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Report: Brexit concerns prompt Ireland to bolster scrutiny of UK funds

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Report: Brexit concerns prompt Ireland to bolster scrutiny of UK funds

Concerns that the U.K.'s departure from the EU would cause destabilizing outflows have prompted the Central Bank of Ireland to increase its monitoring of the U.K. investment market, the Financial Times reported.

The central bank instructed administration companies, via a confidential request seen by the FT, to immediately notify the regulator of any withdrawals equivalent to 5% or more of the value of a fund domiciled in Ireland on a single day or cumulative outflows of 10% over five business days.

The regulator also wants to be notified about fund trading suspensions and other measures aimed at preventing clients from accessing their investments, according to the May 25 report.

There are more than 7,300 Irish-domiciled investment funds, which for legal and tax reasons can be sold across Europe and the U.K., the FT noted.