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Markets and Securities Services | Ireland 38
1 Plan from
Documents/Strategic%20Plan%202016%20-%202018.pdf,
last downloaded on 24 October 2016.
2 From
consumer-protection-code/compliance-monitoring/Pages/
themed-inspection.aspx, last accessed on 24 October 2016.
3 Framework, viz PRISM — the Probability, Risk and Impact System.
4 See “Ireland Edges Ahead of Lux in Brexit Battle, Ignites
Europe, 8 August 2016 at A
subscription service, last accessed on 10 November 2016.
5 Directive 2004/39/EC of the European Parliament and
of the Council of 21 April 2004 on markets in financial
instruments.
6 Directive 2009/65/EC of the European Parliament and
of the Council of 13 July 2009 on the coordination of
laws, regulations and administrative provisions relating
to undertakings for collective investment in transferable
securities (UCITS).
7 Directive 2011/61/EU of the European Parliament and of
the Council of 8 June 2011 on Alternative Investment Fund
Managers.
8 Directive 2013/36/EU of the European Parliament and of
the Council of 26 June 2013 on access to the activity of
credit institutions and the prudential supervision of credit
institutions and investment firms.
9 See “Irish Regulator Creates Fund Unit in the Wake of Brexit
Vote”, Ignites Europe, 20 September 2016, last accessed
online on 10 November 2016.
10 See “Ireland Moves to Attract UK Regulatory Staff”, Ignites
Europe, 6 September 2016, last accessed online on 10
November 2016.
11 Central Bank Speech “Brexit and Financial Services”
Director of Policy and Risk Gerry Cross speaking at
Deloitte Ireland Brexit Briefing 3 October 2016, available
at
DirectorofPolicyRiskGerryCrossspeakingatDeloitte
IrelandBrexitBriefing.aspx, last accessed on
30 November 2016.
12 See “Responding to the post-Brexit environment” 23 December
2016 available at
Pages/RespondingtothepostBrexitenvironmentGerryCross.aspx,
last accessed on 4 January 2017.
13 See “Firms seeking authorisation in Ireland will find the
Central Bank to be engaged, efficient, open and rigorous –
Deputy Governor Cyril Roux” 1 December 2016 available at
FirmsseekingauthorisationinIrelandwillfindtheCentralBank
tobeengagedefficientopenandrigorousCyrilRoux.aspx,
last accessed on 4 January 2017 and “Responding to the
post-Brexit environment” 23 December 2016 available at
RespondingtothepostBrexitenvironmentGerryCross.aspx,
last accessed on 4 January 2017.
14 The other areas addressed were outsourcing arrangements;
alternative investment fund managers’ programme of
activities; the risk function; production costs of investment
funds; use of financial indices as eligible investments for
UCITS investment funds; director time commitments; review
of client asset management plans for investment firms;
review of suitability assessment of clients; examination of
information provided to clients on an ongoing basis; hedging
arrangements at share-class level for investment funds; and
a review of the practices of firms when dealing with insider
information and their compliance with the Market Abuse
Regulations (Regulation (EU) No 596/2014).
15 Guidance on cyber resilience for financial market
infrastructures June 2016 Committee on Payments and Market
Infrastructures and Board of the International Organization of
Securities Commissions ISBN 978-92-9197-288-3 (online).
16 Central Bank Information Release 26 February 2015
“Central Bank publishes programme of themed
inspections in Markets Supervisions, available at https://
CentralBankpublishesprogrammeofthemedinspectionsin
MarketsSupervision.aspx, last accessed on 30 November 2016.
17 Central Bank letter dated 22 September 2015 re Review of
the management of operational risk aeound cybersecurity
within the Investment Firm and Fund Services Industry,
available at
industry-sectors/investment-firms/mifid-firms/Documents/
Industry%20Letter%20-%20Thematic%20Review%20
of%20Cyber-Security%20and%20Operational%20Risk.pdf,
last downloaded on 30 November 2016.
18 From
Documents/CP86%20Fund%20Management%20
Company%20Effectiveness-Delegate%20Oversight.pdf,
lasted downloaded on 24 October 2016.
19 From
Documents/161219_FINAL%20FUND%20MANCOS%20
GUIDANCE%20_CD%20(002).pdf, last downloaded on 4
January 2017.
20 See Central Bank “Feedback Statement on CP86 –
Consultation on Fund Management Company Effectiveness
– Managerial Functions, Operational Issues and Procedural
Matters” available at
marketsupdate/Documents/161219_CP86%20FEEDBACK%20
STATEMENT_THIRD%20CONSULT_FINAL_RHD%20(002).
pdf, last downloaded 4 January 2017.
create a prudent but practical regulatory
environment sensitive to needs of international
fund managers, while honouring its mandate
of safeguarding stability and protecting
consumers, and its recent organisational
restructuring and increased capacity via
ongoing recruitment all point to a positive
environment for those UK firms seeking to
relocate their operations to an EU jurisdiction.
In terms of ongoing and future strategic priorities,
a continued focus on cyber risk and security,
corporate governance, anti-money laundering
and the costs and fees charged by investment
funds are likely to appear high on the regulatory
agenda for the foreseeable future. The Central
Bank’s positive track record in being responsive
and reassessing its regulatory priorities to react to
external events looks set to continue.
Shay Lydon
Partner
Brónagh Maher
Professional Support Lawyer
Matheson