Aquest Podcast

In Episode 3, I'm joined by Andrew Tzialli of Philip Lee LLP as we catch up on implementation of the Markets in Crypto Assets Regulation (MiCAR) 6 months away from it coming fully into force.  We discuss the levels of activity being seen and the potential for Ireland to position itself as the jurisdiction of choice for MiCA firms.  We also chat about other developments in the digital assets/digitalisation space, with tokenisation of funds getting some attention.   Enjoy!

In Episode 2, I'm joined by Declan Casey and Lauren Andersen of Irish Funds to chat about the EU Savings & Investments Union.  We discuss the SIU's predecessor, the Capital Markets Union, and consider what's different this time around.  We also chat about the EU Commission's Targeted Consultation on Integration of EU Capital Markets which closes on 10 June 2025 with the Irish Funds team working on a consultation response as we speak.  Enjoy! Link to the Commission's consultation: https://finance.ec.europa.eu/regulation-and-supervision/consultations-0/targeted-consultation-integration-eu-capital-markets-2025_en

Welcome to the first episode of the Spring / Summer 2025 season of The Aquest Podcast. To kick things off, I'm joined by Sam Glynn who is a Security and Regulatory Compliance Advisor to Regulated Firms and Professional Services Providers. Our conversation begins with a catch up on DORA implementation and how the experience has been for regulated firms. We then discuss the potential cyber risks which third party service providers pose for regulated firms and how they go about managing and mitigating these. Our discussion concludes with a view from the service provider's perspective and how they can go about demonstrating their cyber security and resilience through, for example, ISO 27001 certification. Enjoy.

For the last episode of the winter 2024 season, I'm delighted to be joined by Jennifer Geary.  Jennifer hosts a new podcast called The C-Suite Framework and is author of a number of books including How to be a Chief Operating Officer.  Although critically important, the COO role is not much discussed, and the precise scope is often ill-defined.  So, I was interested to chat with Jennifer about what it covers and what it doesn't, the habits of people who perform the COO role well and what tends to happen when things go wrong.  We also discuss why CCO can be a thankless role that only gets attention when things don't work as they should. Many thanks to Jennifer for coming on the podcast and I hope you enjoy.

In May 2024, the Expert Group on Future Skills Needs (EGFSN) published its report on Skills for International Financial Services - An Assessment of Future Skills Requirements in High Potential Sub-sectors of Ireland's International Financial Services Sector to 2027. This report identifies the availability of training and education relevant to the financial services industry. It assesses where gaps might arise in terms of new skills and numbers of skilled individuals up to 2027. It also sets out a number of recommendations to ensure that the potential training and skills needs identified can be addressed effectively. Who better to chat to about this report than Martina Kelly, who chaired expert Steering Group that directed the production and publication of the report. Martina is Director Funds at the IOB (Institute of Bankers) and acts as an independent director to several Irish regulated financial services providers. We discuss the background to the report, its aims and findings. We also discuss the recommendations produced and the plans for ensuring that they are implemented. Plenty to discuss then – enjoy!

For this episode of The Aquest Podcast, I'm delighted to be joined by Clive Bellows.  Clive is President for EMEA for Northern Trust and, more importantly (for the purposes of this episode at least!), the former Chairperson of basis.point.  basis.point is the Irish funds industry charity which funds programmes to improve outcomes for children experiencing disadvantage, with a particular focus on access to education.  We chat about Clive's professional journey and how he came to be Chairperson of basis.point.  We also chat about some of the initiatives which basis.point helps to support and how people can get involved.  Enjoy!

As the 180-day transition period for EMIR REFIT drew to a close, I was joined by Aoife Storey and Michelle Kehoe of Fund Recs to reflect on how well (or otherwise!) the implementation of EMIR Refit has gone. We chatted about whether the anticipated challenges arose in practice and what unexpected speedbumps came along. We discussed where firms are at generally, in terms of complying with the new reporting and oversight requirements. We also cast the net a bit more broadly and considered similar changes to other EMIR regimes internationally. Enjoy!

