Financial services newsletter - Issue 2
Welcome to the second edition of our newsletter, where we cover some of the major developments across the financial services sector throughout the last quarter.
The CSA aimed to assess the compliance of Irish Fund Management Companies with UCITS and AIFM Directives/Regulations, adherence to valuation principles, and the effectiveness of policies and procedures during the COVID-19 pandemic. The qualitative assessment involved a sample of 30 firms, with various review methods such as questionnaires, desk-based reviews, virtual inspections, and on-site inspections.
The majority of firms demonstrated good compliance with relevant legislation and supervisory expectations. However, a significant minority faced challenges in meeting the Central Bank's expectations and legislative requirements, leading to the issuance of Risk Mitigation Programmes.
Below we set out the key findings and observations:
To address these findings and observations the CBI has highlighted the below actions:
While the majority of firms displayed good compliance, the findings underscore the importance of ongoing evaluation and improvement of asset valuation control frameworks. Firms are encouraged to proactively address identified issues to mitigate risks and ensure the fair representation of financial positions. All firms are required to conduct a review of their asset valuation frameworks by the end of Q2 2024 to ensure continued compliance.
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