1 2013 Authorisation Requirements and Standards for Debt Management Firms
2 2 Contents Authorisation Requirements and Standards for Debt Management Firms Contents Chapter Part A: Authorisation Requirements Page 1.0 Introduction Solvency Professional Indemnity Insurance Organisation and Management Relationship with Central Bank Ownership Outsourcing Other Places of Business Record Keeping Definitions 14 Part B: Additional Regulatory Requirements 16
3 3 Part A: Authorisation Requirements 1. Introduction 1.1 The obligation to hold an authorisation applies to all persons who provide debt management services as defined in section 28 of the Central Bank Act 1997 (as amended) ( the Act ). 1.2 Section 29 of the Act provides that it is a criminal offence to carry on debt management services unless the person is the holder of an authorisation. Section 36K provides that if a body corporate commits an offence under Part V of the Act, each person who was, at the time the offence is found to have been committed, an officer of the body commits an offence, unless the person establishes that- the body committed the offence without the person s knowledge, or although the person did have that knowledge, the person took all reasonably practicable steps to prevent the commission of the offence. 1.3 All debt management services provided by a debt management firm must be conducted within the State. If a debt management firm wishes to provide debt management services in another jurisdiction it must seek the appropriate authorisation from the relevant competent authority in that jurisdiction. 1.4 Part A of this document sets out: the authorisation requirements that must be complied with by an applicant seeking authorisation to carry on debt management services; and the on-going conditions that are imposed by the Central Bank when granting an authorisation to carry on debt management services. Please note that each debt management firm should refer to the conditions of authorisation, which are annexed to its authorisation, for complete details of the conditions imposed on its authorisation.
4 4 1.5 Part B of this document lists certain other regulatory requirements which apply to debt management firms and which debt management firms should be aware of in relation to the provision of debt management services. This list is not exhaustive. 1.6 It is the responsibility of each individual regulated entity to obtain independent legal advice and to ensure compliance with all aspects of applicable legislation and other regulatory requirements. 1.7 Legislative basis for the authorisation requirements and conditions imposed by the Central Bank and consequences of non-compliance: Section 30 of the Act provides that a person who wishes to carry on a regulated business can apply to the Central Bank for an authorisation to carry on such a business and the application must be in the form specified by the Central Bank and must contain such information and be accompanied by such documents as the Central Bank requests. Section 31 prescribes the grounds upon which the Central Bank can refuse an application for authorisation, including, that the applicant has failed to satisfy the Central Bank that the applicant is, or will be able, to properly fulfil the obligations imposed by or under Part V of the Act or any other designated enactment or designated statutory instruments. If the Central Bank grants an application for authorisation, it will impose certain of the requirements contained in Part A of this document as conditions pursuant to Section 33 and 33A of the Act. Under section 33A of the Act, the Central Bank may impose whatever conditions or requirements it considers appropriate relating to the proper and orderly regulation and supervision of persons carrying on debt management services and the protection of their consumers or potential consumers. The applicable conditions will be specified in one or more documents annexed to the authorisation granted, in accordance with Section 33(2) of the Act. 1.8 A contravention of any provision of the Act or of any condition or requirement imposed under a provision of the Act or of any provision of a designated enactment or designated statutory instrument is a prescribed contravention for the purposes of Part IIIC of the Central Bank Act 1942 (as amended) and
5 5 accordingly the authorised debt management firm may be subject to the Administrative Sanctions Procedure of the Central Bank in the event of committing such a contravention. 1.9 Section 35 of the Act provides that it is a criminal offence for the holder of an authorisation to fail to comply with the requirements imposed on holders of authorisations by Part V of the Act, the conditions of the authorisation and/or the requirements (if any) imposed by regulations in force under Part V. Section 36K provides that if a body corporate commits an offence under Part V of the Act, each person who was, at the time the offence is found to have been committed, an officer of the body commits an offence, unless the person establishes that- the body committed the offence without the person s knowledge, or although the person did have that knowledge, the person took all reasonably practicable steps to prevent the commission of the offence Pursuant to section 36A(1)(d) of the Act, the Central Bank may revoke an authorisation if it is satisfied on reasonable grounds that the holder of the authorisation has contravened or is contravening, or has failed or is failing to comply with a provision of Part V of the Act or any other designated enactment or designated statutory instrument, a condition of the authorisation or a requirement imposed by or under Part V of the Act or any other designated enactment or designated statutory instrument. See section 36A of the Act for a comprehensive list of the grounds upon which the Central Bank may revoke an authorisation Pursuant to Section 34 of the Act, the Central Bank may, from time to time, amend an authorisation granted to a person to carry out debt management services (a) (b) (c) by varying any of its conditions, or by replacing or revoking an existing condition, or by adding a new condition,
