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Central Bank of Ireland Responds to Industry Brexit Queries
AUTHOR(S): Tara Doyle, Michael Jackson, Dualta Counihan, Anne-Marie Bohan, Shay Lydon, Liam Collins, Philip Lovegrove, Elizabeth Grace, Oisin McClenaghan, Michelle Ridge, Barry O’Connor, Donal O’Byrne
PRACTICE AREA GROUP: Asset Management and Investment Funds
On 24 January 2019, the Irish funds industry representative association, Irish Funds, made a submission to the Central Bank of Ireland (“Central Bank”) outlining a number of matters to be addressed at a domestic regulatory level in advance of the withdrawal of the United Kingdom (“UK”) from the European Union (“EU”). These included the continuance of existing appointments of UK investment managers, issues relating to fund revocations and liquidations, UCITS mergers and passporting applications.
The Central Bank has now replied to industry and we have set out in a briefing note the matters upon which the Central Bank has offered some further clarification, issues already addressed by way of earlier communications from the Central Bank, and matters still under consideration.
We welcome the clarity provided by the Central Bank on various points raised by industry. We will continue, through our industry engagements, to seek further clarifications from the Central Bank to assist our clients in preparing for Brexit and implementing their contingency plans.
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.