As well as being subject to the regulatory requirements that derive from Irish and European legislation, Fund Administrators are also subject to various other supervisory requirements based on the nature of their activities and the associated risks.
Prudential Handbook for Investment Firms
The Prudential Handbook for Investment Firms applies to Fund Administrators authorised under Section 10 of the IIA.
The Handbook sets out the prudential requirements applicable to these entities including the General and Supervisory, Reporting and Books and Records Requirements.
UCITS and Non-UCITS Notices
The Central Bank has published a series of UCITS and Non-UCITS notices that provide explanations and clarifications in respect of the UCITS and Non-UCITS regulations.
The notices also contain information in respect of various supervisory requirements in respect of firms providing services to funds including Fund Administrators.
Capital Requirement
Fund Administrators are required to hold certain levels of capital.
The level of capital required is outlined in the UCITS and Non-UCITS Notices. Firms are required to hold the minimum level of capital as calculated in accordance with the Notices at all times and are required to submit capital returns to the Central Bank on a periodic basis.