Keeping in touch with Carne: find out what is happening around the funds industry and get the latest updates from the experts.

Luxembourg Seminar – Gender diversity on fund boards, 20 October 2015

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Carne will be hosting a free to attend seminar in Luxembourg on 20th October 2015. The panel of speakers will be presenting the latest findings on gender diversity on the boards of funds globally, as well as exploring some of the broader issues of representation of women at senior levels within the asset management industry.

Venue: Restaurant Le Sud, 8 Rives de Clausen, Luxembourg L-2165

Time:   15.30 Registration / 16.00 Panel session / 17.30 Networking and cocktails

Panel members will include:

  • Barry O’Dwyer, Head of EMEA Funds Governance, BlackRock
  • Susanne Van Dootingh, Head of European Regulatory Strategy, State Street Global Advisors
  • Kerry-Jane Nichol, Partner Asset Management, Ernst & Young
  • Denise Voss, Chairman, ALFI
  • Rita Knott, Director of the Female Board Pool Initiative in Luxembourg and Germany

To register for the event, please email

Carne Group and CalQRisk launch cybersecurity and financial crime solution for investment fund boards

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Carne Group, one of the leading global providers of governance and distribution support services for asset managers, and CalQRisk, a developer of enterprise-wide risk management technology solutions, are pleased to announce the launch of a technology-driven solution for fund boards. This new Carne CalQRisk product has been tailored to the requirements of fund boards and fund directors facing increased risks and responsibilities in the areas of cybersecurity and financial crime.

Carne CalQRisk aims to provide fund directors with a comprehensive and holistic assessment of cybersecurity and financial crime risks for the fund entity and its delegates. This includes a risk management framework for fund directors to assist in identifying where gaps exist in relation to policies, procedures, systems and controls, and which specifies the necessary actions required to close those gaps. Read More…

New opportunities for funds in the Channel Islands

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By Mark Hodgson, Managing Director, Carne (Channel Islands)

July has been a busy month on the legislative and regulatory front for funds in the Channel Islands. In particular, we would like to draw attention to new legislation that could prove of benefit to UK private equity and real estate funds, and the recent advice to the European Commission from ESMA (European Securities and Markets Authority) which has considerable implications for the passporting of funds from Jersey and Guernsey under the European Union’s AIFM Directive. Read More…

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Central Bank of Ireland: ruling on eligibility of Shanghai-Hong Kong Stock Connect shares in Irish funds

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The Central Bank of Ireland (CBI) this week confirmed that Irish UCITS and AIFs will be able to invest in Shanghai-listed A-shares via Shanghai-Hong Kong Stock Connect. The changes were laid out in its Q&As on AIFs (ID 1094) and UCITS (ID 1015). This completes a period of review during which the CBI was assessing Stock Connect in the context of strict liability under UCITS IV, UCITS V and the AIFMD.

Under review was the market infrastructure in Hong Kong and Shanghai, and its ability to meet UCITS and AIFMD requirements. In particular, the CBI was focusing on how trades are settled between the Hong Kong Securities Clearing Company Limited (HKSCC) and China Securities and Depositary Clearing Company. This included the interaction between local custodians or depositaries and the two clearing entities. Read More…

Central Bank of Ireland seeks to enhance fund governance

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Central Bank of Ireland Guidance Note on Fund Management Companies

Recently the Central Bank of Ireland (the “Central Bank”) published a guidance[1] note and feedback statement in respect of fund management companies (“FMCs”).[2] The note provides guidance (draft in the case of delegate oversight) on the following:

  1. General Guidance on FMCs -  Feedback to CP86;
  2. delegate oversight;
  3. organisational effectiveness; and
  4. directors’ time commitments.

There are a number of key areas that the Central Bank is focusing on in its guidance:

  • The separation of the Designated Person (“DP”) role from that of the role of Non- Executive Director (“NED”)
  • The re-organisation of the key managerial functions for UCITS and AIFMs
  • Parameters being placed on the professional and director time commitments for FMC directors in terms of “aggregate professional time commitments”
  • Increased emphasis on oversight of particular management areas including Risk Management and Distribution

The guidance note is detailed (at 42 pages) and reflects the emphasis the Central Bank is now putting on these matters.

  Read More…

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New challenges for Irish MLROs and Fund Boards

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Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance has been rising up the regulatory agenda for Irish funds.  AML / CFT was listed by the Central Bank of Ireland (CBI) as an enforcement priority for 2014 and 2015 and with a FATF review of Ireland set to take place in 2016, this looks likely to continue. With more focus than ever before on AML / CFT compliance within the Irish funds sector, we asked Carne’s Dave Burns to shed some light on several current AML / CFT issues for Irish funds.

What is the role of an MLRO?

There is a regulatory requirement in Ireland for Designated Persons (including funds) to appoint an MLRO. The MLRO is responsible for suspicious activity reporting (SARs) to the Irish Police and the Revenue Commissioners (the authorities) and acts as a liaison between the Designated Person and the authorities. The MLRO is responsible for receiving information from any party that might indicate possible suspicious transactions and processing that information accordingly. Read More…

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