The Central Bank will extend the deadline by which existing fund management companies (i.e. fund management companies, SMICs and internally managed AIFs authorised before 1 November 2015) must comply with its revised managerial functions and new organisational effectiveness requirements to at least six months after the completion of the forthcoming consultation on further guidance for fund management companies, which is now expected by the end of Q1 2016. In the Central Bank feedback statement in relation to Consultation Paper CP86 - Consultation on Fund Management Company Effectiveness - Delegate Oversight (which issued in June 2015) the Central Bank advised that it would publish further guidance for fund management companies by the end of 2015. It also advised that it would require existing fund management companies to update business plans/programmes of operation to reflect the revised managerial functions and the organisational effectiveness role by 30 June 2015. Work on preparing the additional draft g uidance for fund management companies is on-going and the Central Bank anticipates publishing it for public consultation by the end of Quarter 1 2016. The deadline for compliance with the new requirements will be extended accordingly.