In advance of submitting an application for authorisation, the firm should satisfy itself that:

• Its proposed business model requires authorisation pursuant to the IDR, IIA, CMCAR and/or CCA, as appropriate;
• It can comply with the authorisation requirements for retail intermediaries;
• It is capable of complying with, and adhering to, the authorisation requirements and on-going supervisory requirements that must be satisfied on an on-going basis;
• It has read the Guidance Note for the Completion of an Application for Authorisation as a Retail Intermediaryand has taken the information provided therein into consideration when completing the Application Form for Authorisation as a Retail Intermediary.

Firms are advised to seek legal advice if they are unsure as to whether their proposed activities require authorisation pursuant to the IDR, IIA, CMCAR and/or CCA, as appropriate, or if they are unsure as to how they should comply with the relevant authorisation requirements. If, after having received and considered such advice, firms have any doubt about their status, they are advised to submit an application for authorisation.

• The applicant submits a completed Application Form with supporting documentation;
• The Central Bank acknowledges receipt of the application submission;
• The Central Bank assesses whether the application submission contains the key information and documentation required;
• Where all key information and documentation has been provided, the applicant will be provided with log-on details for the Central Bank's Online Reporting System (ONR) to facilitate the submission of Individual Questionnaires (IQs) via the ONR and will be requested to submit a Vetting Invitation Form (including proof of identity) it should be noted that a Garda Vetting Form is required where the applicant is a Sole Trader or a company with a single director (UPDATE: Please note that as an Garda Siochana have moved to an online eVetting process, the Central Bank will only process eVetting applications from 3 January 2017). The new process is described below. The new process involves 2 key steps:

1. The Vetting Invitation Form (including proof of identity) is the first stage in the process. It must be completed physically and must be accompanied by certified copies of proof of identity (NB: it is a requirement to provide, in paper format, certified copies of documents identifying the applicant. These can be either a certified copy of a passport or a certified copy of a driving license/learner driver permit (new credit card type only), along with a certified copy of a letter/document confirming proof of address. The proof of address can be a Utility Bill e.g. gas, electricity, television, broadband (must be less than 6 months old. Printed online bills are acceptable. Mobile phone bills are not acceptable); and
2. When this form is completed correctly and acceptable identification documents have been supplied, the applicant will be supplied with a link to the online Vetting Application Form.

Please see here for guidance on the Vetting Invitation Form, the Vetting Application Form and the required certification and proof of identity documents. If you have any queries on the eVetting process please contact the Regulatory Transactions Division, see here for contact details.

• The Central Bank assesses whether IQs, Vetting Invitation Forms and Vetting Application Forms have been completed and that acceptable certified proof of identity has been provided;
• Where all key information and documentation has been provided, the application submission progresses to the assessment phase;
• The Central Bank completes an assessment of the application submission and may issue detailed comments and/or seek additional information;
• The applicant is provided with the opportunity to address the comments and requests issued by the Central Bank in a revised application submission(s);
• The Central Bank will assess these subsequent application submission(s) and notify the applicant of its assessment and next steps. The applicant is provided with a further opportunity to address any concerns arising at this stage in the process (if any); and
• The Central Bank will notify the applicant of its decision in respect of the application submission.

In the sections set out below, the applicant will be able to learn about the different stages of the application process in more detail.

Applicants should submit the following documentation which should be fully completed:

• A Retail Intermediaries Application Form 2018including the specific information / documentation requirements set out therein. (The Retail Intermediaries Application Form 2018 was revised in September 2018. In recognition that some applicants may have already commenced completing the previous version of the RI Application Form, the previous version dated June 2018 will be accepted until 15 October 2018.)
• Individual Questionnaires (when requested to do so); and
• Where relevant, the Vetting Invitation Form (including proof of identity).
• Where the applicant proposes to operate under an IDR and/or CMCAR authorisation from a branch set up outside the State (freedom of establishment basis), or on a cross border (freedom of services) basis within the EEA, it should also submit the following documentation, as appropriate, which should be fully completed:
• An IDR Freedom of Establishment Form

An online IQ will be required in respect of the individual proposed for the role of Branch Manager).

