The Central Bank will extend the deadline by which Management Companies must comply with the Central Bank’s organisational effectiveness requirement to at least six months after the completion of the 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 Work on preparing the additional draft guidance for fund management companies is on-going and the Central Bank anticipates publishing it for public consultation by the end of Quarter 1 2016. To reflect this extended timeframe and to facilitate orderly transition, the deadline for compliance by existing fund management companies (i.e. fund management companies authorised before 1 November 2015) with the revised managerial functions and new organisational effectiveness requirements will be at least six months after the completion of the consultation process.