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Irish Central Bank enhances fund governance

Recently the Central Bank of Ireland published a guidance note and feedback statement in respect of fund management companies (FMCs). The note provides guidance (draft in the case of delegate oversight) on the following:

1.General Guidance on FMCs - Feedback to CP86;

2. delegate oversight;

3. organizational effectiveness; and

4. directors’ time commitments. There are a number of key areas that the Central Bank is focusing on in its guidance:

  • The separation of the Designated Person (“DP”) role from that of the role of Non-Executive Director (“NED”).
  • The reorganisation of the key managerial functions for UCITS and AIFMs.
  • Parameters being placed on the professional and director time commitments for FMC directors in terms of “aggregate professional time commitments.”
  • Increased emphasis on oversight of particular management areas including Risk Management and Distribution.
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