Guidance Note for Authorisation under MiFID

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Guidance Note for Authorisation under MiFID"

Transcription

1 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 2007 and Commission Regulation (EC) No. 1287/2006 of 10 August

2 Contents 1.0 Introduction Application Process Level 1 Applicant Firms Level 2 Applicant Firms Obligations of an Investment Firm Post Authorisation Application Form Section A Core Details (Applicable to all applicant firms) Structure and Head Office General Business Information Financial Information Capital Requirements Organisational Structure Shareholders/Partners/Members and Qualifying Shareholders Regulatory Background Section B (Level 2 only) Key Policies Conduct of Business 44 Appendix 1 Client Assets 51 Appendix 2 Operation of a Multilateral Trading Facility 59 Appendix 3 Key Facts Document Template 61 Page 2 of 63

3 This document provides guidance in relation to the process and requirements of the Central Bank of Ireland ( the Central Bank ) for establishing an investment firm in Ireland. It does not constitute legal advice nor does it seek to interpret relevant legislation. 1.0 Introduction MiFID Regulations The European Communities (Markets in Financial Instruments) Regulations 2007 (as amended) [ S.I. No. 60 of 2007 / the MiFID Regulations ] and Commission Regulation (EC) No 1287/2006 of 10 August 2006 ( Regulation ), together the MiFID legislation, provide a comprehensive regulatory regime for investment firms and regulated markets in Ireland. Regulation 3(1) provides that Investment firm means, subject to Regulation 3(2) of S.I. No. 60 of , any person, other than a tied agent, which person s regular occupation or business is the provision of one or more investment services to third parties on a professional basis, or the activity of dealing on own account on a professional basis, but does not include a natural person unless: (a) his or her legal status ensures a level of protection for third parties interests equivalent to that afforded by legal persons, (b) he or she is subject to equivalent prudential supervision appropriate to his or her legal status, and, (c) if Regulation 3(3) of S.I. No. 60 of 2007 is applicable, he or she ensures that the conditions set out in Regulation 3(3) 2 are fulfilled. 1 For the purposes of the definition of investment firm, where an individual - (a) provides an investment or ancillary service, or (b) carries on the activity of dealing on own account, and the service or activity is carried on solely for the account of and under the full and unconditional responsibility of an investment firm, an insurance undertaking or a credit institution, the activity or service, as the case may be, shall be regarded as that of the investment firm, insurance undertaking or credit institution itself. 2 For the purposes of the definition of investment firm where a natural person provides services involving the holding of third parties funds or transferable securities, the natural person may be considered as an investment firm only if, without prejudice to the other requirements imposed in the Regulations and in Directive 2006/49/EC, he or she ensures that the following conditions are fulfilled: (a) the ownership rights of third parties in instruments and funds must be safeguarded, especially in the event of the insolvency of the investment firm or of its proprietors, seizure, set-off or any other action by creditors of the firm or of its proprietors; Page 3 of 63

4 It is an offence to act as an investment firm unless authorised to do so 3. The Central Bank is the competent authority in Ireland for the authorisation of such entities. Responsibility for the proper management and control of an investment firm, and the integrity of its systems, rests with the board of directors and its senior management. Ethical behaviour and transparency in business dealings are key values expected of boards and senior management. The Central Bank will be responsible for the supervision of investment firms compliance with the relevant legislation. The Central Bank welcomes applications where the proposed investment firm (hereinafter referred to as applicant / applicant firm / the firm ) can meet the legislative requirements relating to investment firms and all other, current, published requirements (including the recommendations and guidance issued by the European Banking Authority ( EBA ) and the European Securities and Markets Authority ( ESMA ) which are available on their websites and all new requirements issued by the Central Bank, details of which are published on the Central Bank website - Each potential applicant must also consider whether it and its proposed activities / business model: requires authorisation under the MiFID Regulations; can comply with the MiFID Regulations; can comply with the Central Bank s requirements and any other relevant financial services law; and is capable of complying with, and adhering to, the requirements that must be satisfied on an on-going basis. The provisions of Regulation 21 of S.I. No. 60 of 2007 regarding the Central Bank withdrawing an authorisation should be borne in mind when considering whether or not to submit an application for authorisation. (b) the investment firm must be subject to rules designed to monitor the firm s solvency and that of its proprietors; (c) the investment firm s annual accounts must be audited by one or more persons empowered, under Irish law, to audit accounts; (d) where the investment firm has only one proprietor, he or she must make provision for the protection of investors in the event of the investment firm s cessation of business following his or her death, incapacity or any other such event. 3 See Regulation 7 of S.I. No. 60 of Page 4 of 63

5 Firms are advised to seek professional advice for questions relating to legislation and its applicability to an application. Scope of Authorisation Pursuant to Regulation 20(1) of S.I. No. 60 of 2007, applicants who propose to engage in non- MiFID services/activities 4 may seek to have their authorisation extended to include the provision of these investment business services, or cover these investment instruments, as defined in the Investment Intermediaries Act, 1995 (as amended) [the IIA ]. Freedom of Services A key element of the MiFID legislation is that it enables investment firms to carry on business covered by their authorisation throughout the EEA (by opening a branch or passporting services) without seeking further authorisation in another member state. Applicant firms must read this Guidance Note in full prior to filling out the Application Form pertaining to it. Applicant firms are expected to have a working knowledge of the MiFID legislation and where an applicant is unsure of the legislation or completing any part of the process in applying for authorisation, their own professional advice should be obtained. Application documentation is available on the Central Bank s website. 4 Investment Business Services provided in Regulation 2(1) of the IIA that are not provided for in Schedule 1 of S.I. No. 60 of 2007 Page 5 of 63

6 2.0 Application Process The Central Bank applies a risk based process for the authorisation of investment firms based on the investment services proposed, the level of risk and complexity that the investment firm s business model would yield. There are two levels to the process and they are as follows: Level 1: Level 1 comprises small firms with non-complex investment strategies that have an initial capital requirement of 50,000 or 125,000 who provide any combination of the following investment services: Reception and transmission of client orders; Execution of orders, Portfolio management; Investment advice; and/or Placing of financial instruments without a firm commitment. Level 2: Level 2 comprises: (a) Larger firms including those with complex investment strategies that have an initial capital requirement of 50,000 or 125,000 which provide any combination of the following services: Reception and transmission of client orders. Execution of orders Portfolio management Investment advice; and/or Placing of financial instruments without a firm commitment. (b) Operation of a Multilateral Trading Facility; (c) All investment firms with an initial capital requirement of 730,000 providing the following investment services: Dealing on own account; and/or Underwriting of financial instruments or placing of financial instruments on a firm commitment basis; and (d) Market Operator of a Regulated Market 5. 5 While a Market Operator of a Regulated Market will be a Level 2 application, it falls outside the scope of this application process and therefore applicants seeking this service must contact the Central Bank s MiFID Authorisation team for details. Page 6 of 63

7 (e) Any applicant firm that proposes to hold Client Assets An application with a client assets aspect will always be classified as Level 2. Please note: the determination of the appropriate Level will be based on a subjective analysis of the application. The decision on the applicable Level will be made solely by the Central Bank, taking into account all of the above criteria. The application process is determined by the level which the application falls within. Page 7 of 63

8 2.1 Level 1 Applicant Firms The following process applies to the authorisation of Level 1 Applicant Firms: Process 1. Key Facts Document ( KFD ) (a) Applicant firms must complete a KFD (see Appendix 3 attached) (b) The Central Bank will review the KFD and - i. Revert to the applicant firm in writing with any comments on the KFD as soon as possible but expected to be no later than within 20 working days; and ii. Arrange a preliminary meeting with the applicant as soon as possible but expected to be no later than 20 working days of receiving an acceptable KFD. The meeting will be scheduled for the earliest possible date. If the KFD does not contain, or is deficient in relation to, the information required it will not be considered and the applicant firm will be asked to revise and resubmit it with the appropriate level of detail. 2. Preliminary Meeting A preliminary meeting will be held with all applicant firms in advance of an application being made. (a) The KFD will form the basis for the preliminary meeting. (b) The Central Bank will confirm to the applicant the level, at which the application will fall under. (c) The applicant firm will be informed of the Central Bank s authorisation process and timeframes. (d) The Central Bank will advise the applicant of significant issues that are apparent at this juncture that would negatively impact the Central Bank s determination of the application if the firm wishes to proceed to make an application for authorisation (e) It is expected that no more than one preliminary meeting will be held between the Central Bank and the applicant firm. Page 8 of 63

9 3. Receipt and Acceptance of a complete Application (a) Acknowledgement of complete applications will issue by the Central Bank within 5 working days with any comments to follow subsequently within the specified timeframe (see below). (b) Incomplete applications will be returned within 5 working days (see below re. complete application ). The Central Bank will set out why the application is incomplete in this correspondence. 4. Review of the Application (a) The Central Bank will issue comments to the applicant firm within 20 working days of receipt of the application; (b) The applicant firm must respond within 10 working days of receiving first comments; (c) Final comments will be issued to the applicant firm within 10 working days; and (d) The applicant firm must respond within 10 working days of receiving final comments. It is expected that all issues / comments will be addressed in the applicant firm s second submission and therefore the Central Bank will not review more than three submissions before reaching a decision on the application. In order to be in a position to meet its targets on an application for authorisation, the Central Bank cannot engage in an exhaustive analysis of the information provided and therefore the onus is on the applicant firm to ensure all information meets with the relevant requirements in the application form and where applicable this should be verified by the applicant prior to making its filing. 5. Decision on the Application A determination will be made on the application within 60 working days of receipt of a complete application. Page 9 of 63

10 Complete Application An application will not be accepted by the Central Bank unless it is complete, i.e., includes the following: 1. Fully completed (all tick boxes and page references must be filled in where applicable) and signed Application Form; 2. A Business Plan which must include details of each of the following: (a) Business strategy along with a business model that illustrates the regulated investment service(s) to be provided to clients (See Sub-Section 2.5 of the Application Form); (b) High level overview of any non-iia / non-mifid activity to be carried out (if applicable) [See Sub-Section 2.7 of the Application Form]; (c) Organisational structure chart along with staff numbers, their roles, responsibilities and reporting lines, Pre-Approval Controlled Functions ( PCF ) and details of their experience (See Sub-Section and Sub-Section of the Application Form); (d) Corporate Governance Arrangements, e.g., board of directors, committees (if any) [See Sub-Section 5.1.3, Sub-Section and Sub-Section of the Application Form]; 3. Fully completed on-line Individual Questionnaires ( IQs ) 6 for all PCFs including directors and hard-copy IQs for individual qualifying shareholders; 4. Shareholder information including group structure and required supporting documentation (see Sub-Section 6 of the Application Form). This should also include the impact of close links and applicability of consolidated supervision; 6 Regulatory Transactions ( RTD ) is a division within the Central Bank whose responsibilities include managing and improving current processes as well as the fitness and probity process for new Pre- Approval Controlled Function ( PCF ) holders. As part of the MiFID application process but after the preliminary meeting, once the applicant firm communicates to the Central Bank that it wishes to proceed with submitting a MiFID Application Form, the applicant firm must the following information to the Central Bank pertaining to its nominated Systems Administrator: - Name of proposed person; - Telephone Number of proposed person; and - Address of proposed person. The nominated System Administrator will then have the capability to file IQs on-line that pertain to the applicant firm s PCFs. RTD will contact the applicant firm to notify it that the Systems Administrator has received the requisite capability in order for the filing to commence. Page 10 of 63

11 (Note: IQs for individual Qualifying Shareholders must be submitted in paper based hard copy format) 5. Financial Projections for the first 3 years of operation (with detailed notes explaining each line item). This must include: (a) P&L and Balance Sheet for the first three years (year 1 of the P&L account to be in monthly format); (b) Audited Accounts and latest management accounts (where applicable); (c) Regulatory Capital Calculations for year 1; and (d) Details of any charges, guarantees, indemnities or other security to third parties; 6. National Discretion / Derogation requests under the Capital Requirements Regulations and S.I. No. 158 of Required Client Asset Documentation specified at Appendix 1 (if applicable); and 8. Arrangements for both the orderly and forced winding down of the firm which ensures the protection of client assets and fair treatment of clients. Return of Application The Central Bank will return the application to the firm if it is incomplete on receipt. The timeframe undertaken by the Central Bank to make a determination on the application will not commence until a complete application is submitted. Stopping / Starting the Central Bank s determination timeframe Without prejudice to Regulation 15 of the MiFID Regulations, upon receiving a complete application, the Central Bank s determination timeframe as set out on Page 9, No. 5 of this Guidance Note will be stopped and no longer apply under the following circumstances: 1. Any material changes (e.g. change to business model, investment services/financial instruments applied for etc.) made to the applicant s Business Plan at any time during the review process; 2. Any changes to the applicant s shareholder structure during the review process; and / or 3. Where the applicant fails to respond to comments from the Central Bank for a period exceeding 20 or 10 working days, as the case may be. Page 11 of 63

12 The Central Bank will at its discretion commence a new determination timeframe, as described on Page 9, No. 5 of this Guidance Note and apply it in accordance with Regulation 15 (1) of the MiFID Regulations, at the point which caused the previous timeframe to be stopped, once it is satisfied that the application can proceed. Page 12 of 63

13 2.2 Level 2 Applicant Firms The following applies to Level 2 Applicant Firms: Process 1. Key Facts Document ( KFD ) (a) Applicant firms will complete a KFD (see Appendix 3 attached) (b) The Central Bank will review the KFD and i. Revert to the applicant firm in writing with any comments on the KFD as soon as possible but expected to be no later than within 20 working days;; and ii. Arrange a preliminary meeting with the applicant as soon as possible but expected to be no later than 20 working days of receiving an acceptable KFD. The meeting will be scheduled for the earliest possible date. If the KFD does not contain, or is deficient in relation to, the information required it will not be considered and the applicant firm will be asked to revise and resubmit it with the appropriate level of detail. 2. Preliminary Meeting A preliminary meeting will be held with all applicant firms in advance of an application being made. (a) The KFD will form the basis for the preliminary meeting. (b) The Central Bank will confirm to the applicant the level, at which the application will fall under. (c) The applicant firm will be informed of the Central Bank s authorisation process and timeframes. (d) The Central Bank will advise the applicant of significant issues that are apparent at this juncture that would negatively impact the Central Bank s determination of the application if the firm wishes to proceed to make an application for authorisation Page 13 of 63

14 3. Receipt and Acceptance of a complete Application (a) Acknowledgement of complete applications will issue by the Central Bank within 10 working days with any comments to follow subsequently within the specified timeframe (see below). (b) Incomplete applications will be returned (see below). The Central Bank will set out why the application is incomplete in this correspondence within 10 working days. 4. Review of the Application (a) The Central Bank will issue comments to the applicant firm within 40 working days of receipt of the application; (b) The applicant firm must respond within 20 working days of receiving first comments; (c) Second comments will be issued to the applicant firm within 20 working days; (d) The applicant firm must respond within 10 working days of receiving second comments; (e) Final comments will be issued to the applicant firm within 10 working days; and (f) The applicant firm must respond within 10 working days of receiving final comments. It is expected that all issues / comments will be addressed in the applicant firm s third submission and therefore the Central Bank will not review more than four submissions before reaching a decision on the application. In order to be in a position to meet its targets on an application for authorisation, the Central Bank does not intend to engage in an exhaustive analysis of the information provided and therefore the onus is on the applicant firm to ensure all information meets with the relevant requirements in the application form and where applicable this should be verified by the applicant prior to making its filing. 5. Decision on the Application A determination will be made on the application within 120 working days of receipt of a complete application. Page 14 of 63

15 Complete Application An application will not be accepted by the Central unless it is complete, i.e., includes the following: 1. Fully completed (all tick boxes and page references must be filled in where applicable) and signed Application Form; 2. A detailed Business Plan which must include details of each of the following: (a) Business strategy along with a business model that illustrates the regulated investment service(s) to be provided to clients (See Sub-Section 2.5 of the Application Form); (b) High level overview of non-iia / non-mifid activity to be carried out (if applicable) [See Sub-Section 2.7 of the Application Form]; (c) Organisational structure chart along with staff numbers, their roles, responsibilities and reporting lines, Pre-Approval Controlled Functions ( PCF ) and details of their experience (See Sub-Section and Sub-Section of the Application Form); (d) Corporate Governance Arrangements, e.g., board of directors, committees (if any) [See Sub-Section 5.1.3, Sub-Section and Sub-Section of the Application Form]; (e) Outsourcing of critical or important functions (See Sub-Section 8.6 of the Application Form); (f) Compliance Policy (See Sub-Section 8.1 of the Application Form); (g) Risk Management Policy (See Sub-Section 8.2 of the Application Form); (h) Internal Audit Policy (See Sub-Section 8.3 of the Application Form); (i) Conflict of Interest Policy (See Sub-Section 8.4 of the Application Form); (j) Business Continuity Overview (See Sub-Section 8.5 of the Application Form); 3. Fully completed on-line Individual Questionnaires ( IQs ) 7 for all PCFs including directors and hard-copy IQs for individual qualifying shareholders; 7 Regulatory Transactions ( RTD ) is a division within the Central Bank whose responsibilities include managing and improving current processes as well as the fitness and probity process for new Pre- Approval Controlled Function ( PCF ) holders. As part of the MiFID application process but after the preliminary meeting, once the applicant firm communicates to the Central Bank that it wishes to proceed with submitting a MiFID Application Form, the applicant firm must the following information to the Central Bank pertaining to its nominated Systems Administrator: - Name of proposed person; - Telephone Number of proposed person; and - Address of proposed person. Page 15 of 63

