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Markets and Securities Services |
Ireland
36
Brian McDermott
Partner
Deirdre Ryan
Senior Associate
Asset Management & Investment Funds Group
A&L Goodbody
Existing entities can make changes to their organisational structure during the transitional period,
but only changes that bring them closer to compliance with the final rules and guidance.
Rules and guidance
Fund ManCo
Authorised before
1/11/2015
Fund ManCo
Authorised between
1/11/2015 and 30/06
2017 (inclusive)
Fund ManCo
Authorised after
30/06/2017
Six managerial functions
1/07/18
Applicable from date of authorisation.
Performance of the organisation
effectiveness role
1/07/18
Applicable from date of authorisation.
Location rule
1/07/18
1/07/18
The CBI will only
authorise entities
organised in a way
that complies with
these provisions.
Retrievability of records
Guidance: delegate oversight
4/11/15
Applicable from date of authorisation.
Guidance: organisational effectiveness
Applicable from the date that a Fund ManCo has appointed a person
to the organisational effectiveness role or from 1/07/18 at the latest.
Guidance: directors’ time commitments 4/11/15
Applicable from date of authorisation.
Guidance: managerial functions
1/07/18
1/07/18
Applicable from date
of authorisation.
Guidance: operational issues
Retrievability of
records: 1/07/18.
Dedicated email
address: 30/06/17,
but CBI requesting
email address to be
communicated to it
before 28 April 2017.
Retrievability of
records: 1/07/18.
Dedicated email
address: 30/06/17,
but CBI requesting
email address to be
communicated to it
before 28 April 2017.
Retrievability of
records: applicable
from date of
authorisation.
Dedicated email
address: applicable
from date of
authorisation.
Guidance: procedural matters
This guidance is a reflection of the existing Fund ManCo guidance,
so no transitional arrangements apply.
1
For the CBI’s Feedback Statement on the Consultation,
please see
https://www.centralbank.ie/docs/default-source/publications/Consultation-Papers/cp86/161219_cp86-
feedback-statement_third-consult_final_rhd.pdf?sfvrsn=2,
last downloaded on 21 May 2017. Link
here .For the Fund Management Companies — Guidance, please
see
https://www.centralbank.ie/docs/default-source/Regulation/industry-market-sectors/Funds/UCITS/
Guidance/fund-management-company-guidanceb34c
c0134644629bacc1ff0000269695.pdf?sfvrsn=2, last
downloaded on 21 May 2017. Link
here.
2
Irish Collective Asset-management Vehicles (ICAVs).
»
Fund ManCos will need to consider final
rules and guidance and update their
BPs/ PoAs within prescribed timelines,
particularly as they concern board
and DP composition, the allocation
of the managerial functions and the
organisational effectiveness role.
»
Fund ManCos will need to consider
the adequacy of their policies and
procedures to support their BPs/PoAs
and in light of the new requirements
and guidance, including as highlighted
under operational issues above.
Key points to be addressed: