IRELAND: Central Bank Publishes Third Edition of its Investment Firms Q&A

Monday October 9 2017

On 6 October 2017, the Central Bank published the Third Edition of its Investment Firms Q&A. The Investment Firms Q&A sets out answers to queries likely to arise in relation to the Central Bank Investment Firms Regulations, MiFID II and MiFIR.

This replaces the second edition of the Central Bank Investment Firms Regulations 2017 Q&A and contains the following new questions ID 1026-1031 relating to MiFID II and to local firms:

ID 1026

Question: Is it intended to delay the application of MiFID II requirements in Ireland?

ID 1027

Question: Will the Central Bank exercise forbearance in relation to noncompliance with MiFID II requirements after 3 January 2018?

ID 1028

Question: Are the record keeping requirements as set out in Annex I of Commission Delegated Regulation (EU) 2017/565 correct since there appears to be a number of errors in the cross-references?

ID 1029

Question: Will the existing ESMA guidelines remain in force when MiFID II comes into force or will they no longer be relevant?

ID 1030

Question: What is the Central Bank’s approach in respect of investment firms engaged in MiFID activities that may be seeking to re-locate to or otherwise establish operations in Ireland as a result of the UK’s decision to exit the European Union?

ID 1031

Question: I am seeking authorisation as an investment firm and consider that I fall within the definition of “local firm” as defined in Article 4(1)(4) of the Capital Requirements Regulation. Has the Central Bank issued any guidance on how to interpret that definition?

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