16 (Note: IQs for individual Qualifying Shareholders must be submitted in paper based hard copy format) 4. Shareholder information including group structure chart and required supporting documentation (see Sub-Section 6 of the Application Form). This should also include the impact of close links and applicability of consolidated supervision; 5. Financial Projections for the first three years of operation (with detailed notes explaining each line item). This must include: (a) P&L and Balance Sheet for the first three years (year 1 of the P&L account to be in monthly format); (b) Audited Accounts and latest management accounts (where applicable); (c) Regulatory Capital calculations for Year 1; (d) Details of any charges, guarantees, indemnities or other security to third parties; 6. Draft Internal Capital Adequacy Assessment Process ( ICAAP ); 7. National Discretion / Derogation requests under the Capital Requirements Regulations and S.I. (S.I. No. to be inserted after transposition); 8. Required Client Asset Documentation specified at Appendix 1 (if applicable); 9. For applicants who intend to provide services to retail investors, the applicant firm s policy in relation to compliance with conduct of business rules; and 10. Arrangements for the orderly and forced winding down of the firm which ensures the protection of client assets and fair treatment of clients. The nominated System Administrator will then have the capability to file IQs on-line that pertain to the applicant firm s PCFs. RTD will contact the applicant firm to notify it that the Systems Administrator has received the requisite capability in order for the filing to commence. Page 16 of 63

17 Return of Application The Central Bank will return the application to the firm if it is incomplete on receipt. The timeframe undertaken by the Central Bank to make a determination on the application will not commence until a complete application is submitted. Stopping / Starting the Central Bank s determination timeframe Without prejudice to regulation 15 of the MiFID Regulations, upon receiving a complete application, the Central Bank s determination timeframe as set out on Page 9, No. 5 of this Guidance Note will be stopped and no longer apply under the following circumstances: 1. Any material changes (e.g. change to business model, investment services/financial instruments applied for etc.) made to the applicant s Business Plan at any time during the review process; 2. Any changes to the applicant s shareholder structure during the review process; and / or 3. Where the applicant fails to respond to comments from the Central Bank for a period exceeding 20 or 10 working days, as the case may be. The Central Bank will at its discretion commence a new determination timeframe, as described on Page 14, No. 5 of this Guidance Note and apply it in accordance with Regulation 15 (1) of the MiFID Regulations, at the point which caused the previous timeframe to be stopped, once it is satisfied that the application can proceed. Page 17 of 63

18 3.0 Obligations of an Investment Firm An applicant firm must familiarise itself with the obligations and requirements of an investment firm authorised under the MiFID Regulations and such obligations and requirements will include but are not limited to the following: MiFID Regulations; Books and Records Requirements as published by the Central Bank; Capital Requirements Regulation (EU) No. 575/2013 and S.I No.; (S.I. No. to be inserted after transposition) Section 32D of the Central Bank Act 1942 (as inserted by the Central Bank Reform Act, 2010) Supplementary Supervisory Requirements 8 The Investor Compensation Act, 1998 (as amended); The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended); Client Asset Regulations 2015 for Investment Firms; Consumer Protection Code 2012; and Minimum Competency Code Successful applicant firms are issued with a letter of authorisation by the Central Bank that sets out their authorisation requirements and any conditions of authorisation. 4.0 Post Authorisation The Central Bank authorises investment firms on the basis of the information provided as part of the application process and in this regard all investment firms will be required to operate in accordance with the information provided in support of its application for authorisation and in accordance with applicable legislation and requirements. The Central Bank will expect that a proven track record in accordance with the original application (including the business plan) be displayed before a newly authorised investment firm can amend/expand its investment services. The application must therefore cover activities that are proposed to be undertaken in the first twelve months post authorisation. 8 Available on the Central Bank website. Page 18 of 63

19 Investment firms must monitor and, on a regular basis, evaluate the adequacy and effectiveness of the policies and procedures, systems, internal control mechanisms and arrangements in place (ensuring that they are kept up to date) and promptly take appropriate measures to address any deficiencies. Policies and procedures must be kept up to date and be made available to the Central Bank, for review, upon request. Once authorised the firm will be subject to prudential supervision under the Central Bank s PRISM TM framework. PRISM TM is a risk based framework for the supervision of all entities regulated by the Central Bank. Detailed guidance can be found on the Central Bank s website. Page 19 of 63

20 5.0 Application Form Please take time to read these notes carefully. Application Form correctly. They will help you complete the The application form is comprised of two Sections: Section A Core Details Form (applicable to all applicant firms); and Section B Level 2 specific details Form (applicable only to level 2 firms). Thus Level 1 firms complete Section A; and Level 2 firms complete Sections A and B. (Depending on the nature of the applicant s proposed services, Appendix 1 and / or Appendix 2 may also be required to be completed) It is important when completing the form that you provide accurate and complete information and disclose all the relevant information. Page 20 of 63

21 5.1 Section A Core Details Form (Applicable to all applicant firms) Sub-Section 1: Structure and Head Office App. Form Ref. 1.1 This name must mirror the constitutional document and the name registered with the Companies Registration Office at date of filing this application form. 1.2 No additional notes. 1.3 The registered trading name that the applicant firm will use for the branding of its services, promotions, advertising etc. 1.4 No additional notes No additional notes No additional notes. 1.6 This address must mirror the registered address lodged with the Companies Registration Office. 1.7 What constitutes a head office / principal place of business is a matter to be determined, given the particular circumstances of each case. In general, the Central Bank interprets head office / principal place of business to mean the location of the mind and management of the applicant firm and the place where the day-to-day decisions about the direction of the applicant firm s business are taken. While the onus of meeting the statutory requirements and satisfying the Central Bank that adequate and effective control of an entity rests in Ireland (not abroad) lies with the applicant firm, some guidance on what the Central Bank would expect to see is set out below. This is not intended to be a formula for meeting the head office / principal place of business requirement. However, it does provide an indication of what the Central Bank will expect to see in this respect. The Central Bank will expect decision making at board and committee level to take place within the State. In addition, to ensure the central management is located within the head office / principal place of business, its functions must include: Financial control; Legal and compliance; and Page 21 of 63

22 Risk management. It follows that there should be a significant senior management presence (within the applicant) in Ireland to ensure that full authority and effective control of the applicant rests within the head office / principal place of business. 1.8 This must be someone who possesses knowledge of the applicant firm s business model and its requirements under the MiFID Regulations and must be someone who works for / will work for the applicant firm if and when authorised, and not a professional advisor No additional notes If completed by a tick by the applicant firm, the Central Bank with this permission from the applicant firm will copy the professional advisor in on correspondence pertaining to this application No additional notes No additional notes If the applicant firm has, or is in the course of developing a website or presence on other social media, please provide the name and its approximate launch date No additional notes No additional notes Depending on the legal structure of the partnership, these may be PCFs and where this is the case an on-line filing must be made as part of this application. Where the role is not a PCF, please submit the IQ in hard-copy format as part of the application. Please refer to Schedule 2 of S.I. No. 437 of 2011 / The Central Bank Reform Act 2010 (Section 20 and 22) Regulations 2011 (as amended) for list of PCFs No additional notes No additional notes. Page 22 of 63

