The Deputy Governor of the Central Bank of Ireland, Matthew Elderfield, addressed the Irish Funds Industry Association (IFIA) on the 12 September 2012 and highlighted a variety of interesting Central Bank initiatives and priorities. The address was given in the context of a growing Irish funds industry with total assets under administration in Ireland having passed the €2 trillion mark, assets under management of €1.2 trillion and over 1.3 m investors in Irish regulated funds or funds supported by Irish fund administrators.
Interestingly, Mr Elderfield commented that “we will be revisiting our existing statutory codes for banks and insurance companies next year. We will use that process to review the success and take-up of the IFIA code. Also on the horizon, MIFID II will be coming into force before too long and will be prompting a reassessment of corporate governance standards for investment firms, which of course would include a number of fund service providers.”
For a link to our more detailed commentary on Mr Elderfield’s address to the IFIA, please click here.