Factsheets

The Individual Accountability Framework (IAF) impacts all Regulated Financial Services Providers (RFSPs) and individuals who perform controlled functions (CFs) on their behalf. Certain RFSPs (including most credit institutions, insurance firms and MiFID firms) are additionally in scope for the Senior Executive Accountability Regime (SEAR).

With our finger on the pulse of this ever-evolving industry, we provide intermediaries with practical, cost-effective solutions to address your business needs, from outsourcing, assistance in navigating regulatory landscape developments and their impacts, statutory reporting requirements, to support with mergers and acquisitions.

Following enactment of the Central Bank (Individual Accountability Framework) Act 2023 on 9 March 2023, the Central Bank of Ireland (“CBI”) has launched a three-month consultation on key aspects of the implementation of the Individual Accountability Framework (IAF), including the publication of draft regulations and guidance.

As a result of recent amendments to the Criminal Justice (Money Laundering and Terrorism Financing) Act 2010 to 2021, Virtual Asset Service Providers (VASPs) are now “designated persons” and are required to comply with the relevant Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) obligations.

The Digital Services Act (DSA) is a proposed piece of legislation by the European Union that aims to modernize and harmonize the rules governing digital services across the EU.

Final guidelines on common procedures and methodologies for the supervisory review and evaluation process for investment firms, along with final draft Regulatory Technical Standards on Pillar 2 add-ons for investment firms are published.

The Central Bank of Ireland has announced that the countercyclical capital buffer (CCyB) rate on Irish exposures is to be maintained at 0.5 per cent.

In March 2018, the European Commission published its Action Plan ‘Financing Sustainable Growth’, setting up an ambitious and comprehensive strategy on sustainable finance. One of the objectives set out in the Action Plan is to reorient capital flows towards sustainable investments to achieve sustainable and inclusive growth

In line with the EU’s ‘Financing Sustainable Growth’ Action Plan 2018, the European Commission adopted a number of delegated acts which will impact (re)insurance undertakings and insurance distributors. These changes will apply from 2 August 2022.

The Investment Firms Regulation EU 2019/2033 (IFR) and Investment Firms Directive EU 2019/2034 (IFD) establishes a tailored prudential framework for investment firms. As outlined in our previous publication, the new prudential regime for investment firms applies to class 2 & firms primarily, which are not systemic by virtue of their size and their interconnectedness within the wider financial system.

By letting customers know they are valued at a time of need, banks can retain customer loyalty and trust as they look beyond this current crisis. With such a large proportion of customers affected, we understand that our clients must also consider the treatment of customers in specific vulnerable circumstances and ensure adequate support is in place to meet their needs.

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At Grant Thornton, we understand the financial services landscape and the processes and systems at its heart. We have over 400 people working exclusively within the financial services sector. Of these, over 225 are dedicated to Financial Services Advisory and we have a core Financial Services Consulting team of over 80 experienced and qualified practitioners.