CP86 2.0 – Worth The Wait?

The Central Bank's Fund Management Companies – Guidance (the "Guidance") took effect on 1 July 2018 for entities in existence at the time of its publication following the completion of an extensive period of consultation (CP86) with industry between September 2014 and August 2016. The Guidance is applicable to Irish authorised UCITS management companies, AIFMs and self-managed UCITS and AIFs ("FMCs") and details the Central Bank's expectations in relation to the governance of FMCs, how they should comply with their regulatory obligations and its ability to supervise FMCs without undue constraint and in times of crisis.

Swiftly following implementation, on the 5 July 2018, the Central Bank announced its intention to begin assessing how FMCs "have implemented and embedded the new requirements and related guidance in their organisations". The review, which covered all 358 active FMCs, consisted of three phases comprising of an industry questionnaire, a desk-based