At the start of the lockdown in March 2020 our Asset Management and Investment Funds Team initiated regular webinars to keep in touch with our clients, the director community and our contacts. The purpose of this new podcast series is to provide you with these updates in a revised format. In this first episode, Sarah Cunniff, Partner, introduces an extract of the recording of the specific webinar on the CP86 findings which was broadcast on 23 October 2020 in which Partners Cormac Commins and Dara Harrington also participated.
In October 2020, the Central Bank issued findings arising from its review of the implementation by Irish fund management companies of CP86, its Fund Management Guidance. These findings were the culmination of a three stage review process over an 18 month period by the Central Bank and it identified significant shortcomings in staffing levels, the oversight of delegates and the investment management processes for certain Irish fund management companies. Importantly, it required all Irish fund management companies to critically assess their operating models in the light of these findings.
Of course, there have been some developments since that webinar was broadcast and so at the end of the podcast Sarah is joined by Tara O'Reilly, Partner and Co-Head of the Asset Management and Investment Funds Team, who will provide some detail on what has been happening since the time the webinar was first broadcast.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.