Tommy Broughan (Dublin Bay North, Independent)
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69. To ask the Minister for Finance his plans to reform the standards of corporate governance in investment fund management; and if he will make a statement on the matter. [22476/17]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank of Ireland is responsible for the authorisation and supervision of fund management companies established in Ireland. 

I have been informed by the Bank that it has undertaken a significant project examining fund management company effectiveness which dealt with the issue of governance by aiming to enhance organisational effectiveness and setting out expectations with regard to how directors of fund management companies should carry out their roles. 

That work concluded in December 2016 when the Central Bank published its finalised guidance for fund management companies and new rules on managerial functions, organisational effectiveness, effective supervision requirement/location of directors and Designated Persons and retrievability of records.

Fund management companies now have a period of time within which to make any changes necessary to comply with the new rules and to operate in a manner consistent with the new guidance.