Dáil Éireann Debate, Tuesday - 24 January 2023
257. Deputy Bernard J. Durkan asked the Minister for Finance if investment funds operating or intending to operate here will be brought under the aegis of the Central Bank; and if he will make a statement on the matter. [3319/23]
View answer258. Deputy Bernard J. Durkan asked the Minister for Finance if investment funds operating here will be asked to comply with guidelines and supervision of the Central Bank given the number, size and power of investment funds; and if he will make a statement on the matter. [3320/23]
View answerI propose to take Questions Nos. 257 and 258 together.
The authorisation and broader regulatory requirements applicable to regulated financial service providers (RFSPs) operating in Ireland is dependent on the nature of the regulated activities carried out and as such RFSPs may be subject to authorisation and regulatory requirements under different regimes.
The Central Bank of Ireland is responsible for the authorisation and supervision of investment funds established in Ireland. Investment funds are established for the purpose of investing the pooled funds of investors (held as units or shares) in assets in accordance with investment objectives and investment policies published in a prospectus.
There are two main categories of funds authorised by the Central Bank: Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds. Further details on the legislation, authorisation process, supervision process, regulatory requirements, guidance and other relevant matters pertaining to regulated funds can be found on the following page of the Central Bank website: www.centralbank.ie/regulation/industry-market-sectors/funds
