Central Bank Publishes Feedback Statement on consultation on NCA discretions under the Investment Firms Directive (IFD) and the Investment Firms Regulation (IFR) and updates website to reflect application of IFD/IFR from 26 June 2021

On 24 June 2021, the Central Bank published a feedback statement following the consultation on competent authority discretions in the Investment Firms Directive (IFD) and the Investment Firms Regulation (IFR) (CP135) which signals the Central Bank’s proposed approach to provisions in the IFD/IFR where the Central Bank can or must exercise it discretion.

This statement also confirms the Central Bank’s intention to revise the reporting requirements for investment firms set out in Section 8 of S.I. No. 604 of 2017 Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017.

Additionally, this statement confirms that Alternative Investment Fund Managers and UCITS Management Companies with MiFID top-up permissions should continue to comply with the current prudential regime specified in their condition of authorisation.

The Central Bank has also updated the Introduction to MiFID Investment Firms and the Requirements and Guidance for MiFID firms sections of its website to reflect the application of the IFD/IFR from 26 June 2021.