Statement – Roundtable discussion with consultants and legal experts

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As part of the Central Bank's ongoing engagement with external stakeholders it held a roundtable discussion on 22 May 2017 with consultants and legal experts that are working with financial services firms considering relocating activities to Ireland as a result of Brexit.

The Central Bank set out how it was responding to the challenges and risks posed by Brexit in the context of its regulatory and supervisory priorities and mandate. It also highlighted the importance of ensuring that regulatory standards are maintained and how it was contributing to the development of a European-wide approach particularly through the work of the ECB and the three European Supervisory Authorities.

The Central Bank also outlined the significant engagement it is having with potential applicants and the resources it is putting in place to deliver on its gatekeeper and supervisory mandates.

There was an open discussion on a range of issues including:

• The level and nature of engagement with potential applicants across all sectors.
• The role advisors can play in helping firms understand the relevant requirements in respect of applications and the need for the Central Bank to be clear on the required standards and its expectations.
• The pre-application and authorisation processes and feedback on how the Central Bank is engaging with firms.
• The role of the European authorities and the guidance they are developing.
• Key issues arising for firms particularly in relation to the level of substance to be in place in Ireland and the extent of outsourcing allowed.

The following stakeholders attended the Roundtable:

1. PwC Ireland
2. EY
3. Milliman Limited
4. Deloitte Ireland
5. Mazars Ireland
6. KPMG
7. EisnerAmper Ireland
8. Carne Group Financial Services Limited
9. Matheson
10. A&L Goodbody
11. Arthur Cox
12. Mason Hayes & Curran
13. William Fry
14. Walkers
15. ByrneWallace