RegSol Blog

Central Bank of Ireland Enforcement Action – Sarasin Funds Management (Ireland) Limited fined €385,000 and reprimanded by the Central Bank of Ireland for breaches of investment restrictions and inadequate supervision

October 2021

On 27 September 2021, the Central Bank of Ireland (the Central Bank) reprimanded and fined Sarasin Funds Management (Ireland) Limited (the Firm or SFMIL) €385,000 in respect of four admitted breaches of investment funds regulations which occurred between 25 May 2017 and 2 March 2018 (the Relevant Period).

As part of their investigation the Central Bank identified a number of prescribed contraventions:
  1. Breach of Investment Restrictions in the UCITS Regulations
  2. Breach of Investment Restrictions in the Merging Fund’s Prospectus
  3. Ineffective Reporting and Communication Procedures with the Firm’s Delegates
  4. Ineffective Supervision of the Firm’s Delegates
Seána Cunningham, the Central Bank’s Director of Enforcement and Anti-Money Laundering, commented as follows:

“The Central Bank expects Boards and designated directors to proactively challenge the activities and scrutinise the actions taken by their delegates, to be able to adequately oversee and monitor their delegates at all times, and to tailor their governance, oversight and monitoring programme appropriately when risks arise. SFMIL failed in this regard.” 

For the full notice click the link below:
Enforcement Action Central Bank of Ireland and Sarasin Funds Management (Ireland) Limited