The Central Bank publishes revised Central Bank Investment Firms Regulations in final form, which incorporate amendments to the Central Bank Client Asset Requirements and accompanying Guidance Note

On 23 June 2022, the Central Bank published in final form revised Central Bank Investment Firms Regulations (the Regulations) containing amendments to the Client Asset Requirements (the CAR), which are set out in Part 6. The Regulations in final form will not be subject to further change and are expected to be published in the Irish Statute Book in H2 2022. The Central Bank has also published a Guidance Note to accompany the revised CAR.

Following the publication of the revised Regulations, the Central Bank has granted a transitional period for compliance. The revised CAR will be applicable to investment firms from 1 July 2023 and credit institutions from 1 Jan 2024.

As set out in the Feedback Statement to the Consultation Paper (CP133), revisions to the Regulations include broadening the scope and application of the CAR to credit institutions, targeted enhancements to include investment firms and credit institutions holding client assets in the context of conducting wholesale activities as well as other amendments applicable to all investment firms currently in scope of the CAR.

The protection of client assets is a key priority for the Central Bank and the enhancements aim to ensure that client assets held by investment firms and credit institutions, authorised by the Central Bank, remain appropriately safeguarded.