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UPDATE 1-Irish regulator delivers rebuke to long-established funds

Tue, 20th Oct 2020 17:14

(Adds comment from representative body for international
investment funds in Ireland)

DUBLIN, Oct 20 (Reuters) - A significant number of fund
management companies authorised to operate in Ireland before
stricter regulations were introduced in 2017 have not yet fully
implemented the framework and some may face penalties, Ireland's
Central Bank said on Tuesday.

The central bank introduced the set of provisions over and
above the minimum European Union requirements, its so-called
CP86 framework, to ensure that Ireland's large funds industry
had sufficient resources and controls to meet their obligations.

Among the 358 active firms reviewed, the regulator found
that many of the longer established funds had only made limited
changes and did not have appropriate levels of resources in
place to ensure effective implementation of the framework.

The vast majority also had not appointed a chief executive,
the review found, contrary to central bank expectations that all
but the smallest of fund management companies should have a CEO.

However the regulator said that the new framework meant that
the appropriate and effective overall levels of resourcing were
in place for the large number of funds that set up an operation
in Ireland as a result of Britain's decision to leave the EU.

The representative body for international investment funds
in Ireland, Irish Funds, said it was confident that the
recommendations would help the wide range of fund management
companies to assess and determine any necessary changes.

The regulator has commenced supervisory engagement with
funds where specific concerns have been identified. For many,
that may result in agreeing specific changes but the central
bank said its "full suite of tools" was available for more
serious findings.

Another industry-wide review will be held in 2022.

"Too many firms evidenced significant shortcomings,"
Director General of Financial Conduct Derville Rowland said in a
statement.

"The lack of attention to issues that affect good governance
is unacceptable and raises serious concern for the Central Bank.
It is particularly concerning in light of the increasingly
complex landscape in which firms operate."
(Reporting by Padraic Halpin
Editing by Gareth Jones)

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