Skip to content

Industry Insights 2023

Industry Insights 2023

Welcome to the latest edition of our newsletter. We welcome involvement from our member firms and if you have any feedback or are interested in contributing an article or idea, please contact us at newsletter@irishfunds.ie.

The articles in this newsletter are thought leadership pieces contributed by organisations and individuals aimed at sharing industry insights and ideas. Their inclusion in this newsletter is not an endorsement of the content therein. Articles are for general information purposes only and are not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and are not to be used as such.

ELTIF 2.0: Ireland to be "ELTIF-Ready"

Aaron Mulcahy and Aoife McDonagh / Maples

The countdown to the application of the enhanced European Long Term Investment Fund ("ELTIF 2.0") has begun and interest continues to build. Aaron Mulcahy and Aoife McDonagh from Maples Group highlight developments in Ireland’s efforts to become a core jurisdiction for the establishment of ELTIFs.

Good Governance to Guard Against Green Washing

Eimear Keane / Walkers

With ESG highlighted as one of the Central Bank's main regulatory priorities for 2023, there is increasing scrutiny of how investment funds, fund management companies and asset managers are complying with their obligations. Eimear Keane (Walkers) discusses how boards of directors are now turning their attention towards potential greenwashing risks facing them and determining how such risks can be mitigated.

Tokenised Financial Assets are Bringing New Opportunities to Industry Stakeholders

Arnaud Misset / CACEIS

Arnaud Misset (Caceis) looks at the opportunities and risks with tokenised financial instruments and the roles that all industry stakeholders in Europe will play in this rapidly developing area.

Are Fund Fees Too Costly to Ignore?

Ken Owens and Patrick Farrell / PwC

Fund costs and fees have become a hot topic for ESMA and NCAs in recent years. In this article Ken Owens and Patrick Farrell from PwC examine why the status quo isn't enough, regulators' proposed solutions, developments in the UK market, and key actions business can take today.

Trying to Get Two Wrongs to Make a Right

Barry O'Connor - Matheson / Tom McGrath - Blackrock

MMFR is designed to make money market funds liquid and secure and EMIR is designed to ensure that FDI collateral is liquid and secure. In an ideal world, they would agree as to what "liquid and secure" means, but things aren’t so simple. Barry O'Connor (Matheson) and Tom McGrath (Blackrock) discuss some of the challenges around the question of what is considered highly liquid and low risk.

Managing the Risks Associated with Outsourcing

Antonia Mahony / Carne

Antonia Mahoney from Carne Group looks at the Outsourcing Guidance one year on from the first submission of the outsourcing registers, and provides insights on key elements of the guidance.

Tapping into the German Market

Keith Milne / Universal-Investment Ireland

Germany, as Europe's largest fund market for distribution, offers vast financial potential for international asset managers, but accessing it requires understanding its distinct regulations and leveraging specialised entities like Super ManCo's for efficient distribution and compliance. Keith Milne from Universal-Investment Ireland gives an overview of the German market and how to tap into it.

Shaping Financial Stability: A Perspective on the Latest Macroeconomic Policy Developments

Declan Tannam - IQ-EQ / Ruth Fairclough - Irish Funds

Declan Tannam (IQ-EQ) and Ruth Fairclough (Irish Funds) delve into the recent Macroprudential policy outreaches by FSB, IOSCO and the Central Bank of Ireland for Open ended Funds and address Irish Funds’ response to this important topic.

Beyond Business as Usual: The Value of an AI Strategy

Ciaran Fennessy / Citi

Ciaran Fennessy (Citi) discusses AI’s escalating influence in the funds industry and how organisations must shift their perspective from the standard ‘Business as Usual’ approach to a well-constructed, articulated and focused AI strategy becomes imperative.

Maintaining Ireland's ETF Supremacy Leaves Little Room for Complacency

Ciarán Fitzpatrick / State Street

With Ireland being a preeminent domicile for ETFs, Ciarán Fitzpatrick, head of ETF Solutions at State Street in Europe, discusses why Ireland has a stronghold in the ETF space, the implications of digitisation as well as emerging ETF trends.

Individual Accountability Framework Update 2023

Azariah Nukajam / fscom

Azariah Nukajam (fscom) provides an outline of the IAF, highlighting its key components, the impact of similar governance and oversight regimes around the world, and what the introduction of the IAF regime means for Irish regulated financial services businesses.

ESG: It's Complicated

Lauren Anderson / Irish Funds

Lauren Anderson of Irish Funds looks at the complicated world of ESG and the challenges the financial services industry has encountered as a result.

