On 9 October 2015, Gareth Murphy, Central Bank Director of Markets Supervision spoke at the Irish Funds Symposium. Mr Murphy spoke on the themes of regulatory reporting and systemic oversight.
Mr Murphy began his address by speaking of fund directors' time commitments and noted that "investment fund regulation does not stop at umbrella fund level but applies also at sub-fund (or compartment) level. (This is to be distinguished from corporate governance requirements which mostly sit at the level of the umbrella board.)" Mr Murphy pointed out that "the Central Bank expects directors to consider carefully their time commitments to each and every sub-fund and to set aside sufficient time consistent with the nature of the sub-fund in order that they can meet their obligations."
Mr Murphy noted that "As part of the Central Bank's themed supervisory work next year, we will take the time to do a detailed review of the quality of board discussions by focussing our attention on those fund complexes which have directors with extensive sub-fund responsibilities."