Reporting Requirements for IIA Non Retail Firms

Annual Returns

Annual audited accounts of an investment business firm authorised under the IIA must be submitted to the Central Bank within six months of the relevant reporting period end.  Annual audited accounts of the direct parent company of an investment business firm authorised under the IIA must also be submitted together with the accounts of any other company within the group specified by the Central Bank.

Financial Returns

Depending on the level of investment activities contained in a firm’s authorisation, it must submit certain financial information to the Central Bank, with the frequency of reporting being monthly, quarterly or six-monthly and, within 20 business days of the relevant reporting period end. This financial information includes financial statements for the firm such as a profit and loss account and a balance sheet and details of client funds held and its capital adequacy position if applicable. The extent of reporting required and the appropriate reporting interval is advised to a firm on an individual basis. 

Online Submission of Financial Returns

From the 30 June 2011 investment business firms must submit a number of returns in an electronic format.

These financial returns are submitted through the Central Bank Portal.  View general guidance relating to the Central Bank Portal.

Internal Audit Reports

Copies of reports from Internal Audits carried out on investment business firms authorised under the IIA are required to be submitted to the Central Bank.

Co-operation with the Central Bank

Firms authorised under the IIA are required to consult with the Central Bank prior to engaging in any significant new activities or establishing branches, offices or subsidiaries.  Firms are also required to notify the Central Bank of any material breaches, the commencement of any significant legal proceedings and any visits/fines by another Supervisory Authority.

External Auditors

The Central Bank receives copies of management letters produced by a firm’s external auditor following their audit of the financial statements.  In addition, auditors of investment business firms authorised under the IIA must make an annual confirmation to the Central Bank as to whether any circumstances have come to their attention that gives rise to a duty to report the matter.

As part of the Central Bank’s prudential supervision of regulated financial institutions, the Central Bank may request to meet with firm’s external auditors. Engagement between the Central Bank and external auditors are governed by the Auditor protocol.