The anticipated date for the coming into force of the new voluntary corporate governance code for the Irish funds industry, outlined in our client bulletin of 21 June 2011, is now January 2012.
The code, a draft of which was finalised in June by the IFIA (the Irish Funds Industry Association), was prepared in response to an invitation to the IFIA by the Central Bank in April 2010 and will apply on a "comply or explain" basis to Irish authorised collective investment schemes and management companies. It had been expected that the code would come into effect on 1 September 2011, but it now appears that in order to consider and address feedback which has been received in relation to the draft code, the code will not now become effective until January 2012. A transition period of 12 months will also apply. The Central Bank's Policy Committee is considering a number of issues before the finalised voluntary code is circulated.