Module Details

Module Code: FINA9005
Title: Governance of Investment Funds
Long Title: Governance of Investment Funds
NFQ Level: Expert
Valid From: Semester 1 - 2021/22 ( September 2021 )
Duration: 1 Semester
Credits: 5
Field of Study: 3430 - Banking, Finance and Investment
Module Delivered in: 1 programme(s)
Module Description: The aim of this module is to introduce learners to the key principles of investment fund governance, including the relevant corporate governance codes and their applicability to funds and fund service providers. Learners will gain a keen insight into the key roles and responsibilities of the various stakeholders in the investment funds industry and how they interact with one another as well as having the opportunity to critically analyse recent trends in fund governance and the evolution of key concepts in recent times.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Interpret general and sectoral governance codes and reflect on their impact on the operation of an investment fund.
LO2 Consider the ethical aspects of fund governance and control.
LO3 Evaluate the responsibilities placed on those in a decision making role.
LO4 Evaluate contemporary governance developments pertaining to emerging issues and challenges.
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named MTU module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.
No requirements listed
 
Indicative Content
Introduction
Introduction to fund governance.
Conceptual perspectives
Conceptual perspectives on corporate governance.
Governance codes
Corporate Governance Code for Fund Service Providers and the UK Corporate Governance Code (and its application to listed companies).
Approaches to enforcement of governance codes
Approaches to enforcement of the governance codes (‘comply or explain’ model and enforcement fines for governance breaches & failures).
Decision-making duties
Duties of those charged with decision making (directors, trustees).
Delegation
Delegation and outsourcing models.
Remuneration
Remuneration, incentives and conflicts of interest.
Regulatory obligations of Fund Management Companies
Regulatory obligations of Fund Management Companies (with particular focus on the Central Bank Fund Management Company Guidance (“CP86”)), to include: reporting of governance matters to board, necessary corporate policies, governance structure charts, requirements of senior management to have appropriate integrity & skill for their roles, board obligations for dealing with non-compliance, board agendas & minutes.
Fitness and probity
Fitness and Probity – Central Bank Fitness and Probity Standards for Regulated Funds, Central Bank Reform Act 2010 etc.: role of board, conducting due diligence/comprehensive background checks, PCF and CF (register; approvals, review etc)(Annual review; submission to CBI etc), review of CBI's public statements on enforcement actions.
Beneficial Ownership
Beneficial Ownership, to include the register of beneficial ownership (any directors or senior managers considered having “beneficial ownership”), European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019.
Oversight of the Governance Process
Training obligations – e.g. LEGS training and Director Corporate Compliance and Governance training, systems to ensure that governance obligations are adhered to (a governance calendar), testing & automation of governance process.
Box ticking
Box ticking and corporate governance.
Whistleblowing
Speaking up/Whistleblowing.
Module Content & Assessment
Assessment Breakdown%
Coursework100.00%

Assessments

Coursework
Assessment Type Presentation % of Total Mark 50
Timing n/a Learning Outcomes 1,2,3
Assessment Description
Presentation
Assessment Type Other % of Total Mark 50
Timing n/a Learning Outcomes 4
Assessment Description
Assignment
No End of Module Formal Examination
Reassessment Requirement
Coursework Only
This module is reassessed solely on the basis of re-submitted coursework. There is no repeat written examination.

The University reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Lecture Every Week 2.00 2
Independent Learning Non Contact Independent study, presentation and assignment preparation Every Week 5.00 5
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.00
Workload: Part Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Lecture Every Week 2.00 2
Independent Learning Non Contact Independent study, presentation and assignment preparation Every Week 5.00 5
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.00
 
Module Resources
Supplementary Book Resources
  • Tricker, B.. (2015), Corporate Governance: Principles, Policies, Practices, 3rd. Oxford University Press, UK.
  • Law Reform Commission. (2020), Central Bank Reform Act 2010 Revised to 5th October 2020 Ireland.
Recommended Article/Paper Resources
  • Central Bank of Ireland. (2016), Fund Management Companies – Guidance ("CP86"), Ireland.
  • Financial Reporting Council (FRC). (2018), The UK Corporate Governance Code, UK.
  • Central Bank of Ireland. (2014), Fitness and Probity Standards (Code issued under Section 50 of the Central Bank Reform Act 2010), Ireland.
  • Irish Funds. (2014), The Corporate Governance Code for Fund Service Providers Ireland, Ireland.
  • Central Bank of Ireland. (2020), Dear Chair Letter – Thematic review of fund management companies’ governance, management and effectiveness, Ireland.
Supplementary Article/Paper Resources
  • Central Bank of Ireland. (2015), Industry Letter – Thematic review of the number of directorships held by individuals within the investment funds industry, Ireland.
Other Resources
 
Module Delivered in
Programme Code Programme Semester Delivery
CR_BIFAD_9 Master of Business in Investment Fund Administration 5 Mandatory