Speech by Michael Hodson, Central Bank Director of Asset Management Supervision on 2 February 2017

Michael Hodson, Central Bank Director of Asset Management Supervision, spoke on 2 February 2017 and discussed a number of issues including:

  • Fund management company effectiveness (CP86) and, in particular, the transitional arrangements for the new requirements and guidance.
  • Central Bank Supervisory & Thematic Priorities which will include
    • Money Market Fund Regulation in that the Central Bank will have some work to do to ensure its rulebooks (AIF Rulebook and Central Bank UCITS Regulations) are consistent with it.
    • AIFMD / UCITS Review- In relation to AIFMD, the EU Commission must commence a review of the AIFMD by 22 July 2017 and the areas of analysis are prescribed in Article 69 of AIFMD. In comparison, the review of the UCITS Directive will be more focused, primarily examining the administrative sanctions laid down by that directive. According to Article 99(3) the Commission is required to complete the UCITS review by 18 September 2017.


Joint Committee of ESAs consults on PRIIPs with environmental or social objectives

On 10 February 2017, the Joint Committee of the ESAs published a consultation paper on packaged retail and insurance-based investment products (PRIIPs) with environmental or social objectives (following a request for technical advice from the European Commission, in May 2016). The consultation closes on 23 March 2017.

IOSCO report on loan funds survey

On 20 February 2017, the International Organization of Securities Commissions (IOSCO) published its final report following a survey on loan funds and concludes that further work on loan funds is not warranted at this stage.