6 6 but only after giving to the holder of that authorisation a notice in writing of its intention to do so and an opportunity to be heard by, or to make written representations to the Central Bank in relation to the proposed amendment. 2. Solvency A debt management firm must at all times meet its financial obligations as they fall due. Furthermore, for regulatory reporting purposes, a debt management firm s balance sheet assets must at all times exceed its liabilities and goodwill and other intangible assets must be excluded in the calculation of balance sheet assets. Perpetual subordinated debt issued by the debt management firm in a form approved by the Central Bank, can be excluded from the calculation of balance sheet liabilities (five-year subordinated debt must be included in liabilities). 3. Professional Indemnity Insurance 3.1 Pursuant to section 33A(5) of the Act, a debt management firm shall have in place professional indemnity insurance ( PII ), against liability arising from professional negligence, covering the debt management services in accordance with paragraphs 3.2 below. 3.2 The amount insured shall at a minimum provide cover for 1.25 million per claim and 1.85 million in aggregate cover in a single policy period with regard to the services of the debt management firm. 3.3 The debt management firm shall provide the Central Bank, prior to commencing to carry on the practice of a debt management firm, and thereafter on an annual basis, with a written confirmation from the insurer that it has in place a policy of professional indemnity insurance which covers its activities as a debt management firm and meets the cover specified in paragraphs 3.2 above. Where the policy of professional indemnity insurance includes an excess amount payable by the debt management firm, the debt management firm shall be in a position to demonstrate to the Central Bank that he or she has the financial resources to pay this excess amount.
7 7 4 Organisation and Management 4.1 A debt management firm shall manage its business in accordance with sound administrative and accounting principles and shall have in place, and maintain, up to date internal control and reporting arrangements and procedures to ensure that the business is managed in accordance with all relevant financial services legislation and regulatory requirements and in accordance with industry best practice. 4.2 A debt management firm must have robust governance arrangements including: (a) (b) (c) (d) (e) a clear organisational structure with well defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks it is or might be exposed to, adequate internal control mechanisms to mitigate risk; adequate systems in place to monitor compliance with their internal policies and legislative and other regulatory requirements; and sound administrative and accounting procedures. 4.3 A debt management firm is required to have appropriate management skills, including, in accordance with the requirements pursuant to Part 3 of the Central Bank Reform Act A debt management firm must have adequate levels of staff and expertise to carry out its activities in the interests of its consumers and the proper and orderly regulation of the debt management firm. 4.5 A debt management firm must maintain sufficient compliance and internal audit arrangements to ensure that it complies with the relevant financial services legislation and regulatory requirements to which it is subject and to that end, it must ensure:
8 8 (a) (b) (c) (d) (e) That it has compliance and audit staff with the necessary authority, resources, expertise and access to all relevant information, with regard to the firm s compliance, operational and financial risks; That responsibility for compliance and audit activities are clearly assigned; That the duties and responsibilities of those with responsibility for compliance and audit activities are clearly defined and documented; That, where the nature, scale and complexity of the firm s activities are significant, the relevant persons with responsibility for compliance and audit activities are not involved in the performance of services or activities they monitor; and That the proposed reporting lines/functional relationships between employees with compliance and audit responsibilities and the applicant s senior management and board of directors (including the frequency and format of reporting thereof) are clearly defined. Compliance and audit activities may be outsourced to a suitably qualified third party. In the case of small scale entities (including single person entities), responsibility for compliance and audit obligations may be assigned to a single person, who may be involved in the performance of services or activities they monitor. 4.6 Without prejudice to the generality of the foregoing requirements of chapter 4, a debt management firm must do the following: (a) (b) establish accounting policies and procedures which enable it, at the request of the Central Bank, to deliver in a timely manner to the Central Bank, financial reports which reflect a true and fair view of their financial position and which comply with all applicable accounting standards and rules. Have sufficient resources to effectively conduct its business within the requirements of the supervisory regime.
