Irish regulator speaks about Culture, FinTech and RegTech

The Director of Markets Supervision, Gareth Murphy, of the Central Bank of Ireland today made a speech, which touched on a wide range of current important issues for regulators.

The Director of Markets Supervision addressed the issue of culture and personal accountability and highlighted that firms that promote a culture, which is client-focussed, which is fair and which is mindful of the wider financial services and economic environment are firms that are aligned with the mission of financial authorities.

The remarks also touched on the role of technology in respect of new distribution channels, identity verification, the registering ownership of assets as well as cyber risk.

He also outlined the regulators approach in respect of the disclosure or investment fund fees and the stress-testing of investment funds.

Furthermore, he spoke on the subject of data in supervision, where he increasingly sees a greater role for data-driven supervision, but also stressed the need for further debate on the role of data in supervision and the standards that data should meet in order to support effective and efficient supervision.

Murphy closed with an overview of the current workload of ESMA’s Investment Management Standing Committee, which he chairs, in particular with a view to fund regulation and the forthcoming implementation of UCITS V.

The full speech and related information can be found here.