In our December 2015 e-zine we indicated that there were likely to be delays in the Central Bank finalising all outstanding Guidance in relation to its Fund Management Company Effectiveness Project contemplated by Consultation Paper 86. In late December, the Central Bank indicated that it would be preparing additional draft Guidance for management companies for public consultation by the end of Quarter 1 2016. To reflect the extended time frame and to facilitate orderly transition, the deadline for compliance for fund management companies with the revised managerial functions and new organisational effectiveness requirements will be at least 6 months after the completion of this consultation process. Thus the original 30 June 2016 compliance date is likely to be extended into Quarter 3 or Quarter 4 of 2016.