• An IDR Freedom of Services Form
• A CMCAR Freedom of Establishment Form(an online IQ will be required in respect of the individual proposed for the role of Branch Manager); and/or
• A CMCAR Freedom of Services Form.

Once an application is submitted and the applicant has been provided with log-on details for the ONR, the applicant will need to ensure that all relevant individuals proposed to hold a Pre-Approval Controlled Function (PCF) role (typically board members, senior management, key function holders) complete Fitness and Probity Individual Questionnaires - more information and guidance material on completing the IQ can be found here. Individual Questionnaires must be submitted electronically via the ONR by all relevant individuals. Please note that access to the online IQ only becomes available after an application has been deemed to contain all the key information and documentation required. The applicant will also need to ensure that it submits a Vetting Invitation Form and proof of identity - more information and guidance material on completing the Vetting Invitation Form and providing acceptable proof of identity can be found here.

Important:

• Where incomplete Application Forms, IQs, Vetting Invitation Forms (including proof of identity) or Vetting Application Form are submitted they will be returned to the applicant.
• Where IQs and Vetting Invitation Form/proof of identity are not submitted within 20 working days of being requested to submit this documentation, the application will be returned to the applicant.
• Where a Vetting Application Form is not completed with 10 working days of receipt of the email advises the applicant to do so, the application will be returned to the applicant.
• An application will only progress to the assessment phase of the authorisation process where all key information and documentation required in the Application Form, IQ, Vetting Invitation Form and Vetting Application Form has been provided.
• It is therefore important that the applicant has read the guidance material provided to assist applicants in completing this documentation, and has taken the information provided therein into consideration when completing the Application Form, the IQs and the Vetting Invitation Form.

The completed Application Form, along with all relevant accompanying material, should be submitted in both paper and electronic format to the Central Bank. The paper copy should be sent to Retail Intermediaries Authorisations Team, Consumer Protection: Policy and Authorisations, Central Bank of Ireland, PO Box 559, New Wapping Street, North Wall Quay, Dublin 1 and the electronic version can be included with the hard copy or sent by email to RIAuthorisations@centralbank.ie. Applicants may also use the Online Reporting System (ONR) to submit completed Application Forms. The Applicant must request login details to the ONR by emailing RIAuthorisations@centralbank.ie. Login details will be provided within 5 working days. Guidance Notes on how to submit completed Application Forms via the ONR can be found here.

The completed Vetting Invitation Form along with acceptable proof of identification should be submitted in paper format to the Central Bank and should be sent to Fitness & Probity Team, Regulatory Transactions Division, Central Bank of Ireland, Spencer Dock, North Wall Quay, Dublin 1.

The Central Bank will acknowledge receipt of an Application for Authorisation submitted by the applicant within 3 working days of receipt.

The Central Bank will then check that the application material submitted contains all the key information and documentation required to proceed to the submission of IQs and the Vetting Invitation Form (including proof of identity). Within 10 working days of receipt of the application, the Central Bank will either:

I. Advise the applicant that the application contains sufficient material to proceed to the submission of IQs and the Vetting Invitation Form (including proof of identity); or

II. Advise the applicant that the application does not contain sufficient material to proceed to the submission of IQs and the Vetting Invitation Form (including proof of identity) and so is not being progressed to that phase. A statement of the omitted information is also provided to assist the applicant should it wish to submit another application in the future. Any subsequent application will be considered a new application and the application process commences again.

Where sufficient information has been received, as outlined in Stage 2(I) above, the application will proceed to the submission of IQs and the Vetting Invitation Form (including proof of identity). Log-on details to the ONR will be issued to the applicant and the applicant will be required to complete and submit all required IQs and Vetting Invitation Form (including proof of identity).

The applicant will then have 20 working days to submit all IQs and the Vetting Invitation Form (including proof of identity). If all required IQs and the Vetting Invitation Form (including proof of identity) are not submitted within 20 working days the application will be deemed dormant and withdrawn and will be returned to the applicant. Any subsequent application will be considered a new application and the application process commences again at Stage 1. On receipt of a completed Vetting Invitation Form (including proof of identity), the Applicant will be issued an email with a link inviting them to complete a Vetting Application Form on the Garda eVetting portal. The Vetting Application Form must be completed within 10 days of receipt of the email.

