MiFID sets out the principles of a single authorisation for firms and this provides that a MiFID Investment Firm may provide the services or perform the activities, for which it is authorised in Ireland, throughout the EC, either through the establishment of a branch or the free provision of services on a cross border basis (i.e. without establishing a permanent presence). In this regard, all European Regulatory Authorities uphold practical co-operation for the purpose of facilitating the passport notification process for MiFID Investment Firms.
A MiFID Investment Firm wishing to establish a branch in another Member State must communicate certain information to the Central Bank that includes a ‘programme of operations’ setting out, amongst other things, the investment services and/or activities to be offered and the organisational structure of the branch. Where the Central Bank is satisfied with the information provided, the notification must be transmitted to the Regulatory Authority of the other Member State within three months of its receipt.
Download the Notification Form for Establishing a Branch in another Member State
A MiFID Investment Firm wishing to avail of the free provision of services on a cross border basis must notify the Central Bank of its proposed plans and provide high-level information. The notification must be transmitted to the Regulatory Authority of the other Member State within one month from its receipt.
Download the Notification Form for Providing Services on a Cross Border basis in another Member State
A MiFID investment firm is required to notify the Central Bank of any change in respect of the provision of cross border services or the operation of a branch at least one month before implementing the proposed change.