On 8 January the Central Bank launched a new authorisation process for investment firms under the Markets in Financial Instruments Directive (MiFID). Depending on the Central Bank's determination of the complexity of their business models, applicant investment firms will be streamed along two tracks with the aim of processing simpler applications within three months and more complex applications within six months. Both streams will include timing deadlines for exchange of correspondence. The Central Bank has updated the relevant application form and guidance note to take account of these changes. William Fry is available to advise on the new authorisation process and documentation.