This is a director's chair episode of The Aquest Podcast and my guest is Eoin Motherway. Eoin is an experienced INED across a range of Irish regulated financial services firms and brings that wider perspective to our conversation. We chat about the current INED landscape and it is not long before our conversation turns to matters tech and digital-related. We discuss the state of readiness for DORA (which takes effect in Jan 2025); MiCAR and the challenges facing both industry and the financial regulator when it comes to issuing CASP licences by the end of 2025; and the tokenization of funds and what that might mean for the Irish funds industry. Lots of ground covered and plenty of interesting insights along the way. Enjoy!

Chat about Artificial Intelligence (AI) is everywhere in the financial services world at the moment so I thought it would be useful to try to demystify AI and to explain some of the practical use cases for it.  To do that, I'm joined by Brian Walsh, CEO of Reitigh.  Brian explains why the FS industry has been an early adopter of this emerging technology and why it is not simply a fad.  We chat about how firms might best go about introducing AI assistance to their business and why this doesn't need to cost the earth.  We also chat about AI bias and AI hallucination and the challenge of balancing innovation with regulation. And most importantly, Brian tackles the most asked AI question – is AI going to take my job?  Find out the answer in this episode of The Aquest Podcast!

How FS and professional services firms develop an effective business strategy is the topic for this episode of The Aquest Podcast.  My guest is Annette Mahon who is a commercial strategy and business development consultant working exclusively with service providers and financial/fund services businesses. We chat about Annette's journey into the funds industry and her observations as someone coming fresh to the industry.  We discuss how FS firms go about devising and deploying a business strategy to win and retain customers, keep existing staff happy and entice new employees.  Annette shares insights on what the best firms do well and how others can catch up.  We also chat about what business strategy means for an Irish FS business that is part of an international firm – and how to plan the ideal agenda for a visit from HQ's CEO! Many thanks to Annette for her thoughts and advice.  Enjoy!

On this episode of the Aquest Podcast I'm joined by Adrian Mulryan, CEO of Invesco Investment Management to talk about ETFs (mostly!). We begin by reflecting on the predictions made by Adrian the last time he came on the podcast in 2018.  His predictions were pretty accurate, to be fair, and he wasn't shy about reminding me either. We go on to chat about the continued growth of ETFs, both in terms of assets under management and product range.  We take quite an in-depth look at ESG ETFs and how investors are driving strong inflows here.  We also chat about product innovations, active ETFs and speculate on the tokenization of ETFs.  Let's see how accurate these predictions prove to be in 2029!  Enjoy

It's time to get techie on the Aquest Podcast and who better to guide us through the intersection of technology and financial services than Dáire Lawlor, MD at tech advisory firm Interwoven.   We chart the growing use and integration of technology in financial services firms from the early 2000s (when tech integration was patchy at best) through the global financial crisis in 2008 (which brought a deluge of new reporting and compliance obligations) and up to DORA (the Digital Operational Resilience Act) which comes into effect on 17 Jan 2025. It's a lot of ground to cover but it does help explain how we've arrived at DORA and what DORA is intended to achieve.  We also chat about the types of challenges firms are facing when implementing DORA - particularly from a critical third-party service provider perspective. We conclude by considering the board's role in governance and oversight of the use of ICT and the associated risks.  Many thanks to Daire for sharing his insights on this episode.  Enjoy!

In this ‘Director's Chair' episode of the Aquest Podcast I'm joined by Syl O'Byrne who has many years' experience as a financial services lawyer, both in private practice and industry. We begin by chatting about Syl's pathway to becoming an INED and his observations on the current funds landscape generally. We also chat about the impact of the Individual Accountability Framework from a director's perspective and the balance between collective responsibility and individual accountability.  We discuss the regulatory burden and barriers to entry and speculate about getting the cost/benefit balance right.  We wrap up by discussing some of the specific topics on a director's radar such as SFDR, DORA, valuations, outsourcing and governance. So it's fair to say that there is plenty to occupy the minds of our INED community.  Enjoy!

