The Central Bank has published a consultation paper on the Investment Firm Regulations 2015. The Central Bank proposes publishing an Investment Firms rulebook which will consolidate into one document all of the conditions and requirements which the Central Bank imposes on investment firms (including both MiFID investment firms and Investment Intermediaries Act (IIA) investment firms). The Central Bank proposes to issue the rulebook in the form of Central Bank regulations under the Central Bank (Supervision and Enforcement) Act 2013 (the 2013 Act).
The proposed rules generally reflect existing requirements. However, views are sought on two issues, where changes to the existing rules are proposed.
It is proposed that the requirements in Chapter 5 of the AIF Rulebook including those relating to capital will form part of the proposed Investment Firm Regulations. The requirements will remain similar to the existing requirements but there are some changes designed to broadly align with the CRR/CRD IV regime.
Chapter 5 of the AIF Rulebook also contains certain requirements applicable when Fund Administrators outsource activities. Some changes to these requirements are proposed, with the primary aim of setting out clearly the limited circumstances in which a Fund Administrator may outsource the checking and release of Final NAV calculations, and to specify the conditions to be complied with by Fund Administrators in such circumstances.
The consultation closes on 27 January 2016.