The European Union (Markets in Financial Instruments) Regulations 2017 (S.I. 375 of 2017) came into effect on 3 January 2018 and introduced a tied agent regime for investment business firms under the Investment Intermediaries Act 1995 (as amended) (the IIA). An investment business firm authorised under the IIA can therefore apply to the Central Bank to appoint tied agents pursuant to Sections 25(H and I) of the IIA. An investment business firm that appoints tied agents remains fully and unconditionally responsible for any act or omission on the part of the tied agents when acting on behalf of the investment business firm.
An investment business firm proposing to appoint a tied agent established in the State shall report the proposed tied agency arrangement to the Central Bank at least 6 months before entering into the arrangement. If the Central Bank is satisfied that the relevant legislative requirements have been satisfied the tied agent will be entered in the applicable IIA public register maintained by the Central Bank on its website. An investment business firm shall only appoint a tied agent once the tied agent has been entered by the Central Bank in the applicable IIA public register.
If an investment business firm wishes to apply to the Central Bank to appoint a tied agent under the IIA it must complete the Application Form for the Appointment of Tied Agents and then submit the completed form to [email protected].
In advance of submitting an application for the appointment of a tied agent under the IIA, the investment business firm should satisfy itself that it has considered the provisions of Sections 25(H and I) of the IIA and sought any legal advice, where deemed necessary, as to its regulatory obligations in respect of the appointment of tied agents.
If an investment business firm terminates the appointment of tied agents or if there are changes to the information previously provided to the Central Bank in respect of tied agents entered in the applicable IIA public register, the investment business firm must complete the relevant sections in the Application Form for the Appointment of Tied Agents and then submit the completed form to [email protected].
Any queries in respect of the IIA tied agent process can be directed to [email protected].