During 2015, the Central Bank of Ireland ("Central Bank") published fund management company guidance in the areas of directors' time commitments, organisational effectiveness and delegate oversight. It had been indicated that the Central Bank would issue further guidance for fund management companies in the areas of managerial functions, operational matters and procedural requirements by the end of 2015. By way of update, the Central Bank has advised that work on preparing the additional draft guidance for fund management companies is still ongoing, and that it now anticipates publishing this for public consultation by the end of Quarter 1 2016.
To reflect this extended timeframe and to facilitate orderly transition, the Central Bank has confirmed that the deadline for compliance by existing fund management companies (ie, fund management companies authorised before 1 November 2015) with the revised managerial functions and new organisational effectiveness requirements will be at least six months after the completion of the consultation process. This therefore impacts on the previously indicated deadline date of 30 June 2016 for updating existing business plans and programmes of activity ("POA") to reflect the revised managerial functions and the organisational effectiveness guidance requirements.
In view of this, for fund management companies authorised before 1 November 2015, the deadline date for updating business plans / POA to reflect revised managerial functions and the organisational effectiveness role is expected to fall at the end of Quarter 3 2016 at the earliest.
It should be noted that the term "fund management company" includes UCITS management companies, alternative investment fund managers ("AIFMs"), self-managed UCITS investment companies and internally managed alternative investment funds.
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.