9 9 (c) (d) (e) (f) (g) Be aware of and monitor, on an on-going basis, all risks to its business and maintain adequate technical, organisational and procedural safeguards. Establish, implement and maintain systems and procedures that are adequate to safeguard the confidentiality, integrity and availability of information. The Central Bank reserves the right to request an independent security system audit by an appropriate third party and the debt management firm shall provide a copy of a report prepared by the third party within the time limits provided for in the Central Bank s request. A debt management firm must have effective business continuity and disaster recovery procedures in place. The scope of the applicant s constituting documentation must be sufficiently wide to permit the debt management firm to conduct the proposed debt management services. 5 Relationship with the Central Bank 5.1 General A debt management firm is required to obtain prior approval from the Central Bank in advance of engaging in any new activities or making any amendments to existing activities A debt management firm is required to be open and cooperative in its dealings with the Central Bank. This requirement includes but is not limited to the requirement to notify the Central Bank as soon as it becomes aware of: (a) (b) (c) any breaches of these requirements or of any legislation applicable to the firm that may have occurred; the commencement of any legal proceedings by or against the debt management firm; any situations which have impacted or have the potential to impact significantly on the operation of the debt management firm.
10 The debt management firm must obtain the prior approval of the Central Bank in respect of any proposed change of legal or trading name In accordance with Section 36 of the Act, if a debt management firm decides to cease providing debt management services it must request, in writing, the revocation of its authorisation from the Central Bank without delay. The request for revocation of authorisation must clearly set out the rationale for seeking that revocation, and must include a plan for the orderly wind-down of the business. 5.2 Reporting At the frequency specified to the debt management firm in the conditions of authorisation, a debt management firm must submit to the Central Bank a report setting out certain information. The details relating to the requirement to provide this report will be set out (with the conditions of authorisation) in the appendix to the notification of authorisation and may be varied from time to time at the Central Bank s discretion. 6. Ownership 6.1 The prior approval of the Central Bank must be sought in respect of any proposed material change of ownership of the debt management firm i.e. proposed changes in direct and indirect qualifying shareholders. The Central Bank considers that a material change in ownership occurs where the change would result in the proportion of voting rights or capital held by a person or more than one person acting in concert reaches or exceeds 10%, 20%, 33% or 50% or would result in a debt management firm becoming a subsidiary of the acquirer. 6.2 The prior approval of the Central Bank must be sought for any transfer of shares, which would result in the transferee controlling more than 10 per cent of the shares, voting rights attaching to shares or other interests in the debt management firm.
11 Where a shareholding which is registered in the name of a nominee constitutes more than 10 per cent of shares or of the voting rights attaching to shares in a debt management firm, the ultimate beneficial ownership of shares so held must be identified to the Central Bank. 6.4 A debt management firm must notify the Central Bank where a direct or indirect disposal of shares occurs by a person or more than one person acting in concert which would result in the proportion of voting rights or capital held by the person or persons falling below 10, 20%, 33% or 50% or such that a debt management firm would cease to be a subsidiary of the disposer. 7. Outsourcing 7.1 A debt management firm shall notify the Central Bank in advance where it proposes to outsource any important operational function relating to the provision of debt management services. 7.2 A debt management firm shall notify the Central Bank as soon as possible where a change occurs or is due to occur in an outsourcing arrangement governing an important operational function relating to the provision of debt management services. 7.3 Where a debt management firm proposes to outsource an important operational function it must ensure that: (a) (b) (c) the outsourcing shall not result in the delegation of responsibility by senior management; the obligations of the debt management firm towards its consumers under Part V of the Act are complied with at all times; the outsourcing of operational functions will not be undertaken in such a way as to impair the quality of the debt management firm s internal controls and the ability of the competent authorities to monitor the debt management firm s compliance with all of its obligations.
12 Without prejudice to the generality of the foregoing, a debt management firm shall take the necessary steps to ensure that the following conditions are satisfied: (a) (b) (c) (d) (e) (f) (g) (h) The service provider must properly supervise the carrying out of the outsourced functions, and adequately manage the risks associated with the outsourcing; Appropriate action must be taken if it appears that the service provider may not be carrying out the functions effectively and in compliance with applicable laws and regulatory requirements; The debt management firm must retain the necessary expertise to supervise the outsourced functions effectively and manage the risks associated with the outsourcing and must supervise those functions and manage those risks; The service provider must disclose to the debt management firm any development that may have a material impact on its ability to carry out the outsourced functions effectively and in compliance with applicable laws and regulatory requirements; The debt management firm must be able to terminate the arrangement for outsourcing where necessary without detriment to the continuity and quality of its provision of services to consumers; The service provider must, when required, cooperate with the Central Bank in connection with the outsourced activities; The debt management firm, its auditors and the Central Bank must have effective access to data related to the outsourced activities, as well as to the business premises of the service provider; The service provider must protect any confidential information relating to the debt management firm or its consumers; The debt management firm and the service provider must establish, implement and maintain a contingency plan for disaster recovery and periodic testing of backup facilities, where that is necessary having regard to the function, service or activity that has been outsourced.
