FINA9002 - Regulation of Investment Funds

Module Details

Module Code: FINA9002
Title: Regulation of Investment Funds
Long Title: Regulation 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: In this module, learners will get an insight into the key regulatory frameworks relating to the Irish funds industry, including the Undertakings for the Collective Investment in Transferable Securities (UCITS) and alternative investment fund managers directive (AIFMD) regimes. Along with gaining a high-level overview of the various legislative frameworks, learners will interrogate on a more holistic level the direction of travel of regulation in the investment funds sphere, both at a national and supra-national level, as well as having the opportunity to identify and discuss some of the most impactful regulatory changes and emerging trends that have altered the shape of the industry in recent times. Learners will have the opportunity to explore key regulatory issues and place them within theoretical constructs as an aid to acquire a much deeper level of understanding of the investment funds' regulatory environment.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Discuss the provenance of the sources of regulatory pronouncements and the resulting consequences thereon.
LO2 Interpret the impact of certain key regulatory requirements on the operation of a fund and a fund service provider.
LO3 Consider the implementation challenges that arise due to the changing regulatory landscape.
LO4 Evaluate emerging regulatory policy for investment funds.
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 to the key sources of regulation impacting the Irish fund
Including European legislation, Irish statute, Central Bank of Ireland regulation and guidance etc. The difference (if any) between EU Directives, legislation, CBI regulation and guidance. Other regulatory regimes (Fed, CSSF (Lux), FCA (UK)).
Legal structures
The different legal structures to establish a fund and the parties to a fund.
Central Bank of Ireland
The Central Bank of Ireland’s approach to regulation, supervision and enforcement (the PRISM model, inspections & reviews, thematic inspections).
Extant regulation
Thisis not an exhaustive list, neither will each item be considered in turn. However, the more significant regulations and the resultant implications will be addressed. - Irish legislation governing various fund structures (Companies Act 2014, Irish Collective Asset-management Vehicles Act 2015, Unit Trusts Act 1990 etc.); - UCITS Directive and implementing regulations; - AIFMD and implementing regulations; - Other legislation covering various aspects of investment fund regulation (Sustainable Finance Disclosure Regulation, Securities Finance Transaction Regulation, Benchmarks Regulation, elements of Markets in Financial Instruments Directive II (MiFID II) etc., Shareholder Rights Directive); - General regulation that impacts investment funds (data protection requirements under GDPR, anti-money laundering regulation etc.).
Central Bank of Ireland Consultation Papers
Those with relevance to the investment fund industry (e.g. CP86 Consultation on Fund Management Company Effectiveness-Delegate Oversight, CP134 on performance fees etc.).
Fund Documentation
Prospectus, constitutional documents (memo and articles of association as an example), marketing documentation, agreements with service providers.
Managing regulatory change
Tracking pending regulation, determining its impact (if any), regulatory impact assessment, business impact assessment, implementation.
Emerging regulatory issues.
Emerging regulatory issues.
Module Content & Assessment
Assessment Breakdown%
Coursework100.00%

Assessments

Coursework
Assessment Type Other % of Total Mark 50
Timing n/a Learning Outcomes 1,2
Assessment Description
Assignment
Assessment Type Other % of Total Mark 50
Timing n/a Learning Outcomes 3,4
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 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 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
  • Central Bank of Ireland. (2019), Central Bank UCITS Regulations: The Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2019, Dublin.
  • KPMG. (2020), Regulatory change management enhancement and transformation, Dublin.
Supplementary Article/Paper Resources
  • Central Bank of Ireland.. (2020), Annual Report 2019 and Annual Performance Statement 2019/20, Dublin.
Other Resources
 
Module Delivered in
Programme Code Programme Semester Delivery
CR_BIFAD_9 Master of Business in Investment Fund Administration 2 Mandatory