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Central Bank of Ireland Clarifies Fund Authorisation Procedures

AUTHORs: Tara Doyle Services: Asset Management and Investment Funds DATE: 14/07/2022

Central Bank of Ireland Clarifies Fund Authorisation PDF | 0.63 MB

The Central Bank of Ireland (“Central Bank”) has published updates to its website including guidance relating to fund authorisation processes and procedures (“Guidance”).  The publication of the Guidance forms part of the Central Bank’s broader project to review fund authorisation processes, which will be completed during the course of 2022.

Approval of Non-EU Investment Managers

The Guidance amends the process for the approval of UCITS and AIF investment managers and investment advisers by setting out a new online process for the clearance of non-EU based investment managers.  The new process now involves:

  • submission of applicant de  tails (as required under the pre-existing process) via the Central Bank’s
    online reporting system (ONR);
  • an attestation from the fund manager as to the due diligence that has been carried out on the application, including, at a minimum: 
    • confirmation of the regulatory status and background of the investment manager to ensure they are appropriately regulated and supervised and are not subject to legal proceedings;
    • confirmation that a review of the financial information has been completed to ensure the investment manager has the required level of share capital and has no contingent liabilities
    • confirmation that a review of the resources, systems and procedures of the investment manager have been completed to ensure that they are sufficient to adequately carry out all the functions delegated to it; and
    • a confirmation that they are in a position to effectively monitor the investment manager’s compliance with the relevant fund documentation and all regulatory and legislative requirements in this regard.

Read more on this publication here.

Please get in touch with your usual Asset Management and Investment Funds Department contact or any of the contacts listed in this publication should you require further information in relation to the material referred to in this update.