Irish Fund Directors Association (IFDA)’s Post

This decision is very interesting and timely in the context of the recent introduction by the Central Bank of Ireland of the Individual Accountability Framework #IAF which came into force on 29 December 2023. #FitnessandProbity #directors #governance #accountability

Delighted to share the AG (Ireland) Financial Regulation Team's thoughts on the recent CBI Fitness & Probity Review. On the 11 July the Central Bank of Ireland (CBI) published an independent review of its Fitness & Probity (F&P) regime. The review was undertaken by Andrea Enria, the former Chair of the ECB Supervisory Board. The article below provides a summary of those themes that emerged throughout the review and provides a brief description of the recommendations that were identified by Mr Enria. #AG #FinReg #CBI

What next for Fitness and Probity? The Central Bank of Ireland has published the recommendations from an independent review aimed at enhancing fairness, efficiency, and transparency. Other key areas for improvement include the clarity of supervisory expectations, internal governance, and the consistency of the process across various firm sizes and sectors. The review calls for clearer guidance and a more integrated approach with corporate governance and the Individual Accountability Framework. As the Central Bank considers these recommendations by year-end, financial services firms should track these changes and how they interact with corporate governance and the Individual Accountability Framework. Read more: https://lnkd.in/eENjciS2 #FitnessAndProbity #IAF

Today marks the first cash rate decision by the Reserve Bank of Australia for 2024, as well as the beginning of a new era for the Central Bank. Under changes announced last year in response to an independent review commissioned by Treasurer the Hon Jim Chalmers MP, RBA Governor Michele Bullock will publicly explain the board's decision. The Governor’s first press conference will be held at RBA headquarters in Martin Place, Sydney. This decision also marks the first of eight RBA decisions this year – previously, the board met 11 times. Financial markets and analysts expect interest rates will remain on hold at 4.35%. #rba #economy #monetarypolicy #governor #treasurer

In December 2023 the Central Bank of Ireland published updated Fitness and Probity Standards, along with updated Guidance on those standards. The Standards reflect necessary changes as a result of the commencement of various sections of the IAF legislation while the Guidance provides detail on the application of those changes. In this Insight, Matheson LLP's dedicated IAF Team outlines the nature of these changes.   Darren Maher, Joe Beashel, Niamh Mulholland, Karen Reynolds, Bryan Dunne, Tara Doyle   #MathesonLaw #CentralBankofIreland #FinancialInstitutions #IAF #FitnessandProbity

Please see below for our latest update on regulatory developments impacting GBP denominated LDI Funds. #LDI #CentralBank #dilloneustace #irishfunds

In this legal update, Cillian Bredin and Ross Canning give an overview of the finalised framework for Irish-authorised GBP-denominated liability driven investment funds recently published by the Central Bank of Ireland.    Read the full update here: https://lnkd.in/du9urMZ2    #liabilitydriveninvestmentfunds #LDI #funds #centralbank #assetmanagement #ConsultationPaper157 #DELegalUpdate

Yet another piece of the IAF jigsaw has been published - the Central Bank of Ireland's updated F&P Standards and associated Guidance. For details of the key changes to the Guidance, please see Matheson LLP's Insight. #F&P #IAF

On 29 December 2023 the Central Bank of Ireland published updated Fitness and Probity Standards, along with updated Guidance on those standards. The Standards reflect necessary changes as a result of the commencement of various sections of the IAF legislation while the Guidance provides detail on the application of those changes. In this Insight, we outline the nature of these changes. #MathesonLaw #CentralBankofIreland #FinancialInstitutions #IAF #FitnessandProbity

It is good to hear the Central Bank of Ireland (https://lnkd.in/d2BBfbjg) recognise that not all #NBFIs are the same. Its also good to see the recognition that macroprudential tools developed for banks during the 2008/09 GFC are not appropriate for investment funds, given the unique nature of the business model employed by fund managers and already high levels of supervision and oversight of the fund industry. For more on our position on #financialstability, check out this policy explainer from our expert team.