13 13 (i) (j) The respective rights and obligations of the debt management firm and of the service provider shall be clearly allocated and set out in a written agreement. A debt management firm shall make available on request to the Central Bank all information, including but not limited to books, records and documentation, necessary to enable the Central Bank assess compliance with the firm s obligations under Part V of the Act, any other designated enactment or designated statutory instrument and any conditions of authorisation imposed on the debt management firm. 7.5 Where a service provider, acting on behalf of a debt management firm engages directly with a consumer, the debt management firm must inform the consumer that the particular function has been outsourced to the service provider. 8. Other Places of Business 8.1 A debt management firm must receive the prior approval of the Central Bank before operating from a place of business other than its head office. Such other place of business may be located within the State only. 8.2 A debt management firm intending to operate from another place of business must advise the Central Bank of the nature of the services the other place of business will provide and the name(s) of those responsible for the management of the other place of business. 8.3 A debt management firm must notify the Central Bank, at least 14 days in advance, of the proposed closure of another place of business and the reason for such closure. 9. Record Keeping 9.1 Pursuant to Section 36F of the Act, the Central Bank requires a debt management firm to keep appropriate records regarding its regulated business. Such records include but are not limited to: (a) Identification of its consumers;
14 14 (b) Communications with its consumers; (c) Consumer files, including records of negotiations with creditors copies of correspondence to and from consumers and, advice to consumers; (d) Debt management plans; (e) Creditor lists; (f) All records or evidence required to be retained under any Regulations for debt management firms made by the Central Bank (g) Board Minutes; (h) Financial Audit Reports; (i) (j) Internal Audit Reports; Compliance Reports; and (k) Complaints handling records. Appropriate records must be kept for at least five years from: (i) in the case of (a) to (f), the date on which the debt management firm ceases to provide a debt management service to the consumer or the date of the last interaction with the consumer, whichever is the later. (ii) In the case of (g), the date of the Board meeting. (iii) in the case of (h) to (j), the date of the relevant report. (iv) in the case of (k), the date of the closing of the complaint. All records of the debt management firm must be kept in the State and pursuant to section 36F(1)(b) the debt management firm is required to notify the Central Bank in writing of the address of the office or offices where those records are kept. The requirements imposed above are in addition to any other requirement imposed by law with respect to the keeping of records by the holder of an authorisation. 10. Definitions 10.1 Other place of business means a place of business other than the head office which is a part of a debt management firm, which has no separate legal personality and which carries out directly some or all of the services inherent in the business of a debt management firm Central Bank means the Central Bank of Ireland.
15 Consumer, for the purposes of Part V means (a) an individual acting otherwise than in the course of business, or (b) a micro enterprise within the meaning given by Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium sized enterprises; 10.4 Credit institution means (a) a bank licensed under section 9 of the Central Bank Act 1971, (b) a building society incorporated under the Building Societies Act 1989, or deemed by section 124(2) of that Act to be so incorporated, that is authorised to accept deposits under section 27 of that Act, or (c) the holder of an authorisation issued by a competent authority of another Member State for the purposes of EU Directive 2006/48/EC relating to the taking up and pursuit of the business of credit institutions Debt Management Firm means a person who for remuneration provides debt management services to one or more consumers, other than an excepted person; 10.6 Debt Management Services means (a) (b) (c) giving advice about the discharge of debts (in whole or in part), including advice about budgeting in connection with the discharge of debts, negotiating with a person s creditors for the discharge of the person s debts (in whole or in part), or any similar activity associated with the discharge of debts; 10.7 Important operational function: an operational function is important if a defect or failure in its performance would materially impair (a) (b) (c) the continuing compliance of the debt management firm concerned with the requirements of its authorisation or its other obligations, its financial performance, or the soundness or continuity of its debt management services.