23 5.1.2 Sub-Section 2: General Business Information App. Form Ref This relates to the places of business in the State other than the address listed in Section 1.7 where the applicant firm will be operating from and identification of the head (of management) of those places of business No additional notes No additional notes In addition to providing the address and head (of management) of offices identified, the applicant firm must also provide a concise description of the activities currently carried out or proposed to be carried out outside the State. The description must be sufficiently clear to ascertain the precise objective and nature of activity and whether it falls to be a regulated / non-regulated activity. 2.2 This must cover the period from date of incorporation. If yes, a description of each activity must be provided and be sufficiently clear to ascertain the precise nature and objective of each activity carried out. 2.3 These must mirror the investment services and financial instruments that were disclosed in the Key Facts Document received by the Central Bank and discussed at the subsequent meeting. 2.4 These must mirror the investment business services and/or investment instruments that were disclosed in the Key Facts Document received by the Central Bank and discussed at the subsequent meeting The applicant firm in its Business Plan must outline its business strategy and provide clear details of its business model for each investment (business) service and ancillary service that is ticked The business model for each investment (business) service and ancillary service that is ticked must also contain the following information in the Business Plan: The details of each service must be clearly outlined including details of the transaction flow from start to finish of the business process (e.g. from initial interaction with the client to carrying out the transaction on the trading venue or with another service provider vendor). The transaction flow may include a diagrammed transaction flow and a detailed narrative in relation to each leg of the transaction must also be provided. Page 23 of 63

24 The transaction flow must outline each leg of the transaction and the function 9 within the applicant firm responsible for performing that leg No additional notes No additional notes See definition of Systematic Internaliser in Regulation 3 (1) of the MiFID Regulations. Where the applicant firm proposes to act as a Systematic Internaliser the Central Bank will seek other disclosures / requirements but these will be notified to the applicant at the preliminary meeting stage and the various requirements will be on a case-by-case basis No additional notes. 2.8 A detailed overview of the nature and objective of all Other Regulated (for example insurance mediation business) and non-regulated services / activities (to be) carried out must be disclosed in the Business Plan along with details of the function 10 within the applicant firm that is / will be responsible for carrying out the activity or activities. 2.9 The MiFID and IIA service(s) must specify the particular investment (business) service as set out in the legislation. The category Other Regulated must specify the applicable piece of legislation that the activity falls under. Non-regulated relates to lines of business carried out by the applicant firm not requiring regulation by the Central Bank and a heading describing each line of activity must also be inserted. For each line item the applicant firm must estimate the number of clients to be serviced in Year 1 in respect of each specific activity and also the percentage of total income projected in Year 1 that will be attributed to that activity This relates to the provision of regulated activities only This relates to the provision of non-regulated activities only This includes regulated or a combination of both regulated and non-regulated activity (as the case may be) % indicates that the applicant firm will not at any time be providing investment services to that category of client If the applicant firm proposes to hold client assets, please also complete Appendix 1 in the Application Form Where the applicant firm proposes to appoint a tied agent in another EEA Member State, Section 2.13 of the Application Form relating to the establishment of a branch 9 Cross-refer to the firm s staff organisational chart. 10 Cross-refer to the firm s staff organisational chart. Page 24 of 63

25 must also be completed. Regulation 127(2) states that where an investment firm uses a tied agent established in a member state outside the state, the tied agent shall be assimilated to the branch, and is subject to the provisions of the MiFID Regulations relating to branches i.e. the appointment of tied agents in another member state requires a de facto branch notification No additional notes No additional notes No additional notes No additional notes No additional notes The applicant firm must include in its Business Plan the role and responsibilities of the branch and how these are linked to the operation carried out in the principal business address of the applicant. This section of the Business Plan must also set out the category and profile of clients the branch will be servicing as well as how such clients will be sourced and the services to be provided. Where the applicant firm proposes to establish a branch, the group and staff organisational charts must incorporate the branch and the branch staff in the charts along with the reporting lines of the branch staff (ensure that the staff organisational chart makes the distinction of where all the applicant firm s staff are employed, i.e. the principal office or the branch). It must also be described how the Managing Director / Chief Executive of the applicant maintain oversight of the branch as well as how the Head of the Branch oversees the operations of the branch. The Business Plan must also disclose summary details of arrangements it has in place in order to comply with client asset rules (if applicable), local conduct of business rules, anti-money laundering along with monitoring and controlling critical outsourcing (if applicable). The financial projections of the applicant firm must also incorporate the running of the branch as well as its costs of establishment The board is required to provide separate detailed plans for an orderly and forced wind-down. Each plan must include specific action and trigger points and must be constructed on a phased basis, with each phase clearly setting out the projected timelines for that phase and the resources (in terms of costs and manpower) needed Page 25 of 63

26 to conclude each and every stage. Each plan must also clearly demonstrate how client assets are protected (if applicable) and how fair treatment of clients is ensured until the firm is successfully wound down. In addition, each plan must also demonstrate how the firm would be financially prepared if a wind-down situation arose. The applicant firm s Internal Capital Adequacy Assessment Process ( ICAAP ) must provide for the costs of a wind-down scenario. Page 26 of 63

27 5.1.3 Sub-Section 3: Financial Information App. Form Ref The financial projections must be submitted in hard-copy and in the following format: (a) The projected period must commence at Day 1 of the proposed authorisation period and each period must be titled Year 1, Year 2 and Year 3. (b) The Profit and Loss Account must be in the following format: Income Less Expenses = Gross Profit Less Taxation = Net Profit Less Dividends (if any) = Retained Profit. (c) Only Year 1 of the Profit and Loss Account must be broken up into monthly periods. Year 2 and Year 3 need not be broken up into monthly periods and therefore yearly totals provided for each. (d) The Income section of the Profit and Loss Account must be broken up into separate line items that distinguish between the different investment (business) services, other regulated / non-regulated activities carried out. Each line item must account for the income projected for each activity as highlighted in Section 2.8 of the Application Form. (e) The applicant firm must provide workings / detailed calculations for each month / year in order for the Central Bank to reconcile the projected income to be derived from that line of activity against its assumptions for that activity (for example in the case of an investment management fee: projected assets under management X rate of fee). (f) The Expenses Section of the Profit and Loss Account must break down each individual expense item to the extent that distinguishes between the different categories of expenses. For example, categories of expense will include salaries, rent, utilities, subscriptions etc. and therefore need not be broken down any further. Furthermore where an applicant firm is not currently trading it must be clear how the applicant s set up costs are borne and where borne by the applicant, the Central Bank expects to see management accounts providing for them. (g) The Regulatory Levy and fee to the Investor Compensation Company Page 27 of 63

28 Limited must be included as separate line items in the Expenses section of the Profit and Loss Account. (h) The Retained Profit/Loss must also incorporate the latest financial position of the applicant firm, i.e. where an applicant is currently trading it must carry forward its latest 11 (available) retained profit/loss. (i) The Balance Sheet must be in the following format: Fixed Assets + Current Assets Less Current Liabilities = Net Assets = Shareholders Funds. (j) It is critical that the applicant firm ensures that the Retained Profit / Loss figure in the Balance Sheet reconciles with the Profit and Loss Account while ensuring in cases where an applicant is currently trading, its retained profit / loss figures to date (based on audited accounts and/or latest management accounts) are accurately being carried forward into the projections. (k) The applicant firm must provide a note describing all line items accounted for in the Profit and Loss Account and Balance Sheet. The description can be appropriately brief as long as it is sufficiently clear what the entry is providing for. Furthermore, where an amount in a line item is fluctuating by greater than 10% per year [or month in the case of Year 1 of the Profit and Loss Account (only)] an explanation must be provided in the note to explain the rationale behind the movement The Management Accounts must be the latest available at the time. The Central Bank reserves the right to request more updated management accounts as the application progresses in order to assess the updated capital position of the applicant firm No additional notes. 3.3 No additional notes. 11 Including latest unaudited period. Page 28 of 63

29 5.1.4 Sub-Section 4: Capital Requirements App. Form Ref. 4.1 See investment firm definition under Article 4(1) (2) of Capital Requirements Regulation (EU) No. 575/2013 ( CRR ). 4.2 The legislative reference must be to S.I. No. (S.I. No. to be inserted after transposition) 4.3 (1) Article 92 of the CRR; (2) Article 95(1) and Article 92 of the CRR; (3) Third sub-paragraph of Article 95(2) of the CRR (i.e. for firms referred to in point 2(c) of Article 4(1) of the CRR that provide the investment services and activities listed in points (2) and (4) of Section A of Annex 1 to Directive 2004/39/EC the applied competent authority discretion to apply the own funds requirements that would be binding on those firms according to national transposition measures in force on 31 December 2013 for Directives 2006/48/EC and 2006/49/EC); and (4) Article 96(1) and Article 92 of the CRR. 4.4 Where applicable, the Business Plan must provide detailed calculations as to how the applicant firm is calculating risk weighted exposure amounts / capital requirements for all of its risks. The applicant firm must use its Profit and Loss Account and Balance Sheet as at the end of its projected Year 1 period as the reference period for its regulatory capital requirement. Section The calculations for each risk must include the CRR reference and approach taken in attaining the final risk requirement figure (for example, in respect of Credit Risk the Central Bank will require the relevant CRR reference and approach taken for assigning to an asset item the particular risk weighting). Figures shown should be after applying Article 92(4) of the CRR. Section This section applies to those applicant firms referred to in the third sub-paragraph of Article 95(2) of the CRR i.e. firms referred to in point 2(c) of Article 4(1) of the Page 29 of 63

