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ARTICLE · 14 JULY 2011

Draft Corporate Governance Code For The Irish Funds Industry

Dillon Eustace
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On June 13, 2011, the Irish Funds Industry Association ("IFIA") published a new draft corporate governance code (the "Code") for the Irish funds industry.

IrelandWealth Management
Karen Jennings
Karen Jennings
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New Draft Corporate Governance Code

On June 13, 2011, the Irish Funds Industry Association ("IFIA") published a new draft corporate governance code (the "Code") for the Irish funds industry. The Code, to be a voluntary code, is to apply to all Irish collective investment schemes ("CIS") and management companies ("ManCos"). The Code will codify existing corporate governance practices applicable to Irish CIS and ManCos.

The draft Code has been developed by an IFIA steering group with input from the Central Bank. Following industry feedback on the draft Code, it is anticipated that the final Code will be published at the end of July, 2011 to be then adopted by Irish CIS and ManCos "on a comply or explain basis" from September 2011. The Central Bank has suggested that the Code be implemented for an initial trial period of 18 months, with the IFIA completing a review thereafter for further consideration.

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