Authorisation Process for MiFID Investment Firms
The Central Bank of Ireland is the competent authority in Ireland for the authorisation of Investment Firms, Market operators and Data Reporting Services Providers.
Each potential applicant for authorisation must consider whether its proposed business model:
- Requires authorisation pursuant to the MiFID Regulations;
- Can comply with the MiFID Regulations;
- Can comply with the Central Bank’s requirements and any other financial services law; and
- Is capable of complying with, and adhering to, the requirements that must be satisfied on an ongoing basis.
Having satisfactorily completed this consideration, the potential applicant must review the Guidance Note for Authorisation as an Investment Firm under MiFID to familiarise themselves with the authorisation process before contacting [email protected] with the requisite information.
The Central Bank welcomes applications where the proposed firm (‘applicant’) can meet the legislative requirements relating to MiFID firms and all other, current, published requirements (including the recommendations and guidance issued by the European Banking Authority and European Securities and Markets Authority (‘ESMA’) which are available on their websites and all new requirements issued by the Central Bank. Applicant Firms are advised to seek legal advice if in any doubt about their scope or application.
The MiFID application forms have been updated to reference the European Union (Markets in Financial Instruments) Regulations (S.I. No. 375 of 2017). All applicants seeking authorisation as a MiFID Investment Firm or amendments to their authorisation should use the form “MiFID Application Form – Investment Firms”.
MiFID Investment Firms or Market Operators that are currently authorised, or who propose to make an application, to operate an MTF, may make an application to the Central Bank for permission to operate a Distributed Ledger Technology (‘DLT’) Market Infrastructure. Applicants seeking both MiFID authorisation and permission to operate a DLT Market Infrastructure, must submit both applications concurrently. Applications must be submitted electronically to [email protected]
All applicants seeking authorisation as a MiFID Data Reporting Services Provider should use the form “MiFID Application Form – Data Reporting Services Providers"
Important information - ancillary activity exemption under MiFID
From 28/02/22 entities are no longer required to inform the Central Bank when they are using the ancillary activity exemption under Regulation 4(1) (k) of the MiFID Regulations. However it is important to note the Central Bank can request such entities to demonstrate how this activity is ancillary to their main business.
MiFID Application Form - Investment Firms 2021
MiFID II Application Form Data Reporting Services Providers (DRSP)
Guidance Note for Authorisation as an Investment Firm under MiFID 2021
MiFID Application Form – Data Reporting Services Providers
Authorisation of transparency arrangements for MiFID firms
Waivers from Pre-Trade Transparency
A market operator or investment firm