Module Application
Ireland is a leading European centre for the establishment, management and servicing of collective investment funds and for the provision of asset management and investment services. This module applies to Irish-authorised UCITS and alternative investment funds, UCITS management companies, alternative investment fund managers, MiFID investment firms and relevant fund service providers. These entities operate within an extensive framework of EU legislation, Irish implementing measures, Central Bank of Ireland rules and guidance, and directly applicable supervisory standards.
The Central Bank expects those involved in the management of funds and investment firms to establish effective governance frameworks, maintain sufficient resources and substance, have robust oversight of delegates and service providers, and adhere to systems that protect investors and clients. Compliance requires ongoing attention to authorisation conditions, conduct of business, investment and borrowing restrictions, risk and liquidity management, valuation and asset safekeeping, distribution, regulatory reporting and market integrity.
This module is designed to provide a structured framework to assess, implement and maintain compliance across the full lifecycle of a fund or a regulated investment business.
Module Scope
This module covers the principal legal, regulatory and supervisory obligations applicable to funds, asset managers and investment firms operating in or from Ireland. It addresses authorisation and passporting, governance and individual accountability, conduct of business and investor protection, fund and portfolio rules, prudential requirements, risk and compliance systems, operational resilience, valuation, depositary oversight and client-asset safeguarding.
The scope also includes distribution and marketing, disclosures to investors and regulators, financial and transaction reporting, market abuse controls, anti-money laundering and counter-terrorist financing, sustainability risk and disclosure requirements, and the termination, liquidation or cessation of regulated activities.
Some of the specific questions this module covers are:
- Does the organisation obtain and maintain all required Central Bank authorisations, registrations, approvals and passporting permissions?
- Does the organisation maintain effective governance, fitness and probity, individual accountability and delegation oversight, and operate with sufficient substance in Ireland?
- Does the organisation manage conflicts, protect client assets and investor money, and provide fair, clear and accurate disclosures and marketing communications?
- Does the organisation manage funds and client portfolios within applicable investment, leverage, liquidity, valuation, prudential and risk limits?
- Does the organisation produce all regulatory reports, financial statements and investor disclosures in the prescribed forms and within the required timeframes?
- Does the organisation maintain effective compliance, operational resilience, ICT, reporting, market-abuse, AML/CFT and sustainable-finance controls throughout the business lifecycle?
The key topics covered in this module are:
- Regulatory Perimeter and Fund Classification
- Authorisation, Registration and Passporting
- Governance and Organisational Requirements
- Conduct of Business and Investor Protection
- Fund Rules, Investment Restrictions and Portfolio Controls
- Risk Management, Liquidity and Compliance Systems
- Valuation, Pricing and Asset Safekeeping
- Distribution and Marketing
- Reporting, Filings and Regulatory Engagement
- Market Integrity and Transparency
- AML/CFT, Sanctions and Financial Crime
- Sustainable Finance Requirements and ESG
- Winding-up and Termination
The module encompasses a range of legislative sources including:
- Undertakings for Collective Investment in Transferable Securities Directive 2009/65/EC — UCITS Directive
- European Communities (UCITS) Regulations 2011 — S.I. No. 352/2011
- Central Bank UCITS Regulations 2019 — S.I. No. 230/2019
- European Union (UCITS) (Amendment) Regulations 2026 — S.I. No. 182/2026
- Alternative Investment Fund Managers Directive 2011/61/EU — AIFMD
- European Union (Alternative Investment Fund Managers) Regulations 2013 — S.I. No. 257/2013
- Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision
- European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2026 — S.I. No. 181/2026
- Directive (EU) 2024/927 — AIFMD II/UCITS VI
- Markets in Financial Instruments Directive II 2014/65/EU — MiFID II
- Markets in Financial Instruments Regulation (EU) No. 600/2014 — MiFIR
- European Union (Markets in Financial Instruments) Regulations 2017 — S.I. No. 375/2017
- Directive (EU) 2019/2034 — Investment Firms Directive/IFD
- Regulation (EU) 2019/2033 — Investment Firms Regulation/IFR
- European Union (Investment Firms) Regulations 2021 — S.I. No. 355/2021
- Central Bank Investment Firms Regulations 2017 — S.I. No. 60/2017
- Central Bank (Section 48) (Investment Firms) Regulations 2023 — S.I. No. 10/2023
- PRIIPs Regulation (EU) No. 1286/2014
- Regulation (EU) 2019/1156 on cross-border distribution of collective investment undertakings
- Market Abuse Regulation (EU) No. 596/2014 — MAR
- European Union (Market Abuse) Regulations — S.I. No. 349/2016
- Digital Operational Resilience Act — Regulation (EU) 2022/2554, DORA
- SFDR Regulation (EU) 2019/2088
- Taxonomy Regulation (EU) 2020/852
- Central Bank Reform Act 2010 (Sections 20 and 22) Regulations 2011 — S.I. No. 437/2011, as amended
- CBI Consumer Protection Code 2025 — S.I. Nos. 80/2025 and 81/2025
Relevant regulators include:
- The Central Bank of Ireland
- European Securities and Markets Authority (ESMA)
- Financial Intelligence Unit Ireland and An Garda Síochána
Non-compliance with regulatory requirements can result in serious consequences, including administrative sanctions, monetary penalties, directions, conditions or restrictions on authorisation, suspension or withdrawal of permissions, investor restitution, disqualification or prohibition of individuals, civil liability and criminal prosecution.
