Regulatory flexibility for Securities Markets, Investment Management, Investment Firms and Fund Service Providers in light of COVID-19

Fund Service Providers

Date: 28 February 2023

During 2020, in recognition of the challenges faced by firms and market participants as a result of the COVID-19 crisis, the Central Bank allowed flexibilities for regulated firms in specified areas, including the suspension of certain due diligence arrangements and periodic on-site visits to outsourcing providers and delegates by fund service providers.

Many of these measures have now expired under their own terms and, with the lifting of COVID-19 restrictions, the Central Bank no longer considers the remaining flexibility to be necessary.

As of 28 February 2023, the Central Bank has confirmed that providers and delegates by fund service providers should resume in accordance with the relevant requirements.