Applicants will be advised that the application will progress to the assessment phase once all required IQs and the Vetting Invitation Form (including proof of identity) and the Vetting Application Form have been completed/submitted and are deemed to contain all the key information and documentation required.

Where an application submission, all relevant IQs and the Vetting Invitation Form (including proof of identity) and Vetting Application Form (where relevant) have been received and have been deemed to contain all the key information and documentation required, as outlined in Stages 2(I) and 3 above, the Central Bank will then proceed to the assessment phase of the application process. In the assessment phase, the application material submitted will be reviewed against the relevant authorisation requirements to determine whether sufficient information has been provided to enable the Central Bank to issue a 'Notification of Assessment' letter as referred to in Stage 5 below. The Central Bank will issue initial comments to the applicant based on its review of the application material submitted and any subsequent comments based on its review of responses submitted by the applicant. The Central Bank has published service standards (see below) in respect of the processing of applications for authorisation and in the context of meeting those standards the service standard timeframe to which the Central Bank has committed for the assessment phase of the application process is 90 working days. However, it should be noted that in the event of further and/or subsequent information being sought, this 90 day 'clock' is paused until such information is received by the Central Bank from the applicant.

In the event of the applicant failing to respond to a request from the Central Bank for further and/or subsequent information, after 20 working days the application may not be considered further by the Central Bank (see Guidance Note).

The Service Standards set out do not apply to applications (a) where another regulatory authority has to be contacted, (b) which are subject to interview, (c) where significant legal issues arise, (d) where significant fitness and probity issues arise, (e) where the business model of an applicant is complex or novel in nature, (f) where significant changes to the business model, the applicant’s shareholder structure or other key aspects of an application arise during the review process, or where the application becomes dormant, and (g) where the Bank is minded to refuse an application. The time taken by an applicant to address matters raised by the Bank during the authorisation process is excluded from the Service Standards. Applications that remain dormant with no positive engagement from an applicant are returned.

The Central Bank will notify the applicant of the outcome of the Assessment Phase of the application process as follows:

a) Where the assessment is favourable, the Central Bank will notify the applicant by letter that it proposes to authorise the applicant on the basis of the information provided in its application submission, provided any specified final steps are taken and/or specified final items of information and evidence are received. This letter will also specify any specific conditions the Central Bank proposes to impose on the authorisation itself once granted. This letter will explain the reasons for these proposed conditions and the applicant will be afforded the opportunity to make representations in respect of the proposed conditions before the Central Bank makes any decision on the application.

b) In the event that the Central Bank is not satisfied on foot of the Assessment Phase such that it can issue a Notification of Assessment letter under (a) above, the Central Bank will advise the applicant of this by letter. The letter will set out the areas to be addressed and afford the applicant the opportunity to do so and to make any submissions it wishes to the Central Bank in respect of these matters.

Once the Central Bank has assessed any further information/evidence/representations submitted by the applicant following on from Stage 5 above, the Central Bank will notify the applicant, via letter, of its decision on the application as follows:

• Authorisation - The Central Bank has decided to grant an authorisation.
• Authorisation with Specific Conditions - The Central Bank has decided to grant an authorisation with specific conditions attached to the authorisation. The specific conditions to be attached to the authorisation will be outlined in the letter.
• Proposed Refusal of Authorisation - The Central Bank is minded to refuse the application for authorisation. In accordance with the applicable legislation, the Central Bank will notify the applicant of the grounds for the proposed refusal of the authorisation. The applicant will then have an opportunity to make submissions in response to the proposed refusal. The submissions will then be considered by the Central Bank following which a decision will be taken by the Central Bank to grant or refuse the authorisation applied for, as appropriate. Details of the Central Bank's process for the refusal of an application for authorisation are available here.

If the applicant has any queries in respect of the application process it can contact the Central Bank at RIAuthorisations@centralbank.ie