CFCL General information – Ireland
Reference
Register market
Investment funds in Ireland can be broadly classified as either undertakings for collective investment in transferable securities (UCITS) or alternative investment funds (AIF) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the European Union (Alternative Investment Fund Managers) Regulations 2013 respectively.
Under Irish law, UCITS and AIFs can be established in the following legal forms:
- Investment companies;
- Irish Collective Asset Management Vehicles (“ICAV”);
- Unit trusts;
- Investment Limited Partnerships (can be formed as Alternative Investment Funds only);
- Limited Partnerships.
CSD link
CREST eligible funds – Closed-ended funds and ETFs can be made eligible in CFCL.
Please refer to the Market Link Guide – Ireland for more information.
CREST eligible funds
Settlement of eligible funds will be automated through CREST.
Exchange Traded Funds (ETFs)
Exchange-Traded Funds (ETFs) are permitted and can be traded within the Irish market.
Custody chain and depository
Ireland is a non-T2S market.
Type of link | Indirect link to the CREST system of Euroclear UK and Internationala |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
| CSD | Custodian (as CBL’s depository) | CBL (as CFCL’s depository) | |
Name | Euroclear UK and International Ltd (EUI) | Citibank N.A., London Branch | Clearstream Banking S.A. |
FATCA GIIN | IWVIDJ.99999.SL.826 | NXUTG8.00000.BR.826 | N1V1GJ.00000.LE.442 |
LEI | 549300M5MYAD51WHJD5 5 | E57ODZWZ7FF32TWEFA76 | 549300OL514RA0SXJJ44 |
Country of incorporation | United Kingdom | The U.S.A. | Luxembourg |
Account type | Omnibus | Omnibus | Segregated |
Legal Account name/holder | Citibank N.A, London Branch as EUI direct participant hold individually segregated participant IDs on behalf of CBL/CFCL in the EUI Crest system | Clearstream Fund Centre | Clearstream Fund Centre |
Depository
Depository | CSD/Local custodian/Agent |
CBL | CITIBANK N.A., LONDON Citigroup Centre Canada Square Canary Wharf London E14 5LB United Kingdom Depository Code: 14 |
Operational arrangements
This section describes the operational arrangements of the Irish market, which is both a domestic and a register market.
Domestic Market | Register Market | Remarks | |
Settlement in T2S | No | N/A | |
Settlement free of payment | Yes | Yes | |
Settlement against payment | Yes | Yes | Eligible settlement currencies: British Pounds (GBP), Euro (EUR) and U.S. Dollars (USD). |
Settlement against payment in central bank money | No | N/A | CBL acting as a sub-custodian for CFCL holds a cash account with the custodian that settles against payment transactions on behalf of CBL in Central Bank Money for GBP and EUR and in Commercial Bank Money for USD. |
Settlement penalty fees | Yes | N/A | See Settlement services in the section below. |
Partial settlement | Yes | N/A | See Settlement services in the section below. |
Settlement with Euroclear | No | N/A | Irish equities are not eligible for a settlement with Euroclear. |
Allegements | No | N/A | |
Registered securities | Yes | N/A | |
Proxy voting | Yes | N/A | |
Liquidity Hub Connect | No | N/A | |
Sale and purchase of rights | No | N/A | |
Repo services | No | N/A | |
Market restrictions | No | N/A | |
FTT | No | N/A | |
Daily reconciliation | Yes | N/A | |
Link eligible for use in Eurosystem credit operations | No | N/A | |
Moment of entry | Settlement instruction is received by the CREST system. | ||
Irrevocability | Matched instructions are irrevocable and require bilateral cancellation. | ||
Settlement finality | Settlement in EUI’s CREST system is final and irrevocable. | ||
Legal arrangements
The below section is valid on the date of the legal opinions that were issued and might be subject to change.
The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.
As CBL is our sub-custodian, please refer to the Market Link Guide – Ireland for the complete information about Legal arrangements.
Cash correspondent details
Currency: | British Pound (GBP) | U.S. Dollar (USD) |
CCB name: | Barclays Bank PLC, London | JPMorgan Chase Bank, New York |
CBL account: | GB29 BARC 2032 5350 4088 59 | 001-1-573714 |
Swift address: | BARCGB22 | CHASUS33 |
Currency: | Euro (EUR) via CCB | Euro (EUR) via T2 RTGS |
CCB name: | Deutsche Bank AG, Frankfurt | Banque centrale du Luxembourg |
CBL account: | DE44 5007 0010 0938 2250 00 | |
Swift address: | DEUTDEFF | TRGTXEPMRTG |