Regulatory Service Standards Performance Report Published: H2 of 2016

• Central Bank reports on performance against authorisation standards
• All service standards were met for H2 2016

The Central Bank of Ireland is the competent authority in Ireland for the authorisation and supervision of investment funds, financial service providers and associated firms.  The authorisation of applications is an important supervisory gateway and a significant operational activity of the Central Bank.  The Central Bank is committed to providing a clear, open and transparent authorisation process while ensuring a rigorous assessment of the applicable regulatory standards.  Against this background the Central Bank has today published the Regulatory Service Standards Performance Report: H2 2016.  This document sets out the Central Bank’s performance against Service Standards that it has committed to for the authorisation of financial service providers and Pre-Approval Control Functions under the fitness and probity regime.

The Service Standards were introduced to inform stakeholders how long certain regulatory processes will take.  There are 45 Service Standards covering most sectors we regulate.

Notes:

The prior approval of the Central Bank of Ireland is required before an individual can be appointed to a Pre-Approval Controlled Function.  Further information is available website.