IRELAND: Central Bank’s CP86 Project

Monday May 14 2018

As of 1 July 2018, existing fund management companies (UCITS Mancos, AIFMS, self-managed UCITS and internally managed AIFs) will be obliged to comply with their obligations under the Central Bank’s CP86 project (CP86).  It introduces important changes to the fund management landscape and imposes a number of key obligations, such as managerial functions, organisational effectiveness and retrievability of records.

The objective of CP86 was to introduce measures “designed to underpin the achievement of substantive control by fund management companies, acting on behalf of investment funds, over the activities of their delegates”. These measures include delegate oversight, the streaming of UCITS and AIFMD managerial functions, residency of fund directors and board composition.

The Central Bank issued a survey on 8th May 2018 to existing management companies and their funds to ascertain levels of compliance.

Click on the link above for further information.