Consistent with a global review of fees by regulators and as part of its on-going supervision of investment funds, the Central Bank of Ireland has indicated that it is to undertake a thematic review of UCITS performance fees.
This will involve onsite visits to a selection of depositaries and administrators over the coming weeks.
It is understood that the initial focus will be on the calculation of performance fees by administrators and the verification of performance fees by depositaries.
This follows a number of other recent thematic reviews on areas such as outsourcing and IT.
Our Financial Services Regulatory team have been engaging with the Central Bank and assisting clients with these reviews.