Central Bank Issues FAQ on Brexit
The Central Bank has issued an FAQ document on Brexit, which provides general information to financial services firms who are considering relocating their operations from the UK to Ireland. It also includes some guidance on the Central Bank’s position regarding substance and outsourcing.
The Central Bank has also issued an update on Brexit, which is discussed below.
Central Bank Updates Fund Administrator Guidance
The Central Bank updated its guidance titled “Fund Administrator Outsourcing” on 28 June 2017 to reflect the best practices outlined in our recent letter to the industry following a themed review of the outsourcing of fund administration activities.
Central Bank Publishes New Investment Firms Regulation Q&A
The Central Bank published the second edition of its Investment Firms Regulations Q&A on 28 June 2017 containing amendments to existing questions ID 1005, 1006 and 1010 and new questions ID 1022-1025.
Central Bank Updates UCITS Q&A and Guidance on Share Classes
Following ESMA’s Opinion published on 30 January 2017 entitled Share Classes of UCITS, the Central Bank of Ireland has amended its guidance on UCITS and AIF share classes. The updates were published on 28 June 2017.
The Central Bank also published a new 18th edition of the UCITS Q&A. The new edition incorporates two new questions, ID 1077 and 1078, in order to provide clarity for stakeholders on the issue of share classes.
Central Bank Issues Warning on MiFID II Unauthorized Business
The Central Bank of Ireland issued a warning on 28 June 2017 to Irish firms which currently do not need Central Bank authorisation in order to conduct business, and which may require authorisation with the coming into force of MiFID II. The Central Bank recommends that firms that routinely engage in investment activity should review that activity in light of MiFID II.
Central Bank Update on MiFID II Preparations
Denise Murray, Head of Asset Management: Authorisations and Inspections Division, gave a speech on 28 June 2017 on the preparations the Central Bank is making in advance of MiFID II coming into force on 3 January 2018. She also spoke about the industry’s preparedness and firms’ implementation projects.
Central Bank Update on Approach to Brexit
Gerry Cross, Director of Policy and Risk, gave a presentation on 9 May 2017 on the Central Bank’s approach to Brexit. In particular, he noted that the Central Bank was seeing signification levels of interest from UK firms considering re-locating their European business to Ireland. He also noted that the Central Bank’s approach to authorisations is well-structured, transparent and predictable, and that firms should make their location decisions on the basis of reasons other than differing approaches to authorisation and supervision.
The Central Bank has also issued an FAQ on Brexit, which is discussed above.