Outcome of Central Bank of Ireland CP86 Thematic Inspection

On 20 October 2020, the Central Bank of Ireland (“Central Bank”) issued a Dear Chair letter outlining its findings following a thematic review assessing how fund management companies (“FMCs”) have implemented the Central Bank’s requirements and related guidance on the organisation of FMCs.

The Central Bank has identified a number of areas where compliance with the requirements and guidance needs to be further assessed by FMC boards, particularly in relation to resourcing of FMCs that were authorised before the new FMC framework was introduced (in 2017 for firms seeking new authorisation and mid-2018 for existing firms).