Changes or Amendments After Authorisation
After authorisation has been granted, firms must inform the Central Bank of material changes, including, for example, changes of legal/trading name, changes of address and proposed changes of directors or persons responsible for insurance distribution so that the Central Bank’s records are kept up to date. Changes of directors or other persons in the regulated entity known as “Pre-approval Controlled Functions” (PCF) require pre-approval – see further information below.
In order to facilitate a more streamlined and efficient process, the majority of changes set out below are required to be submitted by the relevant person in the regulated firm via the Central Bank of Ireland Portal (the Portal) unless outlined otherwise.
Please submit a request change via
the Portal when a firm either wishes to use a new or remove an existing trading or legal name. Please upload a copy of the CRO certificate setting out the new trading name or legal name
For investment intermediaries (investment business firms) authorised under the Investment Intermediaries Act 1995, please submit a request change via the Portal, if the firm wishes to add an investment instrument or service to its range of instruments or services.
The firm will be required to confirm the type of investment business service that the firm wishes to add and confirm which product producer(s) the firm will be offering this service on behalf of. In addition, the firm will be asked to specify how the relevant individuals performing such services in the firm meet the Minimum Competency Requirements for that service.
Please submit a request change via the Portal if the firm wishes to add or remove a class of insurance from the scope of its registration. In addition, the firm will be asked to specify how the relevant individuals in the firm meet the Minimum Competency Requirements for the additional class of insurance.
The appointment or removal of a person responsible for insurance distribution should be submitted as a request change via the Portal.
Firms that hold an insurance intermediary registration, are required to have at least one individual as the person responsible for insurance distribution at all times.
The Central Bank expects the person identified as being responsible for the insurance distribution business to be a suitably experienced senior person such as a director, sole trader, partner, appropriate PCF role holder or senior manager.
Investment Intermediaries
Appointments issued to investment intermediaries (investment business firms) authorised under the Investment Intermediaries Act 1995 and cancellations of such appointments are required to be notified to the Central Bank by the relevant product producer. However if an investment intermediary wishes to inform the Central Bank of any changes in relation to letters of appointment held it should notify the Central Bank via [email protected].
Mortgage Intermediaries
Appointments issued to mortgage intermediaries authorised under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 and cancellations of such appointments should be notified to the Central Bank. Please submit a request change via the Portal.
Insurance Intermediaries
Appointments issued to insurance intermediaries registered under the European Communities (Insurance Distribution) Regulations 2018 or cancellation of such appointments do not need to be notified to the Central Bank.
Firms are required to notify the Central Bank if they are intending to commence acting as an MGA for an insurance undertaking/capacity provider.
Firms operating as an MGA are required to notify the Central Bank via [email protected] immediately if the firm intends to enter into a contract with a new insurance undertaking/capacity provider as part of an MGA arrangement.
MGAs are reminded to inform the Central Bank where the firm is given notice that their capacity under a delegated underwriting authority agreement may be withdrawn.
Insurance Intermediaries
Insurance intermediaries must notify the Central Bank of any material changes to their shareholding structure by completing and submitting the following form via email to [email protected].
Investment Intermediaries
For investment intermediaries, prior approval from the Central Bank is required before a proposed acquiring transaction as defined under the Investment Intermediaries Act 1995 can proceed. Further details are set out in the application form and on the Investment Brokers/Intermediaries page.
If you are planning on transferring part of your business to another intermediary please complete the Transfer of Business Form and submit to [email protected].
Where a regulated entity intends to cease operating, merge with another, or to transfer all or part of its regulated activities to another regulated entity it must:
- Notify the Central Bank immediately;
- Provide at least two months’ notice to affected consumers;
- Ensure all outstanding business is properly completed; and
- Where applicable inform the consumer that their details are being transferred to the other regulated entity.
The Central Bank requires that firms maintain an adequate and sufficient level of governance and staff resourcing arrangements that appropriately reflect the nature, scale and complexity of their operations.
Further Guidance is available on the Fitness and Probity section of our website or for relevant contact details for queries regarding fitness and probity, please visit the Central Bank Website.
PCF Retiring or Resigning
The notification of the resignation of an individual who held a PCF position in the firm must be submitted through the Portal. Please include the reasons for the retirement/resignation, the date of departure from the firm and confirm whether or not there are any issues of fitness or probity that the Central Bank needs to be informed about.
New PCF being proposed
Firms must seek the prior approval of the Central Bank before appointing an individual to a PCF role. The Individual must complete an online Individual Questionnaire (IQ) and submit this electronically via the Portal for assessment.
An individual must not take up the PCF role or responsibility until the Central Bank has approved the appointment in writing.
Temporary Officers
If a PCF role holder is unable to perform their role due to unforeseen circumstances, the firm can seek to have another suitable individual perform that role for a limited period. This requires the prior agreement of the Central Bank. Further Guidance is available on the Central Bank Website.
Please submit a request change via the Portal to request a replacement certificate.
Replacement certificates of authorisation or registration will not be issued as a matter of course when a firm submits any request change (i.e. change of address, change of person responsible for the IDR/CMCAR) via the Portal. If a firm would like to request a replacement certificate, a specific request for a replacement certificate must be submitted via the Portal as a request change.
Additional Requirements
There are additional ongoing requirements in relation to investment intermediaries authorised under the Investment Intermediaries Act, 1995 as set out in the Handbook of Prudential Requirements for Investment Intermediaries (PDF 755.35KB). Please ensure you are familiar with the requirements as contained in this Handbook.
Contact Us
Further information on request changes and how to submit them can be found on the Central Bank Website.
Alternatively you can contact us, via email at [email protected] if you have any queries.
Where firms are experiencing any issues accessing the Portal, please contact Portal Support directly on 01-224 4400 or by email to [email protected].