets: side pockets means separating certain assets, whose economic or legal features have changed significantly or become uncertain due to exceptional circumstances, from the other assets of the fund.”.

Amendment of Principal Regulations

10. The Principal Regulations are amended by the insertion of the following Regulation after Regulation 30

“

Reporting obligations to competent authorities and use of information by competent authorities

11. Regulation 34A of the Principal Regulations is amended—

(a) in paragraph (2)(d), by the substitution of the following clause for clause (i)

“(i) subject to paragraph (2A), exercises all due skill, care and diligence in the selection and appointment of the third party,”,

(b) by the insertion of the following paragraph after paragraph (2)

“(2A) Clause (2)(d)(i) shall not apply where the third party concerned is a central securities depository acting in the capacity of an investor CSD (as defined in the delegated act adopted pursuant to Articles 29(3) and 48(10) of Regulation (EU) No 909/2014).”, and

(c) by the substitution of the following paragraph for paragraph (6)

“(6) For the purposes of this Regulation—

(a) the provision of services by a central securities depository acting in the capacity of an issuer CSD (as defined in the delegated act adopted pursuant to Articles 29(3) and 48(10) of Regulation (EU) No 909/2014) shall not be considered a delegation of the depositary’s custody functions, and

(b) the provision of services by a central securities depository acting in the capacity of an investor CSD (as defined in the delegated act adopted pursuant to Articles 29(3) and 48(10) of Regulation (EU) No 909/2014), shall be considered a delegation of the depositary’s custody functions.”.

Amendment of Regulation 42 of Principal Regulations

12. Regulation 42(4) of the Principal Regulations is amended, in subparagraph (a)—

(a) in clause (ii), by the substitution of “application for authorisation,” for “application for authorisation, and”,

(b) by the substitution of the following clause for clause (iii)

“(iii) the directors of the investment company are of sufficiently good repute and are sufficiently experienced also in relation to the type of business pursued by the investment company,”, and

(c) the insertion of the following clauses after clause (iii)

“(iv) the names of the directors and of every person succeeding them in office is communicated forthwith to the Bank, and

(v) the conduct of the investment company’s business is decided by at least two natural persons—

(I) who are of sufficiently good repute and are sufficiently experienced also in relation to the type of business pursued by the investment company,

(II) whose names have been communicated to the Bank,

(III) who either are employed full-time by the investment company or are executive members or members of the management body of the investment company committed full-time to conducting the business of that investment company, and

(IV) who are domiciled in the European Union.”.

Amendment of Regulation 77 of Principal Regulations

13. Regulation 77 of the Principal Regulations is amended—

(a) by the designation of that Regulation as paragraph (1), and

(b) by the insertion of the following paragraph after paragraph (1)

“(2) Where a UCITS activates side pockets as referred to in Regulation 104(2)(a)(i), by means of asset segregation, the segregated assets may be excluded from the calculation of limits laid down in this Part.”.

Amendment of Regulation 99 of Principal Regulations

14. Regulation 99 of the Principal Regulations is amended—

(a) by the substitution of the following paragraph for paragraph (1)

“(1) Key investor information, including the name of the UCITS, shall constitute pre-contractual information.”, and

(b) by the insertion of the following paragraph after paragraph (1)

“(1A) The key investor information referred to in paragraph (1) shall be—

(a) fair, clear and not misleading, and

(b) consistent with the relevant parts of the prospectus.”.

Amendment of Regulation 104 of Principal Regulations

15. Regulation 104 of the Principal Regulations is amended—

(a) by the substitution of the following paragraph for paragraph (2)

“(2) (a) (i) Notwithstanding paragraph (1), a UCITS may, in the interest of its unit-holders—

(I) temporarily suspend the subscription, repurchase and redemption of its units as referred to in paragraph 1 of Schedule 5A,

(II) activate or deactivate other liquidity management tools selected from paragraphs 2 to 8 of Schedule 5A in accordance with Regulation 28A(1), or

(III) activate side pockets as referred to in paragraph 9 of Schedule 5A.

(ii) The suspension of the subscription, repurchase and redemption of its units or the activation of side pockets, as referred to in clause (i), may be provided for only in exceptional cases where circumstances so require and where justified having regard to the interests of the unit-holders.

