Central Bank of Ireland cracks down on 182 closet tracker funds

clock • 3 min read

The Central Bank of Ireland (CBI) has identified and is investigating 182 Ucits funds it suspects of being "closet trackers", with the funds regulator already forcing boards to take action on the "transparency" of fund documentation. Following a review of 2,550 Ireland-domiciled Ucits funds marketed as active products, the CBI found 182 met the European Securities and Markets Authority's definition of a closet tracker. The CBI has already made investigations into 62 of the funds so far, with action taken against 57 of them. In a letter written by Patricia Dunne, head of the CBI's s...

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