The following are the high level takeaways from the independent Fitness and Probity Review: 1) Provision of #12 recommendations across three main areas of focus, covering a) Clarity of supervisory expectations around Fitness & probity, b) Internal governance regarding the Fitness & Probity process and c) Fairness, efficiency and transparency around the Fitness & Probity process. 2) The CBI is accepting all #12 recommendations of the report; 3) The CBI is establishing a new separate Fitness & Probity unit which will be enhanced with senior staff with independent decision making powers. The Fitness & Probity unit will be segregated from the CBI investigations department; 4) Establishment of structured timelines for fitness & probity reviews and approvals. 5) Implementation of ongoing annual updates to the industry and training for CBI portal users. The CBI will also encourage industry feedback through this mechanism. The above are just high level points and members should refer to the full report (link below). We would also like to take this opportunity to thank members who supplied us with feedback and suggestions that facilitated IFDA’s submission on the report. Simon O’Sullivan on behalf of the IFDA council _____________________ IFDA is the representative body for independent directors within the Irish funds industry. Contact us on secretary@ifdassoc.ie www.ifdassoc.ie Lisa Martensson Gerard Scully Jennifer Fox John Madigan Brian Farrell hashtag#IFDA hashtag#Ireland hashtag#INED hashtag#ireland hashtag#regulation hashtag#Fitnessandprobity https://lnkd.in/dGtWB6zT
Irish Fund Directors Association (IFDA)
Financial Services
Dublin, Dublin 1,063 followers
IFDA is the representative body for independent directors within the Irish funds industry.
About us
The Irish Fund Directors Association ("IFDA") is the representative body for independent directors within the Irish funds industry. Our purpose is to support the industry through the delivery of a professional and informed independent director role and to represent the interests of our members to other key stakeholders in the industry. Our objectives are to advocate industry best practice in corporate governance and board oversight and to encourage continuous professional development for fund directors.
- Website
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https://ifdassoc.ie
External link for Irish Fund Directors Association (IFDA)
- Industry
- Financial Services
- Company size
- 51-200 employees
- Headquarters
- Dublin, Dublin
- Type
- Nonprofit
- Founded
- 2015
Locations
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Primary
Get directions
16 Clare Street
Dublin, Dublin 2, IE
Employees at Irish Fund Directors Association (IFDA)
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Lisa Martensson
Chair and Independent Non-Executive Director
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Roberto Mei
Independent Non-Executive Director
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Aedín O'Leary (Ní Laoire)
Independent Non-Executive Director - TG4, Funds Industry (PCF2B), Charities / ESG & Sustainability, Investment, Financial Expertise for Boards / Tax…
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Aidan O'Donnell
Independent Non-Executive Director | Chartered Director | Certified Investment Fund Director
Updates
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Irish Fund Directors Association (IFDA) reposted this
It seems that climate related regulatory change will be constant for the foreseeable future ! Following the implementation of the SFDR in Europe it looks as though the regime may change as the European Supervisory Authorities, including ESMA, have issued an Opinion proposing various amendments including the adoption of new labelling and a sustainability indicator. These proposals are to be considered by the European Commission as part of its review. See our attached Legal Update for more information or download it in the comments below. I am looking forward to visiting London next week for the AIMA - The Alternative Investment Management Association conference on ESG and to meetings while over. Contact me if you would like to catch up. #esg #greenfinance #greendeal #article9 #greenteam #sustainable #sustainability #ucits #aifmd #aif #fund #funds #financialservices #assetmanagement !
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Just as a follow up there are two articles in the Irish papers (may be firewalled): https://lnkd.in/dx5Ua3Xt https://lnkd.in/dR5GSgiv
The Central Bank of Ireland has today published the independent review of its Fitness and Probity (F&P) regime by Andrea Enria. The Governor of the Central Bank Gabriel Makhlouf has said he accepts all the review's recommendations. Please see link below to access the press release. Simon O’Sullivan on behalf of the IFDA council _____________________ IFDA is the representative body for independent directors within the Irish funds industry. Contact us on secretary@ifdassoc.ie www.ifdassoc.ie Lisa Martensson Gerard Scully Jennifer Fox John Madigan Brian Farrell #IFDA #Ireland #INED #ireland #regulation #Fitnessandprobity https://lnkd.in/dGtWB6zT
Review of the Fitness and Probity Regime
centralbank.ie
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The Central Bank of Ireland has today published the independent review of its Fitness and Probity (F&P) regime by Andrea Enria. The Governor of the Central Bank Gabriel Makhlouf has said he accepts all the review's recommendations. Please see link below to access the press release. Simon O’Sullivan on behalf of the IFDA council _____________________ IFDA is the representative body for independent directors within the Irish funds industry. Contact us on secretary@ifdassoc.ie www.ifdassoc.ie Lisa Martensson Gerard Scully Jennifer Fox John Madigan Brian Farrell #IFDA #Ireland #INED #ireland #regulation #Fitnessandprobity https://lnkd.in/dGtWB6zT
Review of the Fitness and Probity Regime
centralbank.ie
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Please see below from Ken Owens FCA, MInstD, LIB Simon O’Sullivan on behalf of the IFDA council _____________________ IFDA is the representative body for independent directors within the Irish funds industry. Contact us on secretary@ifdassoc.ie www.ifdassoc.ie
Retired Asset and Wealth Management Audit and Regulatory Advisory Partner at PwC Ireland