(b) (i) Notwithstanding paragraph (1), the Bank may require a UCITS, after consultation with that UCITS, to activate or deactivate the liquidity management tool referred to in paragraph 1 of Schedule 5A.

(ii) The requirement to activate or deactivate the liquidity management tool referred to in clause (i) may be provided for only in exceptional circumstances, where there are risks to investor protection or financial stability that, on a reasonable and balanced view, necessitate such activation or deactivation.”, and

(b) by the insertion of the following paragraph after paragraph (2)

“(3) A UCITS shall, without delay, communicate its decision to the Bank where it activates or deactivates the following

(a) the liquidity management tool referred to in paragraph 1 of Schedule 5A;

(b) the liquidity management tools referred to in paragraphs 2 to 8 of Schedule 5A in a manner that is not in the ordinary course of business as envisaged in the fund rules or the instruments of incorporation of the UCITS.

(4) A UCITS shall, within a reasonable timeframe before it activates or deactivates the liquidity management tool referred to in paragraph 9 of Schedule 5A, notify the Bank of such activation or deactivation.

(5) The Bank shall notify, without delay, the competent authorities of the home Member State of the management company, the competent authorities of the host Member State of the UCITS, ESMA and, where there are potential risks to the stability and integrity of the financial system, the ESRB, of any notification received in accordance with paragraphs (3) and (4).

(6) Where the Bank exercises powers pursuant to paragraph (2)(b), it shall notify the competent authorities of the host Member State of the UCITS, the competent authorities of the home Member State of the management company, ESMA and, where there are potential risks to the stability and integrity of the financial system, the ESRB thereof.

(7) Where the State is the host Member State of the UCITS or the home Member State of the management company, the Bank may request the competent authorities of the home Member State of the UCITS to exercise powers in accordance with Article 84(2)(b) of the Directive, specifying the reasons for the request and notifying ESMA and, where there are potential risks to the stability and integrity of the financial system, the ESRB thereof.

(8) Where the Bank is in receipt of a request in accordance with Article 84(3b) of the Directive and does not agree with said request, it shall notify the requesting competent authorities, ESMA and, where the ESRB was informed of the request, the ESRB thereof, stating the reasons for the disagreement.

(9) Where the Bank does not act in accordance or does not intend to comply with an opinion issued by ESMA under Article 84(3d) of the Directive, it shall notify ESMA and the requesting competent authorities thereof, stating the reasons for their non-compliance or intention not to comply.”.

Amendment of Regulation 133 of Principal Regulations

16. Regulation 133 of the Principal Regulations is amended—

(a) in paragraph (1), by the substitution of the following subparagraph for subparagraph (a)

“(a) The Bank shall cooperate with the competent authorities of other Member States and with ESMA, EBA, EIOPA, ESRB and the ESCB whenever necessary for the purpose of carrying out their respective duties or of exercising their respective powers under the Directive and these Regulations.”, and

(b) by the insertion of the following paragraphs after paragraph (8)

“(9) Where the State is the host Member State of a UCITS, the Bank may, where it has reasonable grounds for doing so, request the competent authorities of the home Member State of the UCITS to exercise, without delay, powers in accordance with paragraph (2) of Article 98 of the Directive, other than point (j) of that paragraph, specifying the reasons for the request in as specific a manner as possible and notifying ESMA and, where there are potential risks to the stability and integrity of the financial system, the ESRB thereof.

(10) Where the Bank is in receipt of a request in accordance with the first subparagraph of Article 98(3) of the Directive, it shall, without undue delay, notify the competent authorities of the host Member State of the UCITS, ESMA and, where there are potential risks to the stability and integrity of the financial system, the ESRB, of the powers exercised and of its findings.”.

Amendment of Principal Regulations

17. The Principal Regulations are amended by the insertion of the following Schedule after Schedule 5

“Schedule 5A

LIQUIDITY MANAGEMENT TOOLS AVAILABLE TO UCITS

18. Schedule 11 to the Principal Regulations is amended by the substitution of the following for the matter set out at point 1.13

“1.13. Procedures and conditions for repurchase and redemption of units, and circumstances in which subscription, repurchase and redemption may be suspended or other liquidity management tools may be activated.

1.13. Procedures and conditions for repurchase and redemption of units, and circumstances in which subscription, repurchase and redemption may be suspended or other liquidity management tools may be activated. In the case of investment companies having different investment compartments, information on how a unit-holder may pass from one compartment into another and the charges applicable in such cases.”.