16 16 Part B: Additional Regulatory Requirements This Part lists certain other legal and regulatory requirements of which the debt management firm should be aware in relation to the provision of debt management services. This list is not exhaustive and it is the responsibility of each individual regulated entity to obtain independent legal advice and to ensure compliance with all aspects of applicable legislation and other regulatory requirements. It should be noted that breaches of these requirements may amount to prescribed contraventions for the purposes of Part IIIC of the Central Bank Act 1942 (as amended) and/or to criminal offences under the relevant legislation and accordingly can attract the sanctions provided for in Part IIIC of the Central Bank Act 1942 (as amended) and/or under the relevant legislation. Furthermore, a contravention of these requirements may be grounds for the revocation of the debt management firm s authorisation pursuant to Section 36A of the Act. 11. Additional Legal and Regulatory Requirements 11.1 Consumer Protection Code 2012 The provisions of the Consumer Protection Code 2012 apply to authorised debt management firms Minimum Competency Code 2011 Debt management firms must consider whether individuals employed or acting on its behalf are engaged in any activities which fall within the scope of the Minimum Competency Code 2011.
17 Central Bank Act 1942 An annual levy may be payable by a debt management firm calculated in accordance with Regulations made pursuant to Section 32D of the Central Bank Act Fitness & Probity Persons exercising pre-approval controlled functions and controlled functions in debt management firms should note the provisions of Part 3 of the Central Bank Reform Act 2010 and the regulations and standards issued under this Part. Before a debt management firm can appoint a person to a pre-approval controlled function, the Central Bank must have approved the appointment in writing. Debt management firms are also responsible for ensuring that staff performing pre- approval controlled functions and controlled functions meet the Fitness and Probity Standards both on appointment to such functions and on an on-going basis Obligations of the auditor of a regulated financial service provider to provide a report to the Central Bank in certain circumstances: Debt management firms should note that Part IV of the Act imposes obligations on the auditor of a debt management firm.
18 T F Bosca PO 559, Sráid an Dáma, Baile Átha Cliath 2, Éire PO. Box No 559, Dame Street, Dublin 2, Ireland
July 2014 Handbook of Prudential Requirements for Investment Intermediaries Page 0 of 12 Page 0 of 12 Handbook of Prudential Requirements for Investment Intermediaries Contents Table of Contents Introduction
2011 Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings Guidelines on the Annual Compliance Statement in accordance with Section 18 Guidelines on the Annual Compliance
2014 Fitness and Probity Standards (Code issued under Section 50 of the Central Bank Reform Act 2010) Fitness and Probity Standards 1 Contents 1. Introduction 2 2. Fitness and Probity Standards 8 3. Conduct
Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 Issued: 11 February 2011 Glossary of terms: The following table provides
PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 as amended by Public Finance Management Amendment Act, No. 29 of 1999 ACT To regulate financial management in the national government and provincial governments;
GUIDELINES ON COMPLIANCE FUNCTION FOR FUND MANAGEMENT COMPANIES Issued: 15 March 2005 Revised: 25 April 2014 1 P a g e List of Revision Revision Effective Date 1 st Revision 23 May 2011 2 nd Revision 16
GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK This Guideline does not purport to be a definitive guide, but is instead a non-exhaustive
2014 Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers 1 Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers Contents Introduction... 3 Definitions...
Finansinspektionen s Regulatory Code Publisher: Finansinspektionen, Sweden, www.fi.se ISSN 1102-7460 This translation is furnished for information purposes only and is not itself a legal document. Finansinspektionen's
KINGDOM OF SAUDI ARABIA Capital Market Authority CREDIT RATING AGENCIES REGULATIONS English Translation of the Official Arabic Text Issued by the Board of the Capital Market Authority Pursuant to its Resolution
2015 Checklist for Completing and Submitting Life Insurance Applications under the European Union (Insurance and Reinsurance) Regulations 2015 Applicant Central Bank of Ireland Checklist Notes: Complete
KINGDOM OF SAUDI ARABIA Capital Market Authority CREDIT RATING AGENCIES REGULATIONS English Translation of the Official Arabic Text Issued by the Board of the Capital Market Authority Pursuant to its Resolution
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 12 November 2015 on the regulation of companies acquiring credit (CON/2015/45) Introduction and legal basis On 5 November 2015 the European Central
2015 Domestic Actuarial Regime and Related Governance Requirements under Solvency II 1 Domestic Actuarial Regime and Related Governance Requirements under Solvency II Contents 1. Introduction...2 1.1 Background...