30 CRR that provide the investment services and activities listed in points (2) and (4) of Section A of Annex 1 to Directive 2004/39/EC to which the competent authority discretion to apply the own funds requirements that would be binding on those firms according to national transposition measures in force on 31 December 2013 for Directives 2006/48/EC and 2006/49/EC applies. The calculations for each risk must include the CRD reference and approach taken in attaining the final capital requirement figure (for example, in respect of Credit Risk the Central Bank will require the relevant CRD reference and approach taken for assigning to an asset item the particular risk weighting). A detailed calculation must also be provided in respect of the Fixed Overhead Requirement Common Equity Tier 1 items (CET1) must comply with Article 26 of the CRR, Additional Tier 1 items must comply with Article 51 of the CRR and Tier 2 items must comply with Article 62 of the CRR and deductions made from regulatory capital must be in accordance with Part Two of the CRR. Under the Category of Capital column the applicant should insert the relevant tier of capital CET1, Additional Tier 1 or Tier No additional notes No additional notes. 4.6 No additional notes Where the applicant firm is part of a group, a submission must accompany the application explaining why consolidated supervision will (including identification of the level) / will not apply to the applicant firm. Additionally the rationale for the answer must be justified by reference to the CRR / CRD IV. This information must also be accompanied by the full group structure chart including an explanation of what activity each company in the group carries out and the regulatory status of each group company (if regulated, the name of the regulatory body must be provided) See Note Where consolidated supervision will apply the applicant firm must provide projected consolidated Profit and Loss Account and Balance Sheet at the level where consolidated supervision will apply, for the first three years post authorisation of the applicant, along with a note explaining each line item (see Note (b) and (i) for details on the format of the accounts). Page 30 of 63

31 4.7.3 Where consolidated supervision will apply, the applicant firm must also provide a projected consolidated capital requirement at the level where consolidated supervision will apply. The firm must provide a detailed note with the calculation explaining how the capital requirement is calculated with reference to the consolidated Profit and Loss and Balance Sheet. The Central Bank reserves the right to comment on the calculation and notes provided. 4.8 Where a National Discretion is to be applied for, ensure the specific legislative reference is provided. (Section to be updated in order to refer to Implementation of the CRR document when it becomes available) Where a derogation is requested, ensure a detailed submission containing all the legislative references are contained in the submission that accompanies the main application. Where applicable, the submission must also demonstrate how the applicant firm meets any criteria / requirements specified in the relevant legislation. Page 31 of 63

32 5.1.5 Sub-Section 5: Organisational Structure App. Form Ref The Business Plan must include the applicant firm s organisational chart that captures all staff (to be) employed 12 at commencement of authorisation with a clear indication if any individual who will be employed on a part-time basis. Where no such indication made, it will be assumed that the staff member will be employed on a full-time basis. The chart must clearly highlight: (i) the function each staff member is responsible for and their reporting line within the applicant firm and in addition, the relevant reporting line to the board; and (ii) whether an individual has more than one function within the applicant firm (e.g. carries out both the compliance and risk functions) and also clearly identity whether a staff member holds a PCF. The Business Plan must also disclose the main (4-5) responsibilities of the applicant firm s senior management. The Central Bank expects the organisational chart to mirror that set out in the KFD received by the Central Bank or subsequently agreed with the Central Bank prior to the applicant being told it may file its application The Business Plan also needs to contain a brief biography of each person carrying out a PCF in the applicant firm in order to highlight their qualifications, expertise and experience The Business Plan must also disclose the minimum reporting frequency by senior managers to the Managing Director / Chief Executive as well as the minimum reporting frequency by the Managing Director / Chief Executive to the board Identification of board members along with the minimum frequency of board meetings and location (which are required to be in the State) of the board meetings 12 Includes direct employment through a contract of employment, a secondment arrangement or an outsourcing arrangement. Page 32 of 63

Authorisation Requirements and Standards for Debt Management Firms

Authorisation Requirements and Standards for Debt Management Firms 2013 Authorisation Requirements and Standards for Debt Management Firms 2 Contents Authorisation Requirements and Standards for Debt Management Firms Contents Chapter Part A: Authorisation Requirements

More information

Guidance Note 4/07. Undertakings for Collective Investment in Transferable Securities (UCITS) Organisation of Management Companies.

Guidance Note 4/07. Undertakings for Collective Investment in Transferable Securities (UCITS) Organisation of Management Companies. 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

More information

Checklist for Completing and Submitting Life Insurance Applications under the European Union (Insurance and Reinsurance) Regulations 2015

Checklist for Completing and Submitting Life Insurance Applications under the European Union (Insurance and Reinsurance) Regulations 2015 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

More information

A Guide to MiFID Investment Services in Ireland

A Guide to MiFID Investment Services in Ireland A Guide to MiFID Investment Services in Ireland Contents A Guide to MiFID Investment Services in Ireland MiFID Background Page 3 Application of MiFID in Ireland Page 5 Does your Business come within the

More information

Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers

Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers 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...

More information

STATUTORY INSTRUMENTS. CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS

STATUTORY INSTRUMENTS. CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS STATUTORY INSTRUMENTS. S.I. No. )04, of 2015 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS S.I. No. (74 of 2015 CENTRAL BANK (SUPERVISION

More information

Act on Investment Firms 26.7.1996/579

Act on Investment Firms 26.7.1996/579 Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act

More information

Authorised Persons Regulations

Authorised Persons Regulations 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

More information

AMF Instruction Authorisation procedure for investment management companies, disclosure obligations and passporting DOC-2008-03

AMF Instruction Authorisation procedure for investment management companies, disclosure obligations and passporting DOC-2008-03 AMF Instruction Authorisation procedure for investment management companies, disclosure obligations and passporting DOC-2008-03 References: Articles 311-1 to 311-3, 311-7, 311-7-1, 313-53-1, 316-3 to 316-5,

More information

Regulation for Establishing the Internal Control System of an Investment Management Company

Regulation for Establishing the Internal Control System of an Investment Management Company 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

More information

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Client Asset Requirements Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Instructions Paper November 2007 1 Contents 1 Contents 2 Introduction 1 2.1 Scope

More information

A Guide to MiFID Investment Services in Ireland

A Guide to MiFID Investment Services in Ireland A Guide to MiFID Investment Services in Ireland Contents Heading Contents Heading Page x MiFID Background Page 2 Application of MiFID in Ireland Page 4 Does your business come within the scope of the MiFID

More information

Financial Services (Markets in Financial Instruments) FINANCIAL SERVICES (MARKETS IN FINANCIAL INSTRUMENTS) ACT 2006

Financial Services (Markets in Financial Instruments) FINANCIAL SERVICES (MARKETS IN FINANCIAL INSTRUMENTS) ACT 2006 FINANCIAL SERVICES (MARKETS IN FINANCIAL INSTRUMENTS) ACT 2006 Principal Act Act. No. Commencement 1.11.2007 Assent 14.12.2006 Amending enactments Relevant current provisions Commencement date LN. 2010/007

More information

Corporate Governance Code for Collective Investment Schemes and Management Companies

Corporate Governance Code for Collective Investment Schemes and Management Companies Corporate Governance Code for Collective Investment Schemes and Management Companies Corporate Governance Code Page 1 Transitional Arrangements Whilst this Code is voluntary in nature, its adoption is

More information

KINGDOM OF SAUDI ARABIA. Capital Market Authority CREDIT RATING AGENCIES REGULATIONS

KINGDOM OF SAUDI ARABIA. Capital Market Authority CREDIT RATING AGENCIES REGULATIONS 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

More information

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 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

More information

Guidelines. on the data collection exercise regarding high earners EBA/GL/2014/07. 16 July 2014

Guidelines. on the data collection exercise regarding high earners EBA/GL/2014/07. 16 July 2014 EBA/GL/2014/07 16 July 2014 Guidelines on the data collection exercise regarding high earners Contents 1. Executive summary 3 2. Background and rationale 4 3. EBA Guidelines on the data collection exercise

More information

Guidelines. ADI Authorisation Guidelines. www.apra.gov.au Australian Prudential Regulation Authority. April 2008

Guidelines. ADI Authorisation Guidelines. www.apra.gov.au Australian Prudential Regulation Authority. April 2008 Guidelines ADI Authorisation Guidelines April 2008 www.apra.gov.au Australian Prudential Regulation Authority Disclaimer and copyright These guidelines are not legal advice and users are encouraged to

More information

Guidelines on operational functioning of colleges

Guidelines on operational functioning of colleges EIOPA-BoS-14/146 EN Guidelines on operational functioning of colleges EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. + 49 69-951119-19; email: info@eiopa.europa.eu

More information

Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996

Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 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

More information

CESR Consultation Paper on UCITS Management Company Passport

CESR Consultation Paper on UCITS Management Company Passport News Bulletin October 24, 2008 CESR Consultation Paper on UCITS Management Company Passport Background On 30 th September 2008, the Committee of European Securities Regulators ( CESR ) issued a consultation

More information

Information on the Fee Approval Process for Credit Institutions. Information on the Bank Charges Approval Process

Information on the Fee Approval Process for Credit Institutions. Information on the Bank Charges Approval Process 2014 Information on the Fee Approval Process for Credit Institutions Information on the Bank Charges Approval Process Contents Introduction... 4 The Obligation to Notify the Central Bank of Charges...

