Following a thematic inspection of investment firms, the Central Bank issued an industry letter setting out its findings. In particular the Central Bank found that whilst firms are generally cognisant of the MiFID client categorisation requirements and have the necessary policies and procedures around client categorisation, some firms had not correctly implemented these requirements in practice. The Central bank requires all MiFID regulated firms to undergo a review of its client categorisation policies and procedures and take any necessary action to ensure compliance with MiFID in light of the Central Bank's letter to industry. This review and any subsequent actions are to be completed by the firm and then discussed and minuted by the Board before 31 December 2015.