In February 2021, the Central Bank of Ireland (the "CBI") published its Consultation Paper 136 on enhancing its engagement with stakeholders ("CP136").
In CP136 the CBI acknowledges the importance of stakeholder engagement in its ability to identify opportunities to enhance the performance of the financial system and identify any risks that may be developing. CP136 notes that the CBI is committed to continuing to enhance its engagement and to extend its reach to relevant stakeholders with whom it does not currently engage.
In CP136 the CBI outlines four proposals that aim to build on existing engagement with relevant stakeholders and facilitate greater discussion of cross-sector, strategic issues that affect the CBI's oversight of the financial system. The four Proposals are (i) enhanced engagement with civil society and with consumer representatives, (ii) industry engagement, (iii) financial system conference, and (iv) engagement with business representatives.
An overview of the Proposals most relevant to the asset management industry is set out below.
Noting the current sector specific and mainly bilateral nature of engagement between the CBI and various financial sector industry bodies and regulated entities, the CBI has proposed to formalise industry roundtables, which meet twice yearly and have a strategic, cross-sectoral focus.
This forum would bring key financial sector industry stakeholders together in a single forum to engage with senior CBI management and discuss cross-sectoral, strategic issues relating to the financial system.
- Do you agree that the CBI should look to formalise the current industry forum roundtables to discuss cross-sectoral, strategic issues relating to the financial system as set out above?
- If yes, are there any suggestions you would like to make the regarding the establishment of such a forum?
- If no, how do you think the CBI should seek to discuss cross-sectoral, strategic issues relating to financial sector oversight with the relevant industry stakeholders?
Financial System Conference
Outside of its specific engagement with industry, the CBI wishes to establish a forum where stakeholders can engage with the CBI and each other about strategic issues affecting the oversight and operation of the financial system in Ireland.
To this end, the CBI proposes to host a regular Financial System Conference that would be open to the public. The Conference would take place over one-and-a-half or two days and would have a specific programme of discussions on relevant strategic issues. CP136 notes that the Conference would primarily involve a series of panel discussions hosted by senior CBI staff with representatives from the various sectors and interested stakeholders. The first Conference would take place in 2022.
- Do you have any observations in respect of the proposed Conference?
How to make a submission
The closing date for responses to CP136 is 11 May 2021. Submissions should be sent by email to CP136@centralbank.ie
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.