More information

July 2014. Handbook of Prudential Requirements for Investment Intermediaries. Page 0 of 12 Page 0 of 12

July 2014. Handbook of Prudential Requirements for Investment Intermediaries. Page 0 of 12 Page 0 of 12 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

More information

Listing and Admission to Trading Rules for. Short Term Paper. Release 2

Listing and Admission to Trading Rules for. Short Term Paper. Release 2 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

More information

2012 Checklist for Completing and Submitting Non-Life Insurance Applications under the European Communities (Non-Life Insurance) Framework

2012 Checklist for Completing and Submitting Non-Life Insurance Applications under the European Communities (Non-Life Insurance) Framework 2012 Checklist for Completing and Submitting Non-Life Insurance Applications under the European Communities (Non-Life Insurance) Framework Regulations, 1994 Applicant Central Bank of Ireland Checklist

More information

Application for Status as a Registered Bank:

Application for Status as a Registered Bank: Application for Status as a Registered Bank: Material to be provided to the Reserve Bank Prudential Supervision Department Document Issued: Introduction 2 1. This release identifies the information which

More information

KINGDOM OF SAUDI ARABIA. Capital Market Authority CREDIT RATING AGENCIES REGULATIONS

KINGDOM OF SAUDI ARABIA. Capital Market Authority CREDIT RATING AGENCIES REGULATIONS 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

More information

Mapping of outsourcing requirements

Mapping of outsourcing requirements 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

More information

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS-DOC-07/08 General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS e.v. - Westhafenplatz 1 60327 Frankfurt

More information

Statement of Principles

Statement of Principles Statement of Principles Bank Registration and Supervision Prudential Supervision Department Document Issued: 2 TABLE OF CONTENTS Subject Page A. INTRODUCTION... 3 B. PURPOSES OF BANK REGISTRATION AND SUPERVISION...

More information

Council of the European Union Brussels, 30 June 2016 (OR. en) Mr Jeppe TRANHOLM-MIKKELSEN, Secretary-General of the Council of the European Union

Council of the European Union Brussels, 30 June 2016 (OR. en) Mr Jeppe TRANHOLM-MIKKELSEN, Secretary-General of the Council of the European Union Council of the European Union Brussels, 30 June 2016 (OR. en) 10785/16 EF 215 ECOFIN 673 DELACT 136 COVER NOTE From: date of receipt: 29 June 2016 To: No. Cion doc.: Secretary-General of the European Commission,

More information

INSURANCE COMPANIES ORDINANCE (CAP. 41)... (Name of company making this application)

INSURANCE COMPANIES ORDINANCE (CAP. 41)... (Name of company making this application) Form IA-6G INSURANCE COMPANIES ORDINANCE (CAP. 41)... (Name of company making this application) Application for Authorization to carry on General Business in or from Hong Kong 1. We certify that we are

More information

PART A AUTHORISATION FOR CARRYING ON BUSINESS OF INSURANCE

PART A AUTHORISATION FOR CARRYING ON BUSINESS OF INSURANCE PART A AUTHORISATION FOR CARRYING ON BUSINESS OF INSURANCE Chapter 1: The Application Process 1.1 Introduction 1.1.1 The application for authorisation to carry on business of insurance shall be considered

More information

Ordinance on Collective Investment Schemes

Ordinance on Collective Investment Schemes English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Ordinance on Collective Investment Schemes (Collective

More information

GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK

GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK 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

More information

Saxo Capital Markets CY Limited

Saxo Capital Markets CY Limited Saxo Capital Markets CY Limited DISCLOSURES IN ACCORDANCE WITH THE REGULATION FOR THE CAPITAL REQUIREMENTS OF INVESTMENT FIRMS FOR THE YEAR ENDED 31 DECEMBER 2014 MAY 2015 CONTENTS 1. GENERAL INFORMATION

More information

CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS

CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS 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

More information

Client Asset Regulations & Investor Money Regulations 2015

Client Asset Regulations & Investor Money Regulations 2015 www.pwc.ie Client Asset Regulations & Investor Money Regulations 2015 What are the key changes for your firm? Contents Overview of CAR/IMR 1 Key considerations for your firm: 6 How PwC can help: 7 We can

More information

CENTRAL BANK OF CYPRUS

CENTRAL BANK OF CYPRUS CENTRAL BANK OF CYPRUS DIRECTIVE FOR THE REGULATION OF MONEY TRANSFER SERVICES (Unofficial translation by the Central Bank of Cyprus) (P.I. 659/2003) FINANCIAL MARKETS AND PUBLIC DEBT MANAGEMENT DIVISION

More information

Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings

Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings 2011 Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings 3 Contents Section No. Contents Page No. 1 Scope 4 2 Definitions 6 3 Legal Basis 8 4 Reporting to the Central Bank

More information

GUERNSEY FINANCIAL SERVICES COMMISSION

GUERNSEY FINANCIAL SERVICES COMMISSION 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

More information

Simon Bolivarplein 1 Willemstad Curaçao. Phone: (599 9) 434-5500 Fax: (599 9) 461-5004 E-mail: info@centralbank.cw Website: http://www.centralbank.

Simon Bolivarplein 1 Willemstad Curaçao. Phone: (599 9) 434-5500 Fax: (599 9) 461-5004 E-mail: info@centralbank.cw Website: http://www.centralbank. C E N T R A L E B A N K V A N C U R A Ç A O E N S I N T M A A R T E N ( C e n t r a l B a n k ) Simon Bolivarplein 1 Willemstad Curaçao Phone: (599 9) 434-5500 Fax: (599 9) 461-5004 E-mail: info@centralbank.cw

More information

Option Table - Directive on Statutory Audits of Annual and Consolidated Accounts

Option Table - Directive on Statutory Audits of Annual and Consolidated Accounts 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

More information

Binary Options 14.07.2015 1

Binary Options 14.07.2015 1 Notice to applicants for a Category 3 Investment Services Licence that would like to carry out binary options trading in terms of the Investment Services Act, Cap. 370 The Malta Financial Services Authority

More information

UCITS NOTICES UCITS NOTICES

UCITS NOTICES UCITS NOTICES 2013 UCITS NOTICES UCITS NOTICES Undertakings for Collective Investment in Transferable Securities authorised under European Communities (Undertakings for Collective Investment in Transferable Securities)

More information

Setting up a Gibraltar Asset Management Company

Setting up a Gibraltar Asset Management Company Setting up a Gibraltar Asset Management Company 1. Why choose Gibraltar as a jurisdiction in which to set up an asset management company Gibraltar is within the European Union Regulated in accordance with

More information

STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013

STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013 STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013 2 [257] S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS

More information

Information guide: Accountants exemption reform

Information guide: Accountants exemption reform Information guide: Accountants exemption reform This information guide has been developed for members of CPA Australia and Chartered Accountants Australia and New Zealand (Chartered Accountants ANZ). 1.