Amendment of Central Bank Act 1942

19. The

Central Bank Act 1942

(No. 22 of 1942) is amended -

(1) in section 33AK(10), in the definition of “supervisory EU legal acts”, by the insertion of the following paragraph after paragraph (aq)

“(ar) the Directive as defined in Regulation 3(1) of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (

S.I. No. 352 of 2011

).”, and

(2) in section 33BC, by the insertion of the following subsection after subsection (23)

“(24) This section does not apply where Regulation 132D of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (

S.I. No. 352 of 2011

) applies.”.

GIVEN under my Official Seal,

28 April, 2026.

SIMON HARRIS,

Minister for Finance.

1 OJ L 302, 17.11.2009, p. 32

2 OJ L, 2024/927, 26.3.2024

3 OJ No. L 257, 28.8.2014, p.1

4 OJ L 331, 15.12.2010, p. 12

5 OJ L 331, 15.12.2010, p. 48

6 OJ L 331, 15.12.2010, p. 1

7 OJ L 257, 28.8.2014, p. 1

8 OJ L 175, 30.06.2016, p. 1

9 OJ L 151, 2.6.2022, p. 1

10 OJ L 333, 27.12.2022, p. 1

11 OJ L, 2023/2845, 27.12.2013

12 OJ No. L. 302, 17.11.2009, p. 32

13 OJ No. L. 331, 15.12.2010, p. 120

14 OJ No. L. 174, 1.7.2011, p. 1

15 OJ No. L. 145, 31.5.2013, p. 1

16 OJ No. L. 257, 28.8.2014, p. 186

17 OJ No. L. 347, 28.12.2017, p. 35

18 OJ No. L. 188, 12.7.2019, p. 106

19 OJ No. L. 314, 5.12.2019, p. 64

20 OJ No. L. 328, 18.12.2019, p. 29

21 OJ L 455, 20.12.2021, p. 15

22 OJ L 333, 27.12.2022, p. 153

23 OJ L, 2023/2864, 20.12.2023

24 OJ L, 2024/927, 26.3.2024

25 OJ L, 2024/2994, 4.12.2024

26 OJ No. L 171, 29.6.2016, p. 1

27 OJ No. L 317, 9/12/2019, p. 1

28 OJ No. L. 173, 12.6.2014, p.349.

29 OJ No. L. 26, 2.2.2016, p.19.

30 OJ No. L 169, 30.6.2017, p. 8

28A. (1) A UCITS shall select at least 2 appropriate liquidity management tools from those referred to in paragraphs 2 to 8 of Schedule 5A, after assessing the suitability of those tools in relation to its pursued investment strategy, its liquidity profile and its redemption policy.

(2) A UCITS shall not, when selecting liquidity management tools in accordance with paragraph (1), select only the liquidity management tools referred to in paragraphs 5 and 6 of Schedule 5A.

(3) A UCITS shall, for possible use in the interest of the UCITS’ investors, include references to the liquidity management tools selected in accordance with paragraph (1) in its fund rules or the instruments of incorporation.

(4) Notwithstanding paragraph (1), a UCITS that is authorised as a money market fund in accordance with Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017

30

may decide to select only one liquidity management tool from those referred to in paragraphs 2 to 8 of Schedule 5A.

(5) A UCITS shall implement detailed policies and procedures for the activation and deactivation of each liquidity management tool selected in accordance with paragraphs (1) and (4) and the operational and administrative arrangements for the use of such tool.

(6) A UCITS shall communicate to the Bank

(a) the liquidity management tools selected in accordance with paragraphs (1) and (4);

(b) the detailed policies and procedures for the activation and deactivation referred to in paragraph (5).

(7) Redemption in kind, as referred to in paragraph 8 of Schedule 5A, shall only be activated—

(a) to meet redemptions requested by professional investors, and

(b) if the redemption in kind corresponds to a

pro rata

share of the assets held by the UCITS.

(8) Notwithstanding paragraph (7), the redemption in kind need not correspond to a

pro rata

share of the assets held by the UCITS if—

(a) that UCITS is solely marketed to professional investors, or

(b) if the aim of that UCITS’ investment policy is to replicate the composition of a certain stock or debt securities index and that UCITS is an exchange-traded fund as defined in Regulation 3(1) of the MiFID II Regulations.”.