The text below is an internet version of the Regulations made by the Minister under section 154 of the Securities Act 2005 and is for information purposes only. Whilst reasonable care has been taken to
UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010 This translation and consolidation of laws is not official. It has been prepared
Listing and Admission to Trading Rules for Short Term Paper Release 2 14 April 2014 Scope These Listing and Admission to Trading Rules ( Rules ) relate to the Listing and admission to trading on the Main
CHAPTER 11 MONEY BROKERS Introduction 11.1 The MA, pursuant to section 118C(7) of the Ordinance, has issued a Guideline on Approval and Revocation of Approval of Money Brokers (the Guideline) which describes
LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING
[PART 6 FINANCIAL STATEMENTS, ANNUAL RETURN AND AUDIT Chapter 1 Preliminary 269. What this Part contains and use of prefixes - Companies Act and IFRS. 270. Overall limitation on discretions with respect
Appendix 9 In this appendix underlining indicates new text and striking through indicates deleted text. N.B. As mentioned in paragraph 7 of this consultation paper, these regulations are made under the
CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS 2 PROPOSAL 1.1 It is now widely recognised that one of the causes of the international financial
STATUTORY INSTRUMENTS. S.I. No. 416 of 2014 EUROPEAN UNION (INSURANCE AND REINSURANCE GROUPS AND FINANCIAL CONGLOMERATES)(AMENDMENT) REGULATIONS 2014 2  S.I. No. 416 of 2014 EUROPEAN UNION (INSURANCE
Functions or Activities 2016 Notification Process for (Re)Insurance Undertakings when Outsourcing Critical or Important Functions or Activities under Solvency II 1 Functions or Activities Contents 1. Background
July 2015 Guidance Note for Authorisation under MiFID Guidance on completing an Application for Authorisation under Regulation 11 of the European Communities (Markets in Financial Instruments) Regulations
CONSULTATION PAPER NO 2. 2004 REGULATION OF GENERAL INSURANCE MEDIATION BUSINESS This consultation paper explains the need for the Island to regulate general insurance mediation business and examines the
PRACTICE NOTES ON MANAGED CORPORATE SERVICE PROVIDERS (PN-010105) (Issued under section 7(1)(a) of the Financial Services Development Act 2001) Issued on 06 January 2005 CONTENTS Pages 1 Introduction 1-2
CREDIT REPORTING BILL EXPLANATORY NOTES INTRODUCTION These explanatory notes are intended as a guide to the proposed new Act. They are not meant as a substitute for a careful reading of the Bill itself.
CEIOPS-DOC-29/09 CEIOPS Advice for Level 2 Implementing Measures on Solvency II: System of Governance (former Consultation Paper 33) October 2009 CEIOPS e.v. Westhafenplatz 1-60327 Frankfurt Germany Tel.
Mapping of outsourcing requirements Following comments received during the first round of consultation, CEBS and the Committee of European Securities Regulators (CESR) have worked closely together to ensure
Authorised Persons Regulations Contents Part 1: General Provisions Article 1: Preliminary... Article 2: Definitions... Article 3: Compliance with the Regulations and Rules... Article 4: Waivers... Part
Option Table - Directive on Statutory Audits of Annual and Consolidated Accounts The purpose of this document is to highlight the changes in the options available to Member States and Competent Authorities
REPUBLIC OF SOUTH AFRICA INSURANCE LAWS AMENDMENT BILL -------------------------------- (As introduced in the National Assembly (proposed section 75); explanatory summary of Bill published in Government
Statement of Guidance: Outsourcing All Regulated Entities 1. STATEMENT OF OBJECTIVES 1.1. 1.2. 1.3. 1.4. This Statement of Guidance ( Guidance ) is intended to provide guidance to regulated entities on
AN BILLE UM CHOMHAIRLEOIRÍ BAINISTITHE FIACHAIS A RIALÁIL, 2011 REGULATION OF DEBT MANAGEMENT ADVISORS BILL 2011 Mar a tionscnaíodh As initiated ARRANGEMENT OF SECTIONS PART 1 Preliminary and General Section
Financial Advisers (Amendment) Bill Bill No. 15/2015. Read the first time on 11 May 2015. A BILL intituled An Act to amend the Financial Advisers Act (Chapter 110 of the 2007 Revised Edition). Be it enacted
Unofficial translation Riga, 11 November 2011 Regulation No. 246 (Minutes No. 43 of the meeting of the Board of the Financial and Capital Market Commission, item 8) Regulation for Establishing the Internal
2013 Guidance Note 4/07 Guidance Note 4/07 Undertakings for Collective Investment in Transferable Securities (UCITS) Organisation of Management Companies February 2013 1 Contents A. Introduction 3 B. Information
Draft Regulations laid before Parliament under paragraphs 2 and 2A(3)(a) of Schedule 2 to the European Communities Act 1972, for approval by resolution of each House of Parliament. DRAFT STATUTORY INSTRUMENTS
TRUST OR COMPANY SERVICE PROVIDER APPLICATION FOR AUTHORISATION In accordance with the CRIMINAL JUSTICE (MONEY LAUNDERING AND TERRORIST FINANCING) ACT, 2010 as amended by the Criminal Justice Act, 2013.
