Central Bank issues Client Assets industry lettter

Date: 15 May 2017

The Central Bank of Ireland undertook a themed review during Q4 2016 – Q1 2017 to assess how investment firms, that are permitted to hold client assets, have implemented the new client asset risk management requirements. The aim of the themed review was to evaluate how the role of the ‘Head of Client Asset Oversight’ (the “HCAO”) is discharged and how the ‘Client Asset Management Plan’ (the “CAMP”) has been developed and embedded within each of the inspected investment firms. In light of the themed review, the Central Bank issued an industry letter on 20 April 2017 to all investment firms that are permitted to hold client assets. The purpose of the industry letter is to provide feedback on the Central Bank’s findings and to highlight good practices identified during the themed review.