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).

On 30 January, the Central Bank published Guidance for (Re)insurance Undertakings on Intragroup Transactions and Exposures following a consultation that ended in September 2022.

Counterparty credit risk was identified as a supervisory priority by the ECB for 2022 - 2024, as banks had been increasingly offering capital market services to riskier, leveraged and less transparent counterparties, in particular with non-bank financial institutions (NBFIs), at a time when the interest rate environment was low.

DORA will have a significant effect on enhancing the operational resilience of digital systems. By soliciting public input through this consultation process, the European Supervisory Authorities aim to ensure that the resulting technical standards align with industry best practices promote digital resilience and facilitate a robust and secure digital environment across the EU.

Creating and implementing watertight Know Your Customer (KYC) procedures can be problematic for many organisations since the process remains a people-driven, manual operation.

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.

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 (‘CBI’) has recently issued its latest Anti-Money Laundering Bulletin, focussing on the Virtual Asset Service Provider (‘VASP’) sector. In this bulletin, the CBI has provided its observations on a number of significant and widespread deficiencies across authorisation applications received from VASPs where roughly 90% of all applications are not meeting the required standard.

This is the first article from Grant Thornton in our series on the Central Bank of Ireland (Central Bank)’s recovery plan Requirements. This introductory article provides an overview of the key requirements of the legislation, the timelines involved and main topics included in your recovery plan.

All regulated financial services providers (RFSPs) with a PRISM impact rating of medium-low or above should now be preparing to submit their first outsourcing register using a new online return. The first submission is due by 31 July 2022.

On 27 April 2021, the Central Bank of Ireland published its feedback statement in respect of consultation paper 131 “Regulations for pre-emptive recovery planning for (re)insurers)” (“CP 131”). As a result of CP 131, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Recovery Plan Requirements for Insurers) Regulations 2021 commenced on 19 April 2021 and (re)insurers are now required to

The Irish Investment Limited Partnership (ILP) structure is a regulated partnership structure that is authorised as either a Qualifying Investor Alternative Investment Fund (QIAIF) or Retail Investor Alternative Investment Fund (RIAIF) that will appeal to global investments managers and promoters in particular for Private Equity, Private Credit, Real Estate, sustainable finance and infrastructure assets.

Guidelines on performance fees in UCITS and certain types of AIFs were published by ESMA on 5th November 2020 and will become applicable from 5th January 2021.

The asset management industry in Ireland is in good health. Despite global economic pressures, the sector continues to develop. Our asset management team has the skills and knowledge required to help you manage the challenges in the sector and develop your business.

In order to be a ‘qualifying company’ for the purposes of section 110 TCA 1997, a company must meet certain conditions, one of which is that it must notify Revenue of its status as a qualifying company.