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Asset managers regulated by South Korea's Financial Supervisory Service are now permitted by the Central Bank of Ireland to provide discretionary asset management advice to Irish regulated funds.
The Central Bank of Ireland ("CBI") have recently approved an asset manager which is regulated in South Korea by the Financial Supervisory Service ("FSS") to manage a Qualified Investor Alternative Investment Fund ("QIAIF") authorized by the CBI.
While there have previously been several Irish funds promoted and managed by Korean managers many of these were authorized by the CBI prior to their requirement that any discretionary asset manager to Irish regulated collective investment fund demonstrate to the CBI that its home regulator is MiFiD equivalent. The recent approval by the CBI of the FSS followed a thorough review by the CBI of the FSS regulatory regime to ensure it is indeed MiFiD equivalent. The approval opens the door for other Korean asset managers who are considering the establishment of either UCITS or AIF regulated funds in Europe to avail of the various Irish product offerings.
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