(28 February 2014 to date) [This is the current version and applies as from 28 February 2014, i.e. the date of commencement of the Financial Services Laws General Amendment Act 45 of 2013 to date] CREDIT
Custody and Administration of Securities Act,No85 of 1992 ACT To provide for the registration of a central securities depository for the custody and administration of securities in terms of a predetermined
Number 42 of 2000 INSURANCE ACT, 2000 ARRANGEMENT OF SECTIONS PART 1 Preliminary and General Section 1. Short title, collective citation and commencement. 2. Interpretation. PART 2 The Insurance Acts Chapter
Law on Payment Services and Payment Systems 1 Law on Payment Services and Payment Systems (Adopted by the 40th National Assembly on 12 March 2009; published in the Darjaven Vestnik, issue 23 of 27 March
2008 Guidelines for for Insurance Insurance Undertakings Undertakings on Asset on Asset Management Management 2 Contents Context...3 1. General...3 2. Introduction...3 3. Regulations and guidelines for
[Standard data protection [agreement/clauses] for the transfer of Personal Data from the University of Edinburgh (as Data Controller) to a Data Processor within the European Economic Area ] In this Agreement:-
Explanatory Notes to Sample B MODEL ARTICLES OF ASSOCIATION FOR PRIVATE COMPANIES LIMITED BY SHARES This Model Articles of Association is the Model Articles prescribed in Schedule 2 of the Companies (Model
CONSUMER PROTECTION ON THE SALE OF LOAN BOOKS Public Consultation July 2014 Public Consultation Paper: Consumer Protection on the Sale of Loan Books Department of Finance July 2014 Department of Finance
Draft Regulations to illustrate the Treasury s current intention as to the exercise of powers under clause 4 of the the Small Business, Enterprise and Employment Bill. D R A F T S T A T U T O R Y I N S
REPUBLIC OF SOUTH AFRICA CREDIT RATING SERVICES BILL (As introduced in the National Assembly (proposed section 7); explanatory summary of Bill published in Government Gazette No. 22 of 7 February 12) (The
SD 0880/10 INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES Laid before Tynwald 16 November 2010 Coming into operation 1 October 2010 The Supervisor, after consulting
CAYMAN ISLANDS Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part), 9 of 1998, 4 of
GUERNSEY FINANCIAL SERVICES COMMISSION LICENCE APPLICATIONS FOR ENTITIES ACTING IN RESPECT OF QUALIFYING INVESTOR FUNDS OR REGISTERED CLOSED-ENDED INVESTMENT FUNDS GUIDANCE In recent years, the Commission
REPUBLIC OF CYPRUS INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW (No 47(I) of 1999) English translation prepared by The Central Bank of Cyprus ARRANGEMENT OF SECTIONS PART I PRELIMINARY AND GENERAL Section
Queensland Health Practitioner Regulation (Administrative Arrangements) National Law Act 2008 Act No. 62 of 2008 Queensland Health Practitioner Regulation (Administrative Arrangements) National Law Act
S T A T U T O R Y I N S T R U M E N T S 2015 No. 1945 FINANCIAL SERVICES AND MARKETS The Small and Medium Sized Business (Credit Information) Regulations 2015 Made - - - - 26th November 2015 Coming into
GENERAL LICENSING POLICY FOR THOSE SEEKING A BANKING, INVESTMENT BUSINESS OR FIDUCIARY SERVICES LICENCE This licensing policy sets out the general criteria the Commission will normally apply in assessing
VERŻJONI ELETTRONIKA B 1579 Suppliment tal-gazzetta tal-gvern ta Malta Nru. 18,412, 30 ta April, 2009 Taqsima B L.N. 138 of 2009 FINANCIAL MARKETS ACT (CAP. 345) Central Securities Depository (Authorisation
APPENDIX FOR U.S. SECURITIES TRADING This Appendix applies in respect of securities trading services in U.S. Securities provided by ICBCIS to the Client. In the event that there is any inconsistency between