More information

COLLECTIVE INVESTMENT SCHEMES ACT 2008 COLLECTIVE INVESTMENT SCHEMES (REGULATED FUND) REGULATIONS 2010

COLLECTIVE INVESTMENT SCHEMES ACT 2008 COLLECTIVE INVESTMENT SCHEMES (REGULATED FUND) REGULATIONS 2010 Statutory Document No. 161/10 COLLECTIVE INVESTMENT SCHEMES ACT 2008 COLLECTIVE INVESTMENT SCHEMES (REGULATED FUND) REGULATIONS 2010 1 Title 2 Commencement 3 Interpretation INDEX THE GOVERNING BODY 4 Composition

More information

Chapter 3 Financial Year

Chapter 3 Financial Year [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

More information

GUIDELINES ON COMPLIANCE FUNCTION FOR FUND MANAGEMENT COMPANIES

GUIDELINES ON COMPLIANCE FUNCTION FOR FUND MANAGEMENT COMPANIES 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

More information

06/14. Implementing MiFID for Firms and Markets. Addendum Capital/Professional Indemnity Insurance (PII) requirements. Financial Services Authority

06/14. Implementing MiFID for Firms and Markets. Addendum Capital/Professional Indemnity Insurance (PII) requirements. Financial Services Authority Consultation Paper 06/14 Financial Services Authority Implementing MiFID for Firms and Markets Addendum Capital/Professional Indemnity Insurance (PII) requirements July 2006 Introduction As indicated

More information

Insurer audit manual

Insurer audit manual Insurer audit manual Disclaimer This publication may contain work health and safety and workers compensation information. It may include some of your obligations under the various legislations that WorkCover

More information

STATUTORY INSTRUMENTS. S.I. No. 485 of 2015 EUROPEAN UNION (INSURANCE AND REINSURANCE) REGULATIONS 2015

STATUTORY INSTRUMENTS. S.I. No. 485 of 2015 EUROPEAN UNION (INSURANCE AND REINSURANCE) REGULATIONS 2015 STATUTORY INSTRUMENTS. S.I. No. 485 of 2015 EUROPEAN UNION (INSURANCE AND REINSURANCE) REGULATIONS 2015 2 [485] S.I. No. 485 of 2015 EUROPEAN UNION (INSURANCE AND REINSURANCE) REGULATIONS 2015 1. Citation

More information

THE CROATIAN PARLIAMENT DECISION PROMULGATING THE ACT ON INVESTMENT FUNDS WITH A PUBLIC OFFERING

THE CROATIAN PARLIAMENT DECISION PROMULGATING THE ACT ON INVESTMENT FUNDS WITH A PUBLIC OFFERING THE CROATIAN PARLIAMENT Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby pass the DECISION PROMULGATING THE ACT ON INVESTMENT FUNDS WITH A PUBLIC OFFERING I hereby promulgate

More information

INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES

INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES 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

More information

EUROPEAN CENTRAL BANK

EUROPEAN CENTRAL BANK 19.2.2013 Official Journal of the European Union C 47/1 III (Preparatory acts) EUROPEAN CENTRAL BANK OPINION OF THE EUROPEAN CENTRAL BANK of 24 May 2012 on a draft Commission delegated regulation supplementing

More information

2015 No. 575 FINANCIAL SERVICES AND MARKETS. The Solvency 2 Regulations 2015

2015 No. 575 FINANCIAL SERVICES AND MARKETS. The Solvency 2 Regulations 2015 S T A T U T O R Y I N S T R U M E N T S 2015 No. 575 FINANCIAL SERVICES AND MARKETS The Solvency 2 Regulations 2015 Made - - - - 6th March 2015 Laid before Parliament 9th March 2015 Coming into force in

More information

Real Estate Investment Funds Regulations

Real Estate Investment Funds Regulations Real Estate Investment Funds Regulations Contents Part 1 : Preliminary Provisions Article 1 : Preliminary... 5 Article 2 : Definitions... 5 Part 2 : Authorization Article 3 : Authorization Requirements...

More information

Fitness and Probity Standards (Code issued under Section 50 of the Central Bank Reform Act 2010)

Fitness and Probity Standards (Code issued under Section 50 of the Central Bank Reform Act 2010) 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

More information

Invitation of expressions of interest for the provision of insurance cover

Invitation of expressions of interest for the provision of insurance cover Invitation of expressions of interest for the provision of insurance cover 1. Context and Overview 1.1. The Authority The Irish Auditing and Accounting Supervisory Authority ( IAASA ) is the independent

More information

Corporate Governance Code for Credit Institutions and Insurance Undertakings 2013 - Frequently Asked Questions

Corporate Governance Code for Credit Institutions and Insurance Undertakings 2013 - Frequently Asked Questions 2014 Corporate Governance Code for Credit Institutions and Insurance Undertakings 2013 - Frequently Asked Questions 1 Contents Section No. Contents Page No. Introduction 2 1 Scope 3 2 Definitions 6 3 Legal

More information

Minimum Competency Requirements

Minimum Competency Requirements Minimum Competency Requirements July 2006 Table of Contents Introduction 2 Legal Background 2 To whom will the Requirements apply? 3 Regulated firm 4 Retail financial products 5 Who is a consumer? 7 Advice

More information

Guidance Note 1/11. Undertakings for Collective Investment in Transferable Securities (UCITS) Publication of a Key Investor Information Document

Guidance Note 1/11. Undertakings for Collective Investment in Transferable Securities (UCITS) Publication of a Key Investor Information Document 2011 Guidance Note -/11 Guidance Note 1/11 Undertakings for Collective Investment in Transferable Securities (UCITS) Publication of a Key Investor Information Document 2011 1 Contents 1. General Rules

More information

THE AUDIT OF INSURERS IN THE REPUBLIC OF IRELAND

THE AUDIT OF INSURERS IN THE REPUBLIC OF IRELAND THE AUDIT OF INSURERS IN THE REPUBLIC OF IRELAND Contents Page Preface 2 Introduction 5 The Audit of Financial Statements 14 SAS 100: Objective and General Principles Governing the Audit of Financial Statements

More information

PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES

PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES Final Report TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FEBRUARY 2010 CONTENTS Chapter Page 1 Introduction 3 Uses

More information

Explanatory Paper TPB(EP) 03/2010

Explanatory Paper TPB(EP) 03/2010 Explanatory Paper TPB(EP) 03/2010 Professional Indemnity Insurance This TPB explanatory paper (TPB(EP)) is intended as information only. It provides a detailed explanation of the Board s professional indemnity

More information

A Guide to Life Assurance Regulation in Ireland

A Guide to Life Assurance Regulation in Ireland A Guide to Life Assurance Regulation in Ireland Contents A Guide to Life Assurance Regulation in Ireland Introduction Page 3 Regulatory Regime Page 5 Authorisation Page 7 Organisation and Supervision Page

More information

A GUIDE TO THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE

A GUIDE TO THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE A GUIDE TO THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE Issued by THE REGISTRAR OF OCCUPATIONAL RETIREMENT SCHEMES Level 16, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. ORS/C/5

More information

Documents and Policies Pertaining to Corporate Governance

Documents and Policies Pertaining to Corporate Governance Documents and Policies Pertaining to Corporate Governance 3.1 Charter of the Board of Directors IMPORTANT NOTE Chapter 1, Dream, Mission, Vision and Values of the CGI Group Inc. Fundamental Texts constitutes

More information

SECURITIES AND FUTURES ACT (CAP. 289)

SECURITIES AND FUTURES ACT (CAP. 289) Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) GUIDELINES ON LICENSING, REGISTRATION AND CONDUCT OF BUSINESS FOR FUND MANAGEMENT COMPANIES Guideline No : SFA 04-G05 Issue Date :

More information

Law on Investment Management Companies

Law on Investment Management Companies (Unofficial translation) Published in the newspaper Latvijas Vēstnesis1 No. 342/346 on 30 December 1997, taking effect on 1 July 1998. As amended by: Law of 01.06.2000 (L.V., 20 June, No. 230/232; Ziņotājs,

More information

April 2015. Client Asset Requirements for Investment Firms. Introduction

April 2015. Client Asset Requirements for Investment Firms. Introduction April 2015 Client Asset Requirements for Investment Firms Introduction On 2 August 2013, the Central Bank of Ireland ( Central Bank ) published Consultation Paper CP 71 ( CP 71 ) on proposed Client Asset

More information

STATUTORY INSTRUMENTS. S.I. No. 416 of 2014 EUROPEAN UNION (INSURANCE AND REINSURANCE GROUPS AND FINANCIAL CONGLOMERATES)(AMENDMENT) REGULATIONS 2014

STATUTORY INSTRUMENTS. S.I. No. 416 of 2014 EUROPEAN UNION (INSURANCE AND REINSURANCE GROUPS AND FINANCIAL CONGLOMERATES)(AMENDMENT) REGULATIONS 2014 STATUTORY INSTRUMENTS. S.I. No. 416 of 2014 EUROPEAN UNION (INSURANCE AND REINSURANCE GROUPS AND FINANCIAL CONGLOMERATES)(AMENDMENT) REGULATIONS 2014 2 [416] S.I. No. 416 of 2014 EUROPEAN UNION (INSURANCE

More information

System of Governance

System of Governance 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.

