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 ) |
| Field of Study: |
3430 - Banking, Finance and Investment
|
| 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 | % |
|---|
| Coursework | 100.00% |
Assessments
| 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 |
|---|
-
Online Newspaper Supplement, Financial Times. FTfm,
|
|