Irish Funds Member Update Autumn 2023

Read about our new members, the 2023/2024 Irish Funds Member Council and our recent CEO Forum, as well as information on our 10th Annual UK Symposium on 30 November. You can also find out how to register for the Irish Funds Member Portal and learn more about the Irish Funds Transition Year program and updates from the Green Team Network.

Individual Accountability is Here – Are You Ready?

Hazel Doyle / Arthur Cox

The Central Bank (Individual Accountability Framework) Act 2023 will require regulated financial services firms and senior management to spend significant time and effort to ensure the new standards are met. Hazel Doyle discusses the main aspects of the framework which include SEAR, new conduct standards for regulated firms and their staff, an enhanced Fitness & Probity Regime and stronger enforcement capabilities for the Central Bank.

Evolving Leadership for AI Delivery

Ciaran Fennessey / Citi

As the application of artificial intelligence (AI) grows within the Funds Industry, Ciaran Fennessy (Citi), explores how leadership will need to evolve to support the deployment of AI.

Ireland’s Women in Finance Charter

Aisling McCaffrey / Grant Thornton

Aisling McCaffrey (Grant Thornton) outlines Ireland’s Women in Finance Charter and how it underpins the industry’s ambition to see increased participation of women at all levels. This includes junior, middle and senior management, leadership and board roles within financial services organisations based in Ireland.

EMIR: Oversight of Delegated Reporting

Gerard Gilsenan - Fund Recs / Daniel Lawlor - Aquest

Gerard Gilsenan (Fund Recs), and Daniel Lawlor (Aquest) highlight key points on the oversight of delegated EMIR reporting, which covers relevant regulatory requirements and expectations. It sets out thoughts on how Irish authorised fund management companies (‘ManCos’) might approach the oversight of EMIR reporting where the task of submitting reporting has been delegated to a third party.

ESG: Looking Back to Move Forward

Lauren Anderson / Irish Funds

Lauren Anderson (Irish Funds) looks back at the introduction and expansion of Environmental, Social, and Governance (ESG) in corporate governance and business to identify the key challenges and subsequent lessons learned. Exploring the themes such as disparate ratings and harmonisation, the article outlines the insight gained from the nascent years of ESG to highlight the essential modifications and transformations required for ESG to be successful for the consumers, the environment, society, financial market, and regulators.

2023 Irish Investment Management Outlook

Niamh Geraghty / Deloitte

For the last two years, investment management firms have driven success in a virtuous cycle that connects effective leadership and vision with operating results. In the face of market challenges and changing client expectations, Niamh Geraghty (Deloitte) looks at how leaders can keep these cycles turning in the year ahead.

A Reflection on the Inaugural CBI Outsourcing Register Submission Process

Damien Carty / PwC

In the wake of the inaugural outsourcing register submission to the CBI, Damien Carty of PwC shares lessons learned from the process and details key activities firms should be considering in preparation for the next outsourcing register submission.

300+ Students to Complete the Irish Funds TY Financial Literacy Programme Pilot by May 2023

Eibhlin Johnston - The Resiliency Hub / Michelle Spencer - Irish Funds

In developing the TY Programme, Irish Funds set out to create stronger financial awareness for Transition Year students to assist with the perception of industry and make students aware before they make career decisions.

CP145: Leverage Limits and Minimum Liquidity Timeframes

Kevin Meighan / IQ-EQ

The Central Bank of Ireland published its framework for ‘Macroprudential Measures for the Property Fund Sector’ on 24 November 2022. This followed their initial consultation paper (CP145) that was issued in November 2021. The policy framework focuses on introducing two key measures - leverage limits and minimum liquidity timeframes. Kevin Meighan analyses these two key measures and possible next steps.

The Power of Partnerships - Industry Collaboration Brings ESG to the Fore

Edel O' Malley and Joanne Shaw / basis.point

In this article, Edel O'Malley and Joanne Shaw highlight the success of basis.point in promoting social engagement, reducing inequalities in education through collaboration and partnership within the Irish funds sector. It highlights how basis.point overcomes challenges of effective ESG partnerships by establishing clear communication channels, matching partner cultures and providing governance structures.

Irish Funds Member Update Spring 2023

Anna Fenston / Irish Funds

Read about our new members, the Irish Funds Member Council and 2023 Strategy, new Working Group Structure and the upcoming Irish Funds Annual Global Funds Conference on Thursday, 18 May 2023.