CP86 2.0: Welcome Clarity On Corporate Governance Issues

Introduction

On 20 October 2020, the Central Bank of Ireland ("CBI") published the findings of its themed inspection of Irish fund management company ("FMC") governance, management and effectiveness. 

We welcome the publication and associated guidance which provide further clarity to Irish FMCs on best-in-class governance, management and organisation principles. Indeed, the inspection found that, when applied correctly, the current CP86 regime provides a framework of robust governance, management and oversight arrangements. However, the findings also revealed areas for improvement which will pose challenges for entities needing to implement changes prior to next year's deadlines.