Reporting obligations to competent authorities and use of information by competent authorities

30A. (1) A management company shall regularly report to the competent authorities of the UCITS home Member State on the markets and instruments in which it trades on behalf of each of the UCITS it manages.

(2) A management company shall, for each of the UCITS it manages, provide information on the instruments in which it is trading, on markets of which it is a member or where it actively trades, and on the exposures and assets of each of the UCITS it manages.

(3) The information provided under paragraph (2) shall include the identifiers that are necessary to connect the data provided on assets, UCITS and management companies to other supervisory or publicly available data sources.

(4) A management company shall, for each of the UCITS it manages, provide the following information to the competent authorities of the UCITS home Member State

(a) the arrangements for managing the liquidity of the UCITS, including the current selection of liquidity management tools, and any activation or deactivation thereof;

(b) the current risk profile of the UCITS, including the market risk, liquidity risk, counterparty risk, other risks including operational risk, and the total amount of leverage employed by the UCITS;

(c) the results of the stress tests performed in accordance with Regulation 69(1);

(d) information regarding delegation arrangements concerning portfolio management or risk management functions as follows

(i) information on the delegates, specifying their name and domicile or registered office or branch, whether they have any close links with the management company, whether they are authorised or regulated entities for the purposes of asset management, their supervisory authority, where relevant, and including the identifiers of the delegates that are necessary to connect the information provided to other supervisory or publicly available data sources;

(ii) the number of full-time equivalent human resources employed by the management company for performing day-to-day portfolio management or risk management tasks within that management company;

(iii) a list and description of the activities concerning portfolio management and risk management functions which are delegated;

(iv) where the portfolio management function is delegated, the amount and percentage of the UCITS’ assets which are subject to delegation arrangements concerning the portfolio management function;

(v) the number of full-time equivalent human resources employed by the management company to monitor the delegation arrangements;

(vi) the number and dates of the periodic due diligence reviews carried out by the management company to monitor the delegated activity, a list of issues identified and, where relevant, of the measures adopted to address those issues and the date by which those measures are to be implemented;

(vii) where sub-delegation arrangements are in place, the information required under clauses (i), (iii) and (iv) in respect of the sub-delegates and the activities related to the portfolio management and risk management functions that are sub-delegated;

(viii) the commencement and expiry dates of the delegation and sub-delegation arrangements;

(e) the list of Member States in which the units of the UCITS are actually marketed by its management company or by a distributor which is acting on behalf of that management company.

(5) The Bank shall ensure that all information provided to it under this Regulation in respect of every UCITS that it supervises and the information provided to it under Regulations 17 and 18 is made available to competent authorities of other relevant Member States, ESMA, EBA, EIOPA and the ESRB, whenever necessary for the purpose of carrying out their duties, by means of the procedures set out in Regulation 133.

(6) The Bank shall ensure that all information gathered under this Regulation in respect of every UCITS that it supervises is made available, for statistical purposes only, to the ESCB, by means of the procedures set out in Regulation 133.

(7) The Bank shall, without delay, provide information by means of the procedures set out in Regulation 133, and bilaterally to the competent authorities of other Member States directly concerned, if a management company under its responsibility, or a UCITS managed by that management company, could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institutions in other Member States or to the stability of the financial system in another Member State.

(8) The Bank may require the management company of a UCITS in respect of which the State is the UCITS home Member State to provide information in addition to that referred to in paragraph (1), on a periodic or

ad hoc

basis, where—

(a) in the opinion of the Bank it is necessary to do so for the effective monitoring of systemic risk, or

(b) requested to do so by ESMA, following consultation with the ESRB, to ensure the stability and integrity of the financial system, or to promote long term growth,

and the management company shall comply with such a requirement.

(9) The Bank shall inform ESMA about the additional reporting required by it under paragraph (8)(a).”.

Amendment of Regulation 34A of Principal Regulations

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

1

st May,

2026.

I, SIMON HARRIS, Minister for Finance, in exercise of the powers conferred on me by

section 3

of the

European Communities Act 1972

(No. 27 of 1972) and for the purpose of giving further effect to Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009

1

, as amended by Directive (EU) 2024/927 of the European Parliament and of the Council of 13 March 2024

2

, hereby make the following regulations

Citation and commencement