Ireland has now implemented by way of the above Regulations, Directive 2007/44/EC which sets out procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector. The aim of the directive is to ensure the consistent handling of requests for the approval of mergers/acquisitions by financial regulators across the EU. The directive also aims to improve clarity and transparency in the supervisory assessment process itself.

In connection with the Regulations, the Financial Regulator has issued an "Acquiring Transaction Notification Form" which must be used to provide prior notification to the Financial Regulator of a proposed direct or indirect acquisition of a holding in any of a credit institution, an insurance or assurance undertaking, a reinsurance undertaking, an investment firm or a UCITS management company.