The Funds, Asset Management and Investment Firms module maps regulatory consequences to each obligation, including Central Bank supervisory and enforcement powers, administrative sanctions, fines, directions, remediation and restitution requirements, restrictions or withdrawal of authorisation, individual accountability consequences and criminal sanctions.
Regulatory Perimeter, Classification and Authorisation
- UCITS Directive 2009/65/EC, Arts 99-99e
- European Communities (UCITS) Regulations 2011, Regs 123, 126-132
- European Union (Alternative Investment Fund Managers) Regulations 2013, Regs 45-52
- European Union (Markets in Financial Instruments) Regulations 2017, Reg 119
- Central Bank Act 1942, Part IIIC SS 33AN, 33AO-33AV, S 33AQ
- Irish fund vehicle legislation, including the ICAV Act 2015 SS 28, 186 and the Companies Act 2014 SS 871, 1395
Governance, Accountability, Delegation and Conduct
- European Union (Alternative Investment Fund Managers) Regulations 2013, Reg 49
- European Union (Markets in Financial Instruments) Regulations 2017, Reg 119
- European Communities (UCITS) Regulations 2011, Reg 131
- Central Bank Reform Act 2010 , SS 21-43
- Central Bank Act 1942, Part IIIC SS 33AN, 33AO-33AV, S 33AQ)
Fund Rules, Risk, Liquidity and Prudential Requirements
- European Union (Markets in Financial Instruments) Regulations 2017, Regs 119–126
- Central Bank (Supervision and Enforcement) Act 2013, S 48
- European Communities (UCITS) Regulations 2011, Regs 129, 131, 132, 132A
- European Union (Alternative Investment Fund Managers) Regulations 2013, Reg 49
- Central Bank Act 1942, Part IIIC SS 33AN, 33AO-33AV, S 33AQ)
- European Union (Digital Operational Resilience) (No. 2) Regulations 2025, Reg 6
Valuation, Safekeeping and Client/Investor Assets
- European Union (Alternative Investment Fund Managers) Regulations 2013, Regs 46, 49
- European Communities (UCITS) Regulations 2011, Regs 118, 129, 132
- UCITS Directive 2009/65/EC, Art 24
- AIFMD Directive 2011/61/EC, Art 21
- Central Bank Act 1942 (IRE) s 33AQ
Distribution, Disclosure and Reporting
- European Communities (UCITS) Regulations 2011, Regs 120, 131, 132
- European Union (Alternative Investment Fund Managers) Regulations 2013, Regs 46, 49
- Regulation (EU) 2019/1156 Art 4
- MiFID II Delegated Regulation (EU) 2017/565 Art 44
- European Union (Markets in Financial Instruments) Regulations 2017, Reg 119
- Central Bank Act 1942 S 33AQ
- Central Bank (Supervision and Enforcement) Act 2013 (IRE) S 45
Market Integrity, Financial Crime and Data Protection
- European Union (Market Abuse) Regulations 2016, Regs 5-10, 13, 41, 46
- European Union (Markets in Financial Instruments) Regulations 2017, Reg 119
- Central Bank Act 1942 (IRE) s 33AQ
- Central Bank (Supervision and Enforcement) Act 2013 SS 32, 45
- European Union (Market Abuse) Regulations 2016, Regs 33, 50
- Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 SS 7-10, 30A, 30B, 54, 111, 114A
- European Union (Anti-Money Laundering: Beneficial Ownership Of Corporate Entities) Regulations 2019 Regs 5, 7, 11-15, 28
- Central Bank Act 1942 (IRE) s 33AQ
Operational Resilience and Sustainable Finance
- Central Bank Act 1942 SS 33AN, 33AQ, 33BC
- European Union (Sustainability-related Disclosures in the Financial Services Sector) Regulations 2021, Regs 3, 5
Winding-up, Termination and Cessation
- European Communities (UCITS) Regulations 2011, Regs 126-132
- European Union (Alternative Investment Fund Managers) Regulations 2013, Regs 48-49
- European Union (Markets in Financial Instruments) Regulations 2017, Regs 30, 148-152
- Central Bank Act 1942 (IRE) ss 33AQ
This module is designed for Irish UCITS and AIFs, UCITS management companies, alternative investment fund managers, MiFID investment firms, investment managers and other organisations responsible for the establishment, governance, management, servicing, distribution or wind-down of funds and investment services in Ireland.