IRELAND: Speech on Irish Funds Regulation after the Implementation of AIFMD

Thursday January 17 2013

On 17 January 2013, the Director of Markets Gareth Murphy addressed an industry briefing hosted by the Irish Funds Industry Association on the regulation of Irish funds after the implementation of the Alternative Investment Fund Managers Directive (AIFMD).

The speech’s objective was to:

• Set out the Central Bank’s objectives in relation to funds regulation;
• Explain the Central Bank’s thinking when they embarked upon a review of their non-UCITS rule book;
• Talk through some of the key areas which challenged their thinking; and
• Give some pointers to their areas of supervisory focus in 2013.

Mr. Murphy went on to discuss:

• The purpose of regulation;
• The approach to revising the non-UCITS rule book;
• The challenges encountered along the way; and
• Future supervision of funds and funds service providers.

The Central Bank will issue a response to the previous consultation along with a revised draft AIF Handbook reflecting their considered view on the adjustments which need to be made in light of the responses by end of this month. There will then follow a detailed technical review of this handbook, focusing on the requirements that the Central Bank is itself imposing which are additional to those imposed in legislation, to ensure that the policies which have been adopted can be implemented within the supervisory framework and are enforceable. A final version of the AIF handbook will issue after that review has been completed.

Please refer to the above link for more details.