Who should I contact if I have a query in relation to transaction reporting?
Investment firms should refer to our Transaction Reporting User Guide in the first instance. If this guide does not answer your query, queries may be sent by e-mail to firstname.lastname@example.org.
Are insurance undertakings, assurance undertakings and reinsurance undertakings exempt from S.I. No. 60 of 2007 (as amended)?
Regulation 5(1) states these Regulations do not apply to any of the following:
(a) insurance undertakings as defined in Article 1 of the Directive 73/239/EEC, assurance undertakings as defined in Article 1 of Directive 2002/83/EC, or reinsurance undertakings as defined in Directive 2005/68/EC.
Will an investment firm be given a password to access the online reporting system or will an individual within an investment firm be given a password instead?
Access to the Central Bank’s online reporting system is always given to specific individuals within an investment firm, never to the investment firm as a whole. Investment firms will be responsible for managing their own users and access levels. The Central Bank will set up an initial firm administrator who can then set up as many additional users as they see fit.
How do investment firms go about getting a user ID and password to access the Central Bank’s online reporting system?
Investment firms will need to inform the Central Bank that they intend to report transactions. Relevant contact details for the Central Bank are provided in the Contact Us section of the Transaction Reporting section of the website. Investment firms will then be issued with an institution code, login name and default password before they are due to start transaction reporting.
Is the online reporting system secure?
The online reporting system uses Secure Sockets Layer (SSL) which is a protocol that uses a cryptographic system to encrypt data for secure transmission.
Trading Time – How should investment firms report Coordinated Universal Time (UTC) +/- hours?
For the trading time field, investment firms should input the time of the trade followed by +00. The Central Bank will populate Summer Time automatically.
What is a Themed (consumer) Inspection?
Themed inspections are one of the tools which we use to monitor compliance with the MiFID conduct of business requirements.
A themed inspection focuses on a specific topic or product rather than on a specific institution. These inspections are carried out on a number of regulated entities for which the topic would be applicable or those that represent a significant portion of the market share of the relevant product.
Themes are identified from a number of sources including but not restricted to consumer complaints and queries, issues arising from previous inspections and market intelligence.
Themed inspections can be conducted by survey or by a combination of a survey and on-site inspections. In certain cases, particular information relevant to the theme is requested and examined and following examination of this material, firms may be selected for on-site inspection. Firms that are selected for on-site inspection will be requested to have certain information available for examination at the outset of the inspection.
Feedback from themed inspections is provided to the relevant sector(s) of the Industry formally and the findings from these themes are brought into the public domain through publication on our website.
Our overall aim is to improve the level of compliance of firms with the MiFID conduct of business requirements and to ensure that financial service providers are acting at all times in the best interests of consumers. Where a specific compliance issue arises with an individual firm, this is addressed directly with the firm and where appropriate, regulatory action may be taken.
While we select particular themes as part of our monitoring of compliance with the MiFID conduct of business requirements, we expect firms to proactively monitor consumer protection issues in their own firms and to take any appropriate corrective action that may be required.
This themed approach does not preclude us from focusing resources on a particular financial service provider if required.