With the new EMIR REFIT (the revamp of the European Market Infrastructure Regulation) reporting requirements kicking-off on 29 April 2024, I'm joined by 2x EMIR REFIT experts to chat about what changes are being introduced and how firms are coping with implementation. Aoife Storey (Client Solutions Manager) and Gerard Gilsenan (Chief Revenue Office) of Fund Recs join me and share their insights and expertise on the challenges with implementing EMIR REFIT, emerging market practices and governance frameworks.  We also chat about the importance of good quality data from a regulator's perspective and how tech solutions can help firms manage oversight of enormous amounts of reported data.  And we also have Aoife's top tips for firms who are not there yet!  Enjoy

In this episode of the Aquest Podcast I catch up with Ann Shiels, sustainability expert with Finlexsus. Ann appeared on the show in May 2022 and I was interested to get her take on developments in market practices and regulations on ESG in the interim. We chat about SFDR 1.5/2.0, the Corporate Sustainability Reporting Directive, the regulation of ESG rating agencies and the current Common Supervisory Action on SFDR compliance. We also discuss whether some of the steam has gone out of the ESG movement and whether the pending revision of SFDR is causing investor confusion leading to ESG fund outflows. So, in a nutshell, there has been plenty of activity in the ESG space since Ann last appeared on the Aquest Podcast in 2022!!

Impact of T+1 Settlement As firms in the US prepare for the momentous move to T+1 settlement in May 2024, I chat with Adrian Whelan, regulatory expert, about how this change will have a broad impact outside the US. With knowledge/appreciation of what's coming pretty patchy at best, we discuss the implications for firms on everything from fx to securities lending. We also chat about the steps that firms should be taking now to ensure that they are ready for T+1. We even contemplate T+0 and whether this is feasible and desirable in practice. Enjoy!

What are payment services? From time to time, I encounter firms where part of their business model involves receiving money from clients which the firm holds and later transmits to a third party. For me, this always begs the question 'Is this a payment service?' Sometimes it is and sometimes it isn't. But it is often a question which the firm has not thought to ask and one which they will need help with resolving if they are, however inadvertently, offering a payment service. In this episode, I'm joined by payments expert Ruairí deBurca to chat discuss the various types of activities which are regulated as payment services. We also discuss what firms can do if they are/would like to include a payment service as part of their customer offering. Enjoy!

Reducing Friction in the Payments Process When he was CEO of a communications business, Feargal Brady saw the inefficiencies in the current payments process first hand - and he vowed to do something about it! So, when he exited the communications industry, he entered the financial services world and set up payments firm - NoFrixion - whose mission is to rid the world of unnecessary hassle in the payments process. We chat about Feargal's experience of the Central Bank's authorisation process (mostly positive, by the way) and his hopes and ambitions for NoFrixion. We also discuss Feargal's thoughts on what the Irish financial services industry does well and not so well. Enjoy!

Recruiting in the Irish Financial Services Industry Like many sectors, the financial services industry is seeing great demand and competition for talent. In this episode of The Aquest Podcast, I chat with Jennifer Cahill, recruitment consultant, about what the landscape is like and how difficult it is in practice to recruit new staff. We discuss the steps that firms are taking to differentiate themselves and make themselves more attractive. We also chat about the Senior Executive Accountability Regime (SEAR) and the challenges of successfully completing the Central Bank's fitness and probity assessment. Enjoy!

MiCA and the future of Crypto Assets in EU After several years of drafting and refining, the Markets in Crypto Assets Regulation has been finalised and published. This game-changing piece of legislation will have a profound impact on crypto assets - and their service providers - in the EU. I'm joined by Andrew Tzialli, crypto asset legal expert, to chat about the final version of MiCA, the timelines for implementation and the steps firms need to start taking. We also chat about the crypto industry more generally and what the future may hold for this asset class in the EU. Enjoy!

A Digital Future for Funds In light of the Funds Sector 2030 Review, I am joined by Giles Swan, formerly UK FCA and ICI Global, as we contemplate what a bolder, more digital future for the funds industry might look like. What if funds issued tokens instead of units or shares? What if subscriptions and redemptions happened instantenously? What if UCITS rules were written into smart contracts so that the rules could never be broken? What if regulators had instant access to live data on portfolio holdings and investors? Find out what the future could hold in this episode of The Aquest Podcast. Enjoy!

Past, present and future of the Irish Funds Industry In the first episode of the Summer/Autumn 2023 season, I have a wide ranging discussion with Gerry Brady, INED and Elder Statesman (he said it was ok to call him that!) of the Irish Fund industry. We chat about the early days of the funds industry in Ireland and the tremendous efforts made collaboratively by industry and the public sector to establish and grow a funds industry here. We also discuss the current state of play and contemplate what the future might hold - both opportunities and challenges - in light of the current Funds Sector 2030 review. Enjoy!

