Errors in Investment Funds The Central Bank of Ireland consults on regulatory framework
The Central Bank of Ireland (CBI) issued a consultation paper about the treatment, correction and redress of fund errors. The consultation closes on 9 December 2019.
To date, treatment of investment restriction breaches, pricing errors, compensation and reporting has been governed by industry guidance and market practice. The CBI proposals differ on some points from the current guidance and practice. The regulatory framework is proposed to apply to fund management companies acting for Irish UCITS or AIFs and for non-Irish authorised funds, SMICs and internally managed AIFs (FMC). The CBI considers that the FMC is ultimately responsible for ensuring that the error is rectified and that the depositary has a role in ensuring that this happens.
For more information in relation to this topic please contact your usual contact on the A&L Goodbody Asset Management & Investment Funds team.
Date published: 26 September 2019