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.