Latest Irish Fund Statistics: 30% Growth in AUM of QIAIFs

The latest statistics relating to the Irish funds industry for the 2014 year end show growth across the board. Most notably the level of assets held in Qualifying Investor Alternative Investor Funds (“QIAIFs”) grew by over 30% from €237 billion to €317 billion between 2013 and the end of 2014. The level of assets in Irish UCITS grew by over 20% in the same period to €1,274 Trillion or almost double the level of assets held in such structures immediately prior to the financial crisis.

Download a copy of the complete statistics (PDF)

ICAV Update - Bill Passed by Irish Parliament

The upper house of the Irish Parliament, the Dail, approved draft legislation on 19 February 2015 to provide for a new form of Irish corporate fund vehicle, the ICAV. This legislation will now go to the President to be signed into law. This is expected to occur within two weeks.

Further details relating to the progress of this legislation are available in the Irish Collective Asset-management Vehicles Bill 2014.

Additional information relating to the ICAV is available in the Dechert publication "Irish Minister for Finance Announces New Irish Corporate Fund Vehicle".

Central Bank Report on Anti-Money Laundering

The Central Bank of Ireland published a report of its observations in relation to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Financial Sanctions (FS) compliance by banks in Ireland on 17th February 2015. Head of Anti-Money Laundering, Domhnall Cullinan noted: "While the banking sector in Ireland is the specific focus of the report, many of the issues raised are relevant to the broader financial services sector in Ireland." The Central Bank states that it expects all financial institutions to carefully consider the issues raised in the report.

Read "Report on Anti-Money Laundering/Countering the Financing of Terrorism and Financial Sanctions Compliance in the Irish Banking Sector" (PDF)

Central Bank Publishes Enforcement Priorities for 2015

The Central Bank of Ireland published its statement of enforcement priorities for 2015 on 9 February 2015. The Central Bank entered into 11 enforcement settlements with regulated financial service providers in 2014 resulting in the imposition of overall fines in excess of €5 million. Resources have been specifically allocated for 2015 for enforcement actions against firms with a low impact PRISM rating on the Bank’s risk assessment framework.

Read "Central Bank publishes enforcement priorities for 2015"

Central Bank Outline of Regulatory Plans and Legislative Developments

The Central Bank of Ireland’s Director of Markets Supervision, Gareth Murphy, gave a speech at the 4th Annual Dechert-Carne Funds Congress. This highlighted new practical developments regarding the Central Bank’s processes, current hot topics in investment management and legislative developments at the European level.

Read Gareth Murphy's speech