New Central Bank Investment Firms Regulations 2017

The Central Bank published the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017 on 13 March 2017. The new Regulations consolidate into one location all of the requirements which the Central Bank imposes on certain Investment Firms.

The Regulations are avaialble on the Central Bank of Ireland's website.

As a result of the Regulations, the Central Bank has updated its Fund Administrator Guidance and has updated the AIF Rulebook.

The AIF Rulebook is available on the Central Bank of Ireland's website.

Central Bank Updates AIFMD Q&A and UCITS Q&A

In light of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017 (see above), on 13 March 2017, the Central Bank published the twenty-fourth edition of the AIFMD Q&A and the sixteenth edition of the UCITS Q&A.

The AIFMD Q&A are available.

The UCITS Q&A are available.

Central Bank Guidance on Compliance with EMIR

On 24 February 2017, the Central Bank published its expectations in terms of counterparties who may face difficulties, meeting the exchange of variation margin requirements under EMIR for non-centrally cleared derivatives.

The Central Bank clarified in its EMIR FAQs that, although the deadline for compliance is 1 March 2017, it has been recognised across the EU and by IOSCO that there are operational challenges in meeting the deadline. The Central Bank will be taking a risk-based approach to compliance and expects to see counterparties making full efforts to achieve compliance at the earliest possible date.

The Central Bank EMIR FAQs are available on the Central Bank of Ireland's website.

Recent Addresses by Central Bank Personnel

Gerry Cross, the Director of Policy and Risk at the Central Bank, gave an update on the Central Bank’s approach to Brexit and links between the Asian and Irish financial systems at the Brexit and Asia: Implications for Financial Services in Ireland event. The remarks are available on the Central Bank of Ireland's website.

Michael Hodson, Director of Asset Management Supervision, gave a talk at PWC's Alternative Investment Funds Seminar on European and domestic regulatory updates and on Brexit. The speech is available.

Michael Hodson also gave an update at a KPMG seminar on preparing for MIFID II. The news article is available on the Central Bank of Ireland's website.

Governor Philip R. Lane gave a talk at University College Cork on the role of financial regulation in protecting consumers. The speech is available.

Latest Fund Statistics

The Central Bank of Ireland has issued the latest statistics available regarding Irish funds. These statistics are located on the Central Bank of Ireland's website.