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Central Bank of Ireland

Walkers

European Commission adopts Regulatory Technical Standards on the ELTIF Regulation

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On 19 July 2024, the European Commission (the "Commission") adopted a delegated regulation and accompanying annexes containing its regulatory technical standards ("RTS") supplementing Regulation EU 2015/760, as amended by...more

Walkers

Initial guidance on the use of AI in the provision of investment services

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With the Regulation on Artificial Intelligence (the "AI Act") entering into force in due course, following its publication in the Official Journal of the EU, there has been an increasing focus of supervisory bodies to provide...more

Hogan Lovells

Central Bank of Ireland issues Guidance on authorisation of PIs and EMIs and registration of AISPs

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On 9 April 2024, the Central Bank of Ireland (the "CBI") issued guidance on the authorisation of payment institutions ("PIs") and Electronic Money Institutions ("EMIs") and the registration of account information service...more

Walkers

Irish Quarterly Legal and Regulatory Report - Asset Management and Investment Funds January - March 2024

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Welcome to the January – March 2024 issue of our Irish Quarterly Legal and Regulatory Developments report for Asset Management and Investment Funds. This report covers key developments during the quarter, such as: ...more

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Transposition of Credit Servicers Directive in Ireland – Overview

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On 29 December 2023, the Minister for Finance signed the European Union (Credit Servicers and Credit Purchasers) Regulations 2023 (the "Regulations") into law, thereby transposing the Directive on credit servicers and credit...more

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Central Bank's Regulatory and Supervisory Outlook Report 2004 Key trends, risks and priorities facing funds and the asset...

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On 29 February 2024, the Central Bank of Ireland (the "Central Bank") published a new Regulatory & Supervisory Outlook Report outlining the key trends and risks which the Central Bank has identified as moulding the financial...more

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Revised Central Bank of Ireland’s Prospectus Regulatory Framework Q&A | Expansion of Euronext’s GEM to retail debt

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Revised Prospectus Regulatory Framework Q&A - On 7 March 2024, the Central Bank of Ireland (the "Central Bank") published its Prospectus Regulatory Framework – Questions & Answers 2nd Edition (the "Revised Q&A"). This...more

Hogan Lovells

Central Bank of Ireland consults on a modernised Consumer Protection Code

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The Central Bank of Ireland (CBI) is consulting on changes to the Consumer Protection Code 2012 (Code). The proposals look to support effective consumer protection and reflect the changes taking place in financial services by...more

Walkers

Central Bank issues feedback statement on CP155 and final ELTIF chapter of AIF Rulebook

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On 11 March 2024, the Central Bank of Ireland (the "Central Bank") reached a significant milestone in finalising its framework for authorisations under the revised European Long-Term Investment Funds Regulation (EU) 2023/606...more

Hogan Lovells

Central Bank of Ireland provides remarks on perspectives and priorities in the payments and e-money sector

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Following the publication of the Regulatory and Supervisory Outlook Report, Mary-Elizabeth McMunn of the Central Bank of Ireland provided remarks on the key regulatory priorities for the year ahead....more

Dechert LLP

Ireland to Finalise its European Long Term Investment Fund Regime

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In parallel with the well-publicised enhancements to the European Long Term Investment Fund ("ELTIF") regime through Regulation 2023/606/EU (the "ELTIF 2.0 Regulation"), the Central Bank of Ireland (the “Central Bank”) has...more

Walkers

Central Bank Industry Letter on asset valuation

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On 14 December 2023, the Central Bank of Ireland (the "Central Bank") published its industry letter on asset valuation (the "Industry Letter"), following on from ESMA's final report on its 2022 common supervisory action on...more

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Central Bank of Ireland imposes its first fine on an investment fund

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On 30 November 2023, the Central Bank of Ireland (the "Central Bank") published a public statement relating to an enforcement action against an Irish-authorised UCITS ICAV (the "ICAV") which has been reprimanded and fined...more

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Irish government consults on a future National Payments Strategy

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Against the backdrop of accelerating change in the payments landscape at both a national and EU level, the Irish government has launched a public consultation on a future National Payments Strategy (NPS). The Department of...more

Walkers

Central Bank publishes feedback statement on key aspects of the implementation of the Individual Accountability Framework

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On 16 November 2023, the Central Bank of Ireland (the "Central Bank") published its feedback statement, revised draft Central Bank Regulations (on the Senior Executive Accountability Framework ("SEAR"), the Certification...more

Dechert LLP

Central Bank of Ireland’s Year-End Approval and Amendment Timeframes for Investment Funds - November 2023

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On 10 November 2023, the Central Bank of Ireland (the “Central Bank”) sent a communication to the Irish funds industry outlining the timeframes for receipt of: QIAIF authorisations / approvals / notings and change of...more

Hogan Lovells

Central Bank of Ireland commences consultation process ahead of launch of Regulatory Sandbox

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The Central Bank of Ireland has sought responses to its consultation paper on its approach to innovation engagement in financial services, which provides details of the proposed launch of its Regulatory Sandbox and further...more

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Irish Asset Management & Investment Funds ESG Newsletter - September / October 2023

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Regulation around ESG investment in Ireland is evolving rapidly with developments from the Central Bank of Ireland, European Commission and ESMA building an increasingly sophisticated regulatory backdrop. Our summary of...more

Dechert LLP

Understanding Updates to the Central Bank of Ireland’s Administrative Sanctions Regime

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The Central Bank (Individual Accountability Framework) Act 2023 was signed into law on 9 March 2023 (the “Act”). The Act amends several pieces of legislation relating to the Central Bank of Ireland’s (“Central Bank”)...more

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Global Legal Insights Fintech 2023: Ireland

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Partners Niall Esler and Shane Martin, along with senior associate Conor Daly and trainee solicitor Coleen Wegmann, have authored the Ireland chapter for Global Legal Insights Fintech 2023. They provide an up-to-date summary...more

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Progress on implementation of the Irish ELTIF 2.0 offering

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Today sees a significant and very welcome announcement by Irish Funds in relation to the Irish implementation of the ELTIF 2.0 framework. Irish Funds has confirmed in a communication to member firms that following...more

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Central Bank discussion paper on a macroprudential policy for investment funds

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On 18 July 2023, the Central Bank of Ireland (the "Central Bank") published its latest discussion paper entitled "An approach to macroprudential policy for investment funds" (the "Paper"). The purpose of this Paper is to...more

Walkers

Irish Quarterly Legal and Regulatory Report - Asset Management and Investment Funds April – June 2023

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In this quarter's edition of the legal and regulatory report, we include a number of key outputs from ESMA, including its updates to Q&As on the application of the AIFMD and the UCITS Directive (outlined at sections 1.2 and...more

Dechert LLP

Ireland’s Individual Accountability Framework (“IAF”) – What You Need to Know

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Introduction - The Central Bank (Individual Accountability Framework) Act 2023 (the “Act”) was signed into law on 9 March 2023. The Act amends several existing pieces of legislation2 and is amongst the most significant...more

K&L Gates LLP

Central Bank's Dear CEO Letter Highlights Areas of Concern on How Fund Managers Calculate Costs and Fees

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On 24 March, the Central Bank of Ireland (the Central Bank) issued a “Dear Chair” letter (the Letter) following its review in 2021 of the costs and fees charged to undertakings for collective investment in transferable...more

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