Amendments Processing for MiFID Firms

There are additional ongoing requirements in relation to MiFID Investment Firms once they are authorised. These requirements and how they are dealt with are outlined below. The following list is not exhaustive and is intended to serve as a guide only. If any MiFID Investment Firm is unclear of its obligations, they should contact the Asset Management Supervision Directorate. Contact details are available in the Contact Us section.

Change of Director/Manager

The Central Bank of Ireland's new Fitness and Probity regime will come into effect on 1 December 2011. As a result, completed Individual Questionnaires ('IQs') must be submitted in respect of each director and senior manager. For further information on this process please click on the following link.

Change in Qualifying Holding

Changes to qualifying holdings in MiFID Investment Firms are subject to the prior approval of the Central Bank and details of the exact requirements are set out in the MiFID Regulations and the Authorisation Process documentation. The attached Acquiring Transaction Notification Form is to be used to provide prior notification to the Central Bank of proposed changes to qualifying holdings. Firms are obliged to advise the Central Bank on an annual basis of its ownership structure.

“The Joint Committee of the European Supervisory Authorities has issued guidelines to competent authorities across the EU, including the Central Bank of Ireland. These guidelines are titled 'Joint Guidelines on the prudential assessment of acquisitions and increases of qualifying holdings in the banking, insurance and securities sectors' (“the Guidelines”). The Guidelines replace the previous EU-wide guidelines on the prudential assessment of acquisitions and are in force from 1 October 2017.”

Change of Company name

The Central Bank must first approve any change in company name before it is submitted to the Companies Registration Office.

Application for extension of authorisation

An application by a firm to extend its MiFID authorisation requires the prior approval of the Central Bank.

Capital Contributions and Subordinated Loans

Capital contributions and subordinated loans are accepted as part of the financial resources requirement of a MiFID Investment firm, provided they are executed in the Central Bank’s approved format.

Change of Address

Any change of address by a company must be notified in advance to the Asset Management Supervision Directorate. This will allow us to update our records and systems on a timely basis.

Other changes

If there is uncertainty regarding whether a change within a firm constitutes a material change for supervisory purposes, you should contact the Asset Management Supervision Directorate directly.