IE - CBI review of Outsourcing Arrangements of Fund Administration Activities
On 7 March 2017, the Central Bank of Ireland issued a letter to Irish administrators in the funds industry on outsourcing of administration activities.
On 7 March 2017, the Central Bank of Ireland issued a letter to Irish administrators in the funds industry on outsourcing of administration activities. The Central Bank requires the information contained in the Letter to be brought to the attention of all board members and senior management of administrators. Administrators are required to ensure that outsourcing arrangements comply with the Central Bank’s Requirements on Outsourcing of Administration Activities in relation to Investment Funds. The Outsourcing Requirements, which were previously contained in the Central Bank’s AIF Rulebook, are now contained in the recently published Central Bank Regulations 2017.The Outsourcing Requirements are designed to ensure that administrators maintain a consistent standard of oversight on outsourcing activities to global service providers and also retain ultimate responsibility for outsourcing activities.