Spring 2023 Newsletter

The Central Bank (Individual Accountability Framework) Act 2023 will require regulated financial services firms and senior management to spend significant time and effort to ensure the new standards are met. Hazel Doyle discusses the main aspects of the framework which include SEAR, new conduct standards for regulated firms and their staff, an enhanced Fitness & Probity Regime and stronger enforcement capabilities for the Central Bank.

As the application of artificial intelligence (AI) grows within the Funds Industry, Ciaran Fennessy (Citi), explores how leadership will need to evolve to support the deployment of AI.

Aisling McCaffrey (Grant Thornton) outlines Ireland’s Women in Finance Charter and how it underpins the industry’s ambition to see increased participation of women at all levels. This includes junior, middle and senior management, leadership and board roles within financial services organisations based in Ireland.

Gerard Gilsenan (Fund Recs), and Daniel Lawlor (Aquest) highlight key points on the oversight of delegated EMIR reporting, which covers relevant regulatory requirements and expectations. It sets out thoughts on how Irish authorised fund management companies (‘ManCos’) might approach the oversight of EMIR reporting where the task of submitting reporting has been delegated to a third party.

Lauren Anderson (Irish Funds) looks back at the introduction and expansion of Environmental, Social, and Governance (ESG) in corporate governance and business to identify the key challenges and subsequent lessons learned. Exploring the themes such as disparate ratings and harmonisation, the article outlines the insight gained from the nascent years of ESG to highlight the essential modifications and transformations required for ESG to be successful for the consumers, the environment, society, financial market, and regulators.

For the last two years, investment management firms have driven success in a virtuous cycle that connects effective leadership and vision with operating results. In the face of market challenges and changing client expectations, Niamh Geraghty (Deloitte) looks at how leaders can keep these cycles turning in the year ahead.

In the wake of the inaugural outsourcing register submission to the CBI, Damien Carty of PwC shares lessons learned from the process and details key activities firms should be considering in preparation for the next outsourcing register submission.

In developing the TY Programme, Irish Funds set out to create stronger financial awareness for Transition Year students to assist with the perception of industry and make students aware before they make career decisions.

The Central Bank of Ireland published its framework for ‘Macroprudential Measures for the Property Fund Sector’ on 24 November 2022. This followed their initial consultation paper (CP145) that was issued in November 2021. The policy framework focuses on introducing two key measures - leverage limits and minimum liquidity timeframes. Kevin Meighan analyses these two key measures and possible next steps.

In this article, Edel O'Malley and Joanne Shaw highlight the success of basis.point in promoting social engagement, reducing inequalities in education through collaboration and partnership within the Irish funds sector. It highlights how basis.point overcomes challenges of effective ESG partnerships by establishing clear communication channels, matching partner cultures and providing governance structures.

Read about our new members, the Irish Funds Member Council and 2023 Strategy, new Working Group Structure and the upcoming Irish Funds Annual Global Funds Conference on Thursday, 18 May 2023.