Newsletter 09/2014
Enforcement Seminar Date Amended - 12th December 2014

Compliance Ireland invites you to Central Bank Enforcement Seminar
with special guest speaker Ms. Derville Rowland,
Director of Enforcement at the Central Bank of Ireland

 

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Credit Union Seminar Invitation

Compliance and Risk Seminar
for Credit Unions

 


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Central Bank News
Amendments to the Fitness and Probity Regime

On 3 September 2014, the Central Bank published Statutory Instrument No 394 of 2014 which amends the existing fitness and probity regulations prescribing a further 6 PCFs and updating other aspects of the regulations.

The amending regulation will take effect on 31 December 2014. Firms must compose a list of persons performing the new PCFs as of that date, to be submitted to the Central Bank no later than 30 June 2015.


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Are you a PCF 12 (Head of Compliance) or are you a PCF 15 (Head of Compliance with responsibility for AML/CFT)?

Quite a number of ‘Heads of Compliance’ of regulated entities have contacted our offices in recent weeks with questions on the appropriate pre-approval function that they should hold. As always, the devil is in the detail and there is definitely confusion in the industry about the appropriate designation.

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Credit Unions -Reporting Credit Linked Bank Bonds (Investment Class 3) in the Prudential Return

With the severe deterioration in the interest rate market, a number of Credit Unions are looking at investing into Credit Linked Bank Bonds. They offer attractive returns on investment mainly because the Credit Union is exposed to additional counterparty risk. The issue that arises however is how to report this additional counterparty risk. It is clear that when the Credit Union Prudential Return template was drafted, the idea that Credit Unions would be investing into these types of products was not envisaged.

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Thematic Review of data integrity of Central Bank regulatory returns

On the 12th September 2014 the Central Bank of Ireland published a feedback letter as a result of a thematic review that was undertaken on data integrity of regulatory returns submitted to the Central Bank of Ireland by investment firms, fund service providers and stockbrokers. However, all firms should take note of the controls the Central Bank expects when it comes to online reporting. Although there were adequate controls around the production of regular, timely financial management accounts with oversight by the Board and senior management, The Central Bank made it clear that there were issues surrounding the controls and oversight over the production of regulatory returns.

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Funds News
Central Bank Consults on Management Companies

On 19 September  2014, the Central Bank launched CP86 on the effectiveness of Fund Management Companies, focusing on their governance and oversight of delegates.


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Revisions to AIFM regulatory reporting published

 
On 25 September the European Securities Market Authority released amended templates for regulatory reporting under the Alternative Investment Fund Managers Directive. This is the fourth such amendment, although the XSD schema remains at version 1.2.

Click here to download the amended files.

Training
Training Courses

Course Schedule October - December 2014


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01 October 2014
In This Issue
Central Bank News
Amendments to the Fitness and Probity Regime
Are you a PCF 12 (Head of Compliance) or are you a PCF 15 (Head of Compliance with responsibility for AML/CFT)?
Credit Unions -Reporting Credit Linked Bank Bonds (Investment Class 3) in the Prudential Return
Thematic Review of data integrity of Central Bank regulatory returns
Funds News
Central Bank Consults on Management Companies
Revisions to AIFM regulatory reporting published
Training
Training Courses
Useful Links
Compliance Ireland
Compliance Ireland
Lower Ground Floor
13 Adelaide Road
Dublin 2

T: +353 1 425 5962
E: email@complianceireland.com
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