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Funds Quarterly Legal And Regulatory Update (Q3) July - September 2019
The Central Bank of Ireland (the "CBI") has recently published a Prohibition Notice prohibiting an individual from performing any controlled function in any regulated financial service provider for a period of two years.
On 25 September 2019, the Central Bank of Ireland (the "Central Bank") published an Addendum to the Consumer Protection Code 2012 (the "CPC") which introduces new requirements relating to the payment of commission to financial intermediaries.
Also of note is that the 2019 Regulations allow for copies of verification documents to be used in order to comply with verification requirements rather than originals.
Additional enhancements to the FPI registration process include reducing the categories of FPI from three to two.
As outlined in a recent briefing, key measures have been taken by the EU, the Central Bank of Ireland and the FCA in the UK to provide as much stability as possible in the event of a hard Brexit on 31 October next.
The primary propose of the Local Government Rates and Other Matters Act, 2019.
This briefing is relevant for all asset managers and AIFMs who intend to market UCITS/AIFs into the UK post Brexit which is currently expected to occur on 31st October 2019.
As widely anticipated on 10 September 2019, mainland China's foreign exchange regulator, the State Administration of Foreign Exchange, confirmed that existing restrictions on both QFII and RQFII schemes have been abolished.