Central Bank of Ireland publishes a "Dear Chair" letter to Fund Management Companies (FMC)

December 9, 2022

Earlier this week, the Central Bank of Ireland published a "Dear Chair" letter to Fund Management Companies (FMC). This analysis was conducted to review the compliance of the Fund Management Companies Framework in 2020. A follow-up industry survey was conducted in June 2022 to assess how the Governance, Structure, and Resources available to FMCs had evolved as a result of the measures taken from the Central Bank’s CP86 letter in 2020. 

The framework shaped expectations around the operations within a FMC. This allowed all FMCs, not only at a domestic level but also on a European and Global scale to operate effectively when it has an appropriate level of resources in place. 

The letter concluded that although there was significant progress made over the last few years, FMCs should keep in mind that there is additional work to be done in order to achieve effective governance, organisation, management and adequate monitoring in FMCs to maintain high standards of market integrity and systemic resilience as protection of the investor is a priority.

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