University College Dublin
The Professional Certificate for Designated Persons in a Fund Management Company was introduced to support the development of individuals in Designated Person roles, or those who aspire to these roles. It is also relevant to individuals who support Designated Persons and to other professionals in Fund Management Companies.
The programme was launched at an IOB event featuring Derville Rowland, Director General Financial Conduct at the Central Bank, Pat Lardner, Killian Buckley and Eve Finn who joined Mary O'Dea providing interesting insights into current topics for the funds industry.
University College Dublin
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The Central Bank of Ireland requires that a Fund Management Company or self-managed fund (“Fund ManCo”), which delegates activities, must appoint a number of Designated Persons to carry out prescribed managerial functions. Designated Persons (DPs) are the individuals who are responsible for monitoring and overseeing the managerial function assigned to them. DP roles are Pre-Approval Controlled Functions (PCFs) under the Central Bank’s Fitness and Probity regime.
According to Central Bank guidance, Designated Persons (DPs) are a Fund ManCo’s line of management that lies between the board of directors and delegates. In that sense they can be regarded as the senior leadership team or an integral part of the Fund ManCos Senior Leadership Team.
There are six managerial functions and the related PCFs are as follows: Capital and Financial Management (PCF-39A); Operational Risk Management (PCF-39B); Fund Risk Management (PCF-39C); Investment Management (PCF-39D); Distribution (PCF-39E); and Regulatory Compliance (PCF-39F).
The Professional Certificate for Designated Persons in a Fund Management Company has been carefully designed to equip professionals in the funds industry with the necessary competence to fill DP roles and is the only accredited qualification at this level.
This certificate has been designed in consultation with our Funds Advisory Board, Irish Funds and a variety of industry experts.
(NFQ level 9, 10 ECTS)
You study one module which carries 10 ECTS (academic credits). The course of study will focus on each of the following areas:
Legal and Regulatory Requirements
The DP Appointment Process
The DP mindset - constructive challenge
Engagement with the board including the board of funds under management and with the Central Bank of Ireland
The minimum entry requirements to the Professional Certificate for Designated Persons in a Fund Management Company are as follows:
An Honours degree (min. 2.2 L8 NFQ) in business or in a related cognate discipline
Applicants who do not hold a primary degree but have relevant work experience at a middle or senior management level are eligible to apply, and will be considered on a case-by-case basis.
You must be a current member of IOB, or become a member, to undertake this programme.
I have been an IOB member since 2010. In the last 10+ years, I changed roles and progressed my career. IOB educational support was one of the enablers of this progress.
When I joined the bank first, I got my QFA designation and just last year I completed the Certified Bank Director program. I would recommend IOB to anyone in banking regardless of what qualifications and experience they already have.
IOB has a genuine interest in all members' future progression and their contribution in making the finance sector 'fit for purpose'. IOB membership is important to me.
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