Introduction to MiFID Firms
The Central Bank is responsible for:
- the prudential regulation and supervision of MiFID Investment Firms authorised in Ireland
- the regulation and supervision of the conduct of business of MiFID firms authorised in Ireland
- the regulation and supervision of those provisions of MiFID relevant to the financial services market in Ireland
Firms wishing to apply to be authorised to become a MiFID investment firm should seek legal advice prior to submitting an application.
Background to MiFID
The Markets in Financial Instruments Directive (MiFID) replaced the Investment Services Directive (ISD) as of 1 November 2007.
MiFID makes changes to the regulatory framework to reflect developments in financial services and markets since the ISD was implemented.
In particular, MiFID expands the types of business that must be regulated in Ireland to include activities relating to a wider range of commodity and other non-financial derivatives.
MiFID also introduces the concept of a harmonised set of rules across the EU, governing the organisation of the business of an investment firm necessary to obtain an authorisation, and rules governing the conduct of an investment firm’s investment business activities.
Important Information for MiFID Firms
MiFID investment firms may be subject to additional legislation. Please consult the legislation and regulatory requirements and guidance pages of this website for further information.
MiFID II will become effective on 3 January 2018. For further information on MiFID II, please refer to legislation. Further information is also available on the European Securities Market Authority’s (ESMA) website.