Tuesday December 20 2016

News Source: Fund Regulation

Focus: Other

Type: General

Country: Ireland




The Central Bank has today, 19 December 2016, published its feedback statement on CP86 – Consultation on Fund Management Company Effectiveness – Managerial Functions, Operational Issues and Procedural Matters (“Third Consultation”). Along with this, the Central Bank has published the final guidance on managerial functions, operational issues and procedural matters.

In its feedback, the Central Bank stressed the importance of fund management companies knowing and understanding their regulatory obligations, complying with them and having the ability to demonstrate this compliance.

To assist in this process, the Central Bank has prepared the Managerial Functions guidance including Annexes I and II of the Final Guidance which list obligations imposed by Level 1 and 2 of the AIFMD and UCITS Directive. This guidance does not constitute additional obligations on fund management companies but rather provides fund management companies with the Central Bank’s expectations of how they may ensure compliance with the UCITS and AIFMD regimes and additional obligations under other applicable legislation.

Guidance on Managerial obligations is included in areas such as:

  • Due diligence in selection of investments
  • Leverage
  • Liquidity management
  • Investment in securitisations
  • Exercising voting rights
  • Best Execution

Click on the above link to view the Fund Management Companies Guidance document.