Mason Hayes Curran Investment Funds Update
In order to provide some guidance to the investment funds industry, the Irish Funds Industry Association, on 13 February 2012, published an Information Note on the Fitness and Probity regime. The purpose of the Information Note is to provide guidance on:
(a) the identification of persons exercising PCF and CF roles in investment companies and management companies which operate on a delegated model basis by outsourcing all their day to day activities to third parties;
(b) the level of due diligence to be carried out on existing PCFs and CFs 1 and 2 in such fund companies and management companies; and
(c) the level of due diligence to be carried out on new (post-30 November 2011) PCFs and new (post-29 February 2012) CFs 1 and 2 in such fund companies and management companies.