General
The supervision process for Non-UCITS Management Companies mirrors the general supervision process of the Central Bank. All Irish authorised/approved financial service providers, whether engaged in international or domestic activities, are expected to implement best practice.
Governance
Companies must have systems and policies in place to mitigate risk and monitor compliance with their internal policies. The role of the Investment Service Providers Supervision Department involves oversight of the quality of the institution's corporate governance, risk management and internal control systems.
Supervisory Process
Our supervisory process is carried out by way of
- Analysis of returns submitted to the Central Bank
- Risk-rating of companies
- Themed inspections
- Review meetings
- Regular correspondence and engagement with companies under our supervision
Fitness & Probity
A sound and effective fit and proper test is a critical component of the regulatory regime. To ensure the proper discharge of their responsibilities, it is important that Directors and Managers have the skills to manage a Non-UCITS Management Company.
“Fitness” requires that a person appointed as a Director or Manager has the necessary qualifications, skills and experience to perform the duties of that position. “Probity” requires that a person is honest, fair and ethical.
Before being appointed, a new Director or manager must demonstrate that he/she meets the required fit and proper standards. The “fit and proper test” involves the completion of an 
Individual Questionnaire (IQ) by the applicant.
View more information on the ‘Fit & Proper’ test