Investment Funds Update: Central Bank Publishes Fund Management Company Effectiveness Consultation

M
Matheson

Contributor

Established in 1825 in Dublin, Ireland and with offices in Cork, London, New York, Palo Alto and San Francisco, more than 700 people work across Matheson’s six offices, including 96 partners and tax principals and over 470 legal and tax professionals. Matheson services the legal needs of internationally focused companies and financial institutions doing business in and from Ireland. Our clients include over half of the world’s 50 largest banks, 6 of the world’s 10 largest asset managers, 7 of the top 10 global technology brands and we have advised the majority of the Fortune 100.
The Matheson Asset Management and Investment Funds partners would like to bring to your attention the latest developments which have taken place in the area of fund management governance.
Ireland Finance and Banking

The Matheson Asset Management and Investment Funds partners would like to bring to your attention the latest developments which have taken place in the area of fund management governance. In particular, the Central Bank of Ireland ("Central Bank") has issued a third consultation on CP86 Consultation Paper on Fund Management Company Effectiveness ("Consultation Paper"). It includes guidance on managerial functions, operational issues and procedural matters, and also introduces some new rules in relation to these areas. In particular, it introduces additional flexibility on the location of designated persons allowing them to be based outside Ireland. We have prepared a briefing note on this matter which we believe will be of interest to you and which sets out a summary of the main points raised in the Consultation Paper. Our full briefing note can be found here.

The Central Bank has also published CP105: Consultation on Amendments to the Central Bank UCITS Regulations ("CP105"). This consultation sets out certain amendments to the Central Bank UCITS Regulations in light of UCITS V and proposes some technical amendments following discussions with industry. We will provide you with a separate update in relation to CP105 through our client teams and our legal and regulatory reports in due course. In the meantime, you can access a copy of CP105 here.

The Central Bank has also issued an amended 13th edition UCITS Q&A which you can access here and an updated 19th edition AIFMD Q&A, which you can access here. The amendments made in each Q&A are largely clarificatory or technical amendments and do not signal any significant policy developments on the part of the Central Bank. We will be providing additional details on each amended Q&A in our legal and regulatory reports in due course.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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