Central Bank Reviews Outsourcing Arrangements of Fund Administrators
The Central Bank completed a review on outsourcing carried out by Irish regulated Fund Administrators. The review focused on:
The extent to which larger Irish Fund Administrators have outsourced fund administration activities to global service providers; and
The governance and oversight arrangements in place within the Irish Fund Administrators regarding outsourced fund administration activities.
The Central Bank has issued a letter to all Irish regulated Fund Administrators highlighting observations and recommendations to assist Fund Administrators who outsource fund administration activities.
Central Bank ORION System launched
From 27 March 2017, the following applications and submissions will have to be made via ORION, the Central Bank’s online application system:
UCITS and RIAIF sub-fund approval submissions and standalone fund submissions;
AIFM authorisation and registration submissions;
AIF management company authorisation submissions;
UCITS management company authorisation submissions;
SMIC authorisation submissions; and
IVM3 applications (i.e., investment manager approval applications for investment managers that cannot avail of the fast-track process).
Central Bank Change of Location
On 13 March 2017, the Central Bank Funds Authorisation and Funds Supervision teams moved location to the Central Bank’s new offices on New Wapping Street, North Wall Quay, Dublin 1. Correspondence to Funds Authorisation, Post Authorisation and Investment Management Clearance should be directed to this address.
Central Bank Speech on MiFID II
Michael Hodson, Director of Asset Management Supervision, gave a speech on 20 April 2017 on the challenges in preparing for MiFID II. In particular, he noted that firms should be in the process of designing the policies and procedures that will be required to comply with MiFID II as at 3 January 2018.
Latest Fund Statistics
The Central Bank of Ireland has issued the latest statistics available regarding Irish funds.