Address By Deputy Governor Matthew Elderfield To The Irish Funds Industry Association Conference In Dublin

Author:Mr Carl O'Sullivan, Sarah Cunniff, Kevin Murphy and Dara Harrington
Profession:Arthur Cox
 
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On 12 September 2012, Matthew Elderfield addressed the Irish Funds Industry Association's annual conference in Dublin to speak about the Central Bank's agenda for the future regulation of the Irish funds industry.

Mr. Elderfield mentioned the importance of having an appropriate regulatory framework to provide investor protection and maintain the reputation of the Irish Financial Services Centre and the funds industry. He noted that recent EU initiatives in respect of financial services have provided an opportunity for the Central Bank to re-examine certain elements of the domestic framework. In particular, the implementation of the Alternative Investment Fund Managers Directive (AIFMD) in Ireland has prompted the Central Bank to undertake a review of the existing regulatory regime for non-UCITS. In particular, he said that the following matters were under consideration:

whether a new category of fund should be established, which would be based on the minimum standards of the AIFMD. This new category of fund would be fully compliant with EU standards for passporting, and would avoid any additional domestic requirements other than those directly required by existing Irish law. a rigorous reassessment of the current QIF regime and the extent to which this should be adjusted to reflect the provisions of the AIFMD. He mentioned by way of example that the Irish requirements in respect of directed brokerage programmes could be disapplied where rules on conflicts of interest, best execution and annual account disclosure under the AIFMD provide adequate comfort to investors. the removal of the current promoter regime in respect of QIFs, to be replaced by the requirements applicable to fund managers under AIFMD and possibly...

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