BANKING UNIT BANKING RULES OUTSOURCING BY CREDIT INSTITUTIONS AUTHORISED UNDER THE BANKING ACT 1994 Ref: BR/14/2009 OUTSOURCING BY CREDIT INSTITUTIONS AUTHORISED UNDER THE BANKING ACT 1994 INTRODUCTION
Legislation made under s. 118 of the Insurance Companies Act. INSURANCE COMPANIES (REINSURANCE DIRECTIVE) by Act 2009-17 as from 9.4.2009 (LN. ) Commencement 20.12.2007 Amending enactments None Relevant
CAP. B 3 BANKS AND OTHER FINANCIAL INSTITUTIONS ACT CHAPTER B 3 VOLUME 2 THE LAWS OF THE FEDERATION OF NIGERIA 2004 ARRANGEMENT OF SECTIONS PART I BANKS ESTABLISHMENT OF BANKS, ETC SECTION 1. Functions,
Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. Mutual Funds Law (2009 Revision) MUTUAL FUNDS LAW (2009 Revision) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part),
Guidelines on Fit and Proper Criteria for Insurance Undertakings CHAPTER 1 - PRELIMINARY Introduction and citation 1. (a) These Guidelines on Fit and Proper Criteria for Insurance Undertakings ( Guidelines
CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48) (LENDING TO SMALL AND MEDIUM-SIZED ENTERPRISES) REGULATIONS 2015 (S.I. No. 585 of 2015) Unofficial Consolidation This document is an unofficial
---------------------------------------------------------------------------------------------- COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ----------------------------------------------------------------------------------------------
Articles of Association Comité International Radio-Maritime (CIRM) Company Limited by Guarantee The Companies Act 2006 1 DEFINITIONS 1.1 Act means the Companies Act 2006; 1.2 AGM means annual general meeting;
Firm Registration Form Firm Registration Form This registration form should be completed by firms who are authorised and regulated by the Financial Conduct Authority. All sections of this form are mandatory.
Notice: This is an informal translation of the Insurance Supervision Law as adopted on December 7, 00. The translation is provided for information purposes only; it is not and may not be construed as an
PN 620.2 Revised February 2013 Practice Note 620.2 Communication between the Auditor and the Insurance Authority PRACTICE NOTE 620.2 COMMUNICATION BETWEEN THE AUDITOR AND THE INSURANCE AUTHORITY (Issued
Main Securities Market LISTING RULES and Admission to Trading Rules Release 2 14 April 2014 CONTENTS Chapter 1 Compliance with and Enforcement of the Listing Rules 1.1 Preliminary 1.2 Modifying Rules and
S TATUTORY INSTRUMENTS 2016 No. COMPANIES AUDITORS The Statutory Auditors and Third Country Auditors Regulations 2016 Made - - - - *** Laid before Parliament *** Coming into force - - *** The Secretary
STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013 2  S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS
11 November 2014 EBA/CP/2014/39 Consultation Paper Draft Guidelines on the rate of conversion of debt to equity in bail-in 1 Contents 1. Responding to this Consultation 3 2. Executive Summary 4 3. Background
B2195 Companies (Model Articles) Notice Contents Section Page 1. Commencement...B2197 2. Model articles for public companies limited by shares...b2197 3. Model articles for private companies limited by
STATUTORY INSTRUMENTS. S.I. No. 429 of 2015 THE CENTRAL BANK ACT 1942 (SECTION 32D) REGULATIONS 2015 2  S.I. No. 429 of 2015 THE CENTRAL BANK ACT 1942 (SECTION 32D) REGULATIONS 2015 In exercise of
MAURITIUS FINANCIAL SERVICES ACT, 2007 (as amended, 2010) ARRANGEMENT OF SECTIONS PART I PRELIMINARY 1. Short title 2. Interpretation 3. Establishment of Commission 4. The Board 5. Objects of Commission
Your consent to our cookies if you continue to use this website.