Results Themed Inspection on Client Categorisation
Dear CEO Letter to MiFID Firms
On the 19 June 2015 the Central Bank of Ireland wrote to the CEO's of MiFID Firms in Ireland to outline the results of a recent themed inspection of Client Categorisation in a number of MiFID firms (including some passporting into Ireland). The letter also concluded with expectations of action that the Central Bank expects to be taken by MiFID firms as a result of the findings.
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Corporate Governance News
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Fitness and Probity a Priority
Refresher Series
This article is one of a series looking at the enforcement priorities of the Central Bank for 2015. Here we will highlight a number of key points when addressing fitness and probity and some recent developments of note.
Key Points: - While Fitness and Probity has yet to feature in any enforcement action to date, this is the first time it has been included in the priorities list. Section 21 CBRA 2010 sets out the requirement that ‘A person cannot be permitted to perform a controlled function at a regulated financial service provider [“RFSP”] unless:
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CRR Amending Regulation on Own Funds published
On 19 June 2015, the Official Journal of the European Union (OJ) published Commission Delegated Regulation 2015/942/EU amending Delegated Regulation (EU) No 529/2014 on regulatory technical standards (RTS) for assessing the materiality of extensions and changes of internal approaches when calculating own funds requirements for market risk under the Capital Requirements Regulation (CRR). The Regulation enters into force on 9 July 2015.
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The KIIDs are alright
On 22 June 2015, the joint European Supervisory authorities (EBA, ESMA and EIOPA) issued a Technical Discussion Paper seeking feedback on the possible methodologies to determine and display risks, performance and costs in the Key Investor Information Document to be required for all forms of packaged retail investment product under the forthcoming PRIIPS Directive and Regulation.
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Companies Act 2014 Update from the Central Bank regarding Fund Companies
The Central Bank of Ireland has made an unequivocal statement that it considers corporate structuring a matter for each individual corporate entity. In the context of the Companies Act 2014 and particularly the need or otherwise to convert to a Designated Activity Company ('DAC'), many commentators have shared differing views on whether AIFMs and UCITCS Management Companies were required or indeed should convert to DACs.
The Act does not contain any provision which could determine the issue either way for this category of company and in some way it is helpful that the Central Bank has expressed an opinion on the matter. The text of the opinion in Q&A form is set out below.
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Training & Seminars
Implementing Central Bank AML Guidance for your Credit Union
Half Day Workshop Friday 24th July - Radisson Hotel, Athlone 31st July - Rochestown Park Hotel, Cork
Training Schedule for September - December 2015
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