More information

Part 1 of Schedule 1 of IFSA

Part 1 of Schedule 1 of IFSA Submission Requirements for Application for Approval to Operate a Payment System or to Issue a Designated Payment Instrument or to be Registered to Provide Merchant Acquiring Services A. BACKGROUND With

More information

Code of Practice. for Inspecting and Certifying Buildings and Works. Building Control Regulations 2014

Code of Practice. for Inspecting and Certifying Buildings and Works. Building Control Regulations 2014 for Inspecting and Certifying Buildings and Works Building Control Regulations 2014 February, 2014 Table of Contents 1. Introduction 1 1.1 Status and Purpose of Code 1 1.2 Overview of Code 1 1.3 Application

More information

INSURANCE PRUDENTIAL RULES In terms of Section 50 of the NBFIRA Act Section 43 on Licensing

INSURANCE PRUDENTIAL RULES In terms of Section 50 of the NBFIRA Act Section 43 on Licensing INSURANCE PRUDENTIAL RULES In terms of Section 50 of the NBFIRA Act Section 43 on Licensing IAF3 New Licence Application Form: Insurance, Pension fund and Health Business Intermediaries Natural and Legal

More information

FUND MANAGER CODE OF CONDUCT

FUND MANAGER CODE OF CONDUCT FUND MANAGER CODE OF CONDUCT First Edition pursuant to the Securities and Futures Ordinance (Cap. 571) April 2003 Securities and Futures Commission Hong Kong TABLE OF CONTENTS Page INTRODUCTION 1 I. ORGANISATION

More information

Finansinspektionen s Regulatory Code

Finansinspektionen s Regulatory Code 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

More information

MiFID II Key aspects. I. Introduction

MiFID II Key aspects. I. Introduction MiFID II Key aspects I. Introduction Yesterday the final texts of the revised Markets in Financial Instruments Directive were published in the Official Journal of the European Union. The texts consist

More information

Insurance Guidance Note No. 14 System of Governance - Insurance Transition to Governance Requirements established under the Solvency II Directive

Insurance Guidance Note No. 14 System of Governance - Insurance Transition to Governance Requirements established under the Solvency II Directive Insurance Guidance Note No. 14 Transition to Governance Requirements established under the Solvency II Directive Date of Paper : 31 December 2013 Version Number : V1.00 Table of Contents General governance

More information

Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP)

Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP) Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP) Directive Name Directive No. Deadline Implementation of the Settlement Finality Directive 1998/26/EC

More information

REGULATION ON THE REGISTTRATION, SUPERVISION AND ACTIVITIES OF NON-BANKING FINANCIAL INSTITUTIONS CHAPTER I GENERAL PROVISIONS

REGULATION ON THE REGISTTRATION, SUPERVISION AND ACTIVITIES OF NON-BANKING FINANCIAL INSTITUTIONS CHAPTER I GENERAL PROVISIONS Pursuant to Article 35, paragraph 1, sub-paragraph 1.1 of the Law No. 03/L-209 on the Central Bank of the Republic of Kosovo (Official Gazette of the Republic of Kosovo, no.77/16, August 2010), Article

More information

THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS. Consultation paper on UCITS Management Company Passport. September 2008 CESR/08-748

THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS. Consultation paper on UCITS Management Company Passport. September 2008 CESR/08-748 THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Ref: CESR/08-748 Consultation paper on UCITS Management Company Passport September 2008 11-13 avenue de Friedland - 75008 PARIS - FRANCE - Tel.: 33.(0).1.58.36.43.21

More information

Notification of intention to establish a branch in another EEA state (excluding the Payment Services Directive and Electronic Money Directive)

Notification of intention to establish a branch in another EEA state (excluding the Payment Services Directive and Electronic Money Directive) Passporting Notification of intention to establish a branch in another EEA state (excluding the Payment Services Directive and Electronic Money Directive) Full name of firm (SUP 13 Annex 1R Notification

More information

OASIS COLLECTIVE INVESTMENT SCHEMES

OASIS COLLECTIVE INVESTMENT SCHEMES 1. The Terms and Conditions that apply to this product must be read in conjunction with this form and is available on www.oasiscrescent.com. 2. Kindly complete all fields in the form using BLOCK CAPITALS.

More information

.ainsurance. Luxembourg Law

.ainsurance. Luxembourg Law .ainsurance Luxembourg Law May 2009 Table of contents 1. The insurance business in Luxembourg: the statutory framework...3 2. The Luxembourg Insurance Supervisory Authority (Commissariat aux Assurances)...3

More information

Consultation Paper on the Proposal for Guidelines on submission of information to national competent authorities

Consultation Paper on the Proposal for Guidelines on submission of information to national competent authorities EIOPA-CP-13/010 27 March 2013 Consultation Paper on the Proposal for Guidelines on submission of information to national competent authorities Page 1 of 268 Table of Contents Responding to this paper...

More information

CHAPTER 16 INVESTMENT ENTITIES

CHAPTER 16 INVESTMENT ENTITIES CHAPTER 16 INVESTMENT ENTITIES Introduction 16.1 This Chapter sets out the requirements for the listing of the securities of investment entities, which include investment companies, unit trusts, closed-end

More information

Application for an Insolvency Licence from an ACCA member

Application for an Insolvency Licence from an ACCA member 2013 IL Application for an Insolvency Licence from an ACCA member This form should be completed only by an ACCA member or an individual applying for an ACCA insolvency licence in conjunction with an application

More information

Firm Registration Form

Firm Registration Form 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.

More information

A Guide to Life Assurance Regulation in Ireland

A Guide to Life Assurance Regulation in Ireland A Guide to Life Assurance Regulation in Ireland Contents A Guide to Life Assurance Regulation in Ireland Introduction Page 2 Regulatory Regime Page 4 Authorisation Page 6 Organisation and Supervision Page

More information

Application for a Banking Authority Foreign Bank Branches Prudential Statement J2

Application for a Banking Authority Foreign Bank Branches Prudential Statement J2 Application for a Banking Authority Foreign Bank Branches Prudential Statement J2 PS J2 Introduction 1. A foreign bank wishing to operate as a branch in Australia must obtain a banking authority issued

More information

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act 1(49) Unofficial translation Amendments up to 258/2013 included 746/2012 Issued in Helsinki on 14 December 2012 Securities Markets Act Pursuant to the decision of Parliament, the following is enacted:

More information

COMPLIANCE FRAMEWORK AND REPORTING GUIDELINES

COMPLIANCE FRAMEWORK AND REPORTING GUIDELINES COMPLIANCE FRAMEWORK AND REPORTING GUIDELINES DRAFT FOR CONSULTATION June 2015 38 Cavenagh Street DARWIN NT 0800 Postal Address GPO Box 915 DARWIN NT 0801 Email: utilities.commission@nt.gov.au Website:

More information

Independent Trustee (Corporate)

Independent Trustee (Corporate) Independent Trustee (Corporate) Your guide to applying for a market service licence In this guide 2 Introduction 5 Getting started 7 Fit and proper 9 Capability 11 Financial resources 12 Governance 13

More information

The Irish Corporate Governance Annex

The Irish Corporate Governance Annex Appendix 4 The Irish Corporate Governance Annex Introduction The ISE recognises that the UK Corporate Governance Code (formerly the Combined Code) has set the standard for corporate governance internationally.

More information

2013 No. 0000 FINANCIAL SERVICES AND MARKETS. The Alternative Investment Fund Managers Regulations 2013

2013 No. 0000 FINANCIAL SERVICES AND MARKETS. The Alternative Investment Fund Managers Regulations 2013 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

More information

CAPITAL RESOURCES AND PROFESSIONAL INDEMNITY INSURANCE REQUIREMENTS FOR PERSONAL INVESTMENT FIRMS (NO 2) INSTRUMENT 2015

CAPITAL RESOURCES AND PROFESSIONAL INDEMNITY INSURANCE REQUIREMENTS FOR PERSONAL INVESTMENT FIRMS (NO 2) INSTRUMENT 2015 CAPITAL RESOURCES AND PROFESSIONAL INDEMNITY INSURANCE REQUIREMENTS FOR PERSONAL INVESTMENT FIRMS (NO 2) INSTRUMENT 2015 Powers exercised A. The Financial Conduct Authority makes this instrument in the

More information