Additional Supervisory Levy – Asset Management Firms

With effect from 1 January 2019, the Central Bank of Ireland will apply an Additional Supervisory Levy (“ASL”) to any Asset Management Firms[1] authorised on or after that date.  Asset Management Firms will be liable to pay the ASL in the first year of authorisation/approval and the ASL will apply to Asset Management Firms as follows:

PRISM Impact Ratings issue to Asset Management Firms following authorisation.  Asset Management Firms seeking Extensions of Authorisation[2] will already be aware of their PRISM Impact Rating and if the proposed extension will change this rating. 

[1] An Asset Management Firm is a firm authorised by the Asset Management: Authorisation, Advisory & Client Asset Division and supervised by the Asset Management: Supervision Division under the Investment Intermediaries Act 1995 (No. 11 of 1995), the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017), the European Union (Alternative Investment Fund Managers) Regulations 2013  (SI No. 257 of 2013 or the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 - SI No. 352 of 2011.

[2] Extensions of Authorisations refer to an authorised Asset Management Firm seeking an additional authorisation under their legislation. For example, a MiFID firm seeking to provide more services prescribed in the legislation under which they are currently authorised.

PRISM Impact Ratings issue to Asset Management Firms following authorisation.  Asset Management Firms seeking Extensions of Authorisation² will already be aware of their PRISM Impact Rating and if the proposed extension will change this rating. 

[1]An Asset Management Firm is a firm authorised by the Asset Management: Authorisation, Advisory & Client Asset Division and supervised by the Asset Management: Supervision Division under the Investment Intermediaries Act 1995 (No. 11 of 1995), the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017), the European Union (Alternative Investment Fund Managers) Regulations 2013  (SI No. 257 of 2013 or the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 - SI No. 352 of 2011.

2Extensions of Authorisations refer to an authorised Asset Management Firm seeking an additional authorisation under their legislation. For example, a MiFID firm seeking to provide more services prescribed in the legislation under which they are currently authorised.