20th October 2020

Central Bank publishes outcome of thematic review of fund management companies

The review found that when applied correctly by firms, the rules and guidance provide a framework of robust governance and oversight arrangements. These findings align with the Central Bank’s experience in respect of the large number of recent applications for authorisation. In the case of these applications, the framework has provided a strong basis for firms to identify and retain the level and nature of resources needed and to put in place the required governance, management, systems and controls. In the case of previously authorised FMCs, those who were able to demonstrate that they were largely compliant with the framework had resourcing and operational structures in place that enabled a considered, well-planned approach to implementation of the framework. However the review found that a significant number of previously authorised FMCs have not fully implemented the framework, with many only able to evidence the introduction of limited changes following implementation of the framework. CLICK HERE to read about the key issues identified in the review and if you want to also read the detailed report itself.