The Financial Regulator (FR) has published a Consultation Paper on revocation of dormant funds. From the monthly returns data collated by the FR there are a significant number of authorised CIS (including sub-funds) reporting nil net asset values, some over a lengthy period. On the basis of information provided by UCITS and non-UCITS CIS, it is proposed the FR will identify dormant CIS and issue a notice of intention to revoke authorisation its trustee, in accordance with Regulation 103(1).
Please click here to review Consultation Paper.