The Central Bank of Ireland has released its inaugural "Authorisations and Gatekeeping Report," offering valuable insights into the regulatory landscape for financial service providers (FSPs) and the critical role of gatekeeping in maintaining a stable and trustworthy financial sector. 🔍 Key Highlights: The report provides an overview of the authorization process for FSPs, including #funds, #investmentfirms, and #insurance companies. It outlines the Central Bank's approach to authorizations, which is risk-based, proportionate, and aligned with legislative requirements. The report introduces average authorization times, offering transparency into the typical duration of the assessment process. It emphasizes the importance of a robust and efficient authorization process that balances speed with rigor. The Central Bank's commitment to service standards for authorization and approval processes is highlighted, with a focus on continuous improvement. 📈 Implications for Asset Management: The report provides clarity on the Central Bank's expectations for firms seeking authorization, which is crucial for #assetmanagers navigating the regulatory landscape. It underscores the importance of preparing comprehensive applications tailored to the firm's business model and regulatory obligations. Asset managers can benefit from the report's guidance on common challenges faced during the authorization process, such as business model clarity and governance. This report is a must-read for anyone involved in the authorisation process within the asset management industry. It's an opportunity to understand the Central Bank's regulatory approach and to ensure your firm is well-positioned for a smooth authorisation journey. Liam O'Mahony, Paul Martin, Patrick Farrell, CAIA, Mary Ruane, Marie Coady, Oisin O'Mahony, Evan Toner, Mark Pascenko, Maria Galan, Micheal Sugrue, Andrew O'Callaghan #AssetManagement #RegulatoryCompliance #FinancialServices
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Please see below a short video in which Des O Donohoe of Fund Recs interviews Lisa Martensson chair of #IFDA who shares insights into the association: Simon O’Sullivan on behalf of the IFDA council _____________________ IFDA is the representative body for independent directors within the Irish funds industry. Contact us on secretary@ifdassoc.ie www.ifdassoc.ie Lisa Martensson Gerard Scully Jennifer Fox John Madigan Brian Farrell #IFDA #Ireland #INED https://lnkd.in/eCvJAGqz
🎬 Our Conversation Series continues with Lisa Martensson, Chair of the Irish Fund Directors Association. Lisa recently met with Des O Donohoe to discuss the role of the Irish Fund Directors Association (IFDA), who it serves and how you can join. Thanks Lisa, we appreciate your time 🙏
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The Central Bank of Ireland has just published its Innovation Hub Update 2023 along with the Feedback Statement in response to Consultation Paper 156 “Central Bank Approach to Innovation Engagement in Financial Services”. Please note the Irish Fund Directors Association (IFDA) Innovation working group responded to the consultation paper. Both publications can be found by following the attached link https://lnkd.in/eqM-iJcE Simon O’Sullivan on behalf of the IFDA council _____________________ IFDA is the representative body for independent directors within the Irish funds industry. Contact us on secretary@ifdassoc.ie www.ifdassoc.ie Lisa Martensson Gerard Scully Jennifer Fox John Madigan Brian Farrell #IFDA #Ireland #INED #FinancialInnovation #Regulation
Speeches and publications
centralbank.ie
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Irish Fund Directors Association (IFDA) members may be interested in a statement issued by European Securities and Markets Authority (ESMA) today which provides initial guidance to firms using Artificial Intelligence technologies (AI) when they provide investment services to retail clients: Simon O’Sullivan on behalf of the IFDA council _____________________ IFDA is the representative body for independent directors within the Irish funds industry. Contact us on secretary@ifdassoc.ie www.ifdassoc.ie Lisa Martensson Gerard Scully Jennifer Fox John Madigan Brian Farrell #IFDA #Ireland #INED #Ai #Artificialintelligence #InvestmentServices #FinancialInnovation #Regulation #ESMA #MiFIDII
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Many thanks to Ciaran Fennessy, Cilian O'Gogain and Rachel Howick from Citi for hosting Irish Fund Directors Association (IFDA) members to a talk this morning on the topic "AI:Transforming Client Onboarding and Administration Operations". Thanks also to Dáire Lawlor and Stella Fau Clarke from Fenergo. Simon O’Sullivan on behalf of the IFDA council _____________________ IFDA is the representative body for independent directors within the Irish funds industry. Contact us on secretary@ifdassoc.ie www.ifdassoc.ie Lisa Martensson Gerard Scully Jennifer Fox John Madigan Brian Farrell #IFDA #Ireland #INED #Ai #artificialintelligence #Citi
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See below note from Mark Browne re ESMA guidance on performance fees for #UCITS and #Aifs
ESMA has issued updated guidance on performance fees for UCITS and AIFs. It would be advisable for firms to ensure their related policies and procedures reflect this new guidance where relevant. In Ireland relevant firms are currently under an obligation to conduct a review of their policies on costs and charges as a result of the Dear Chair letter issued by the Central Bank following its review from the Common Supervisory Action (CSA) on this topic. We in Clerkin Lynch LLP have run a number of seminars focussing on different aspects of this topic and related obligations. We can assist firms by efficiently providing independent verification of compliance of existing or revised policies through the use of checklists or provide complete template compliant polices where requested. Given that an existing law firm to a fund is by definition itself a remunerated service provider to the fund, in many case may also act for the management company and investment manager and also acted in relation to the approval of other existing fund service agreements, it is difficult to see how it is in a position to conduct an independent review. A particularly relevant point given that the ESMA CSA specifically mentions legal costs as a potential source of "undue charges" !. See our Legal Update below or download it from the comments fr more information and feel free to contact me to discuss related queries. #ucits #aifmd #costsandcharges #financialservices #funds #assetmanagement #fundmanagement #fund #irishfunds #aima
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