Episode Notes In the first episode of our new season, I chat with Paul Price, founder and CEO of Haven Green Investment Management. Haven Green offers an outsourced distribution function with a focus on funds pursing a sustainable investments policy. We chat about how Paul's team identifies the boutique managers it wants to work with and how the trend towards sustainable investing is likely to evolve over the medium-term. We also discuss the outsourced distribution model and the fun/challenges in setting up your own investment firm! Enjoy!

Fresh from moderating a webinar on SFTF and EMIR data quality and oversight, Ciaran Walshe, COO of Fund Recs, joins me on this episode of The Aquest Podcast. We chat about the take-aways from the webinar, with particular attention on the messaging delivered by the Central Bank of Ireland that data quality and reporting oversight needs to continue improving. Plenty to mull over for already busy Manco boards...

We're back after a summer hiatus and crypto funds are on the agenda once again. This time, my guest is Daire Lawlor, MD at Interwoven, and we discuss the extent to which Irish regulated funds can invest in crypto currencies and digital assets. Our chat wanders into discussions about DLT, tokenisation and freedom with guardrails. Plenty to digest as we get our heads down for the run-in to year-end! Enjoy

Regulated crypto funds With investment in crypto continuing to generate investor interest (current market turmoil notwithstanding!), FS firms are exploring whether and how investment fund structures could be used to deliver exposure to crypto currencies. Leading the way when it comes to regulated crypto funds is Gibraltar. So I'm delighted to be joined by James Lasry, Funds and Crypto Lawyer at Hassans, to discuss how Gibraltar has approached the regulation and operation of crypto funds. With tons of insights and practical experience, James is a mine of information when it comes to regulated crypto funds. Enjoy!

Sustainability With sustainability and ESG being on everyone's lips, not just in the financial services industry, I thought it would be interesting to chat with Ann Shiels, a sustainability expert with Finlexsus. We chat the compliance challenges facing FS firms as they navigate the management of investment products with a wave of regulatory deadlines on the horizon. But more than that, I was interested to learn more about how firms in the FS industry, including professional services firms, are tacking sustainability within their own businesses. What are the challenges and how are firms innovating? Do potential recruits (millennials!) and clients really care about a firm's sustainability credentials? Find out in this episode as Ann shares her insights on sustainability trends in the current marketplace. Enjoy!

Continuing on the theme from the last episode of The Aquest Podcast, I'm joined by Brian Sanya Mondoh to chat about the digital revolution and its impact on financial services in particular. I learn about how smart contracts, blockchain and Decentralised Autonomous Organisations (DAOs) are likely to shape our world over the short-to-medium term. But we begin by chatting about life in Brian's home country of Trindad and Tobago! Enjoy. Many thanks to Catherine Monahan who edited this podcast.

Blockchain expert Mauricio Magaldi of 11FS joins me for this episode of The Aquest Podcast to chat about blockchain and the financial services industry. We discuss current use cases and ponder how regulators could best adapt to the blockchain revolution. We also speak about Tradfi and contemplate the challenges and opportunities that DeFi and blockchain bring. Enjoy!

Episode Notes Introduced in 2015 with the objective of increasing alternative sources of funding for European capital markets, the European Long-Term Investment Fund (ELTIF) regime has failed to gain any real traction. Why is this? And what can be done to fix it? In this episode of The Aquest Podcast, I'm joined by Ken Owens of PwC to mull over the problem with ELTIFs and discuss what could be done to make them attractive to investors.

Episode Notes Tom Brennan, Head of Risk & Regulatory at EisnerAmper Ireland, joins me to chat all things ICAAP. With an ever increasing number of Irish firms now (or shortly) required to have an Internal Capital Adequacy Assessment Process, Tom guides us through the dos and don'ts and highlight some of the key considerations when putting together an ICAAP report. We also chat about some of the best questions directors can ask when approving an ICAAP. Everything you ever wanted to know about ICAAP in one podcast!!

Episode Notes In this episode of The Aquest Podcast, I'm joined by crypto educator Nick Aston of the Ashton Talks Crypto podcast. We chat about how the profile of crypto investors is shifting from millennials to more experienced investors seeking alternative asset classes. We also discuss how cryptocurrencies and digital assets are gaining credibility and what more needs to be done to win the trust of investors. Enjoy!

Episode Notes We've all been hearing about digital transformation in the FS industry for years now but has the COVID19 pandemic really accelerated this trend? For this episode of The Aquest Podcast, I'm joined by Alan Meaney to chat about this, about the 'build vs buy' question and whether ISO27001 certification is a pre-requisite for all FinTechs. We also discuss the return of Adminovate (one of my personal favourite conferences!) which will be back in Trinity College Dublin on 13 Jan 2022. Enjoy!

Episode Notes In this episode of The Aquest Podcast, I'm joined by Jennifer Cahill of Savvi Recruitment Consultants. With demand for talent high but availability not-so-much, we chat about current market trends, skills in particular demand and the impact this is having on salaries. We chat about how WFH during the Covid-19 Pandemic has accelerated employers' attitudes to workplace flexibility by 5 to 10 years. The impact of SEAR is also on the agenda. Enjoy!

Episode Notes With so much interest and attention being paid to cryptocurrencies and digital assets, I thought it would be interesting to look at the darker side of the crypto world - crypto scams. So for this episode of The Aquest Podcast I'm delighted to be joined by Erica Stanford, author of 'Crypto Wars - Faked deaths, missing billions and industry disruption'. We chat about the anatomy of a crypto scam, look at some case studies from her book and discuss the red flags that investors and advisors should look out for. Enjoy!

Episode Notes On this episode of the Aquest Podcast I'm joined by risk expert Dennis Slattery. We chat about best practices in risk management for Fund Mancos, how to succeed as a NextGen Fund Manco and the essential skills that risk professionals need to learn. Enjoy!

On this episode of The Aquest Podcast, I'm joined by cybersecurity expert Sam Glynn as we discuss the recent HSE cybersecurity breach and how financial services firms can avoid the same thing happening to them. Sam also has some advice on how the risk team and directors (i.e. non-techies!) can interact with IT and cyber experts and actually understand what is being said. We wrap up by chatting about the challenges faced by start-up RegTech and FinTech firms as they try to sell their wares to regulated financial services firms. Enjoy!

Shannon Eastman and I talk about her question to a dozen professionals in Financial Service Industry: "What in your perspective is the reason why D&I is still resisted by firms beyond a box ticking exercise?" The 3 unique perspectives at the table: the regulator, the firm and D&I consultants along with a brief exploration into the commercial value D&I offers business. go here

Shannon Eastman and I revisit our 2020 Predictions as part of our 12-month review. We look at the December 2019 predictions, and highlights that include: Adrian Whelan, Sam Glynn, Mark Fritz, Bob Quinn, #FIMC2020. We touch on 2021 activities coming up featuring Andrea Dermody of Dermody D&I Advisory, FIMC2021, Crypto, ESG, ILP, and there's still more.

In this episode, I'm joined by Bill Prew and Victoria Gillespie of Indos. We chat about how firms are approaching compliance with the new ESG requirements, the challenges they face and the opportunities available tp firms who really buy into the new ESG regime.

In the CP86 'Dear CEO' letter, the Central Bank calls out that mancos need to be better at performing due diligene before appointing a delegate and annually thereafter. It especially referenced due diligene where a manco has multiple delegate investment managers. But, as anyone who has been involved in requesting or providing due diligence information will know, the entire process is usually document-heavy and an administrative headache. Is there a better way? To find out, I'm joined by Monel Amin of Diligence Vault who shares her insights and experience of best practices in managing due diligence.

Session 5 on Friday 6 Nov is dedicate to those in leadership positions and those who support them. It contains topics on the Organisational Effectiveness Role, Time Commitments for Directors and Cybersecurity for Directors. There is even a case study on wellbeing in the workplace. On this podcast, I'm joined by Shannon Eastman, Teach A Brand To Fish, to summarise what attendees can expect from the Leaders' Lounge session at CP86 MiniCon. But first, we chat about MiniCon itself, how it came about and what we hope attendees will take away from the event - and, of course, the by-now famous Digital Goodie Bag!!

With the best will in the world, sometimes things go wrong and firms suffer a breach of their regulatory obligations. For this episode of The Aquest Podcast, I chat with Michael Tuohy and Arnaud Barosi about what happens when things go wrong. We talk about the increased use of Risk Mitigation Programmes for asset management firms and what this means in practice. We also chat about Independent Expert Reports and, lastly, the Administrative Sanctions Procedure. The MiniCon session on 'What happens when things go wrong' takes place on Thursday November 5th and this podcast will give you a real taster for what to expect. Enjoy!

The first session of the CP86 MiniCon deals with the emerging regulatory landscape for Mancos - a hyper-relevant topic given the immient arrival of the Commission's AIFMD consultation and the Central Bank's CP86 'Dear CEO' letter. Shane Coveney, Dillion Eustace, joins me for this episode of the Aquest Podcast to chat through what attendees can expect from this CP86 MiniCon session. Connect with Shane Coveney: LinkedIn www.dilloneustace.com

With the cohort of legacy mancos and SMICs reconsidering their resourcing models, I chat with Eoin Motherway of AMX about the options available to them to meet regulatory expectations. Eoin gives a taste of what to expect at the CP86 MiniCon session on CP86 Solutions with some valuable insights into the benefits and drawbacks of each option. Connect with Eoin Motherway: LinkedIn https://theamx.com/

The way that mancos go about supervising their delegates, particularly the investment managers, is changing. Regulator expectations about the depth and quality of delegate monitoring are increasing with intrusive oversight and constructive challenge the order of the day. In this episode, I'm joined by John Phinney of Convergence to chat about his upcoming CP86 MiniCon sesssion on emerging best practices in delegate oversight. We chat about how mancos can plug into new and easy-to-use data sources to bolster their oversight. We also chat about the changing dynamic of the relationship between mancos and investment managers - how will investment managers feel about this new instrusive approach? Connect with John Phinney LinkedIn https://convergenceinc.com/

Tuesday's session (3 Nov) at CP86 MiniCon will deal with the solutions available to legacy mancos and SMICs who need to change their resourcing model. That session will be co-hosted by Nicola Gerety of AMX and she joins me on this podcast to set the scene. We chat about the types of questions investment managers have when considering the third party manco option and the challenges and timelines involved. We also discuss the benefits and drawbacks of establishing your own manco. Finally, we talk about value for money and the need for both in-house and third party mancos to demonstrate they are not just a compliance cost. Connect with Nicola Gerety: LinkedIn https://theamx.com/

With a myriad of new rules on ESG facing fund mancos, who better to walk us through these requirements than Tara O'Reilly, Partner and Co-Head in Arthur Cox's Asset Management and Investment Funds Group.  We chat about what the new rules mean for fund mancos, the deadline for compliance and what needs to be done before then. We also chat about the ESG regime generally - will it really make the world a better place?   Connect with Tara O'Reilly: LinkedIn

ESG is probably the hottest of topics in the asset management industry right now - certainly from a regulatory perspective with a suite of new rules coming into effect beginning 10 March next year.  But do ESG funds really deliver what they promise?  Bob Quinn advises retail investors on a day-to-day basis and he's not yet convinced.  In this episode of The Aquest Podcast, Bob joins me to chat about some of the doubts he has concerning ESG investing as it currently stands.   This podcast is the first in a short series dedicated to ESG.  In later episodes we will be looking at the new ESG rules from a legal and firm's perspective to see what they are and what they mean in practice.  Then we'll be catching up with Bob again to see if he's been convinced or whether his questions remain. Connect with Bob Quinn: LinkedIn

I'm joined by Shane Coveney, a Partner in the Funds Department at Dillon Eustace. In this episode, we talk about the OE Role (Organisation Effectiveness), and how it has been affecting ManCos and SMICS since it's introduction with CP86. While I think that it's time to ditch the role, Shane has some insights on why the role has proven itself useful in the Funds Industry. Connect with Shane Coveney: LinkedIn www.dilloneustace.com

I'm joined again by Bob Quinn, Independent Financial Advisor, who we know as The Investor's Advocate. Bob deals with retail investors on a daily basis. As most of us in the industry will never meet our funds' investors in person, I love the insights that Bob gives about the priorities and concerns of the average retail investor. In this episode, I was keen to find out what retail investors' views are on fees and expenses and value for money. This topic is high on the regulator's agenda - but what about the investor's agenda? I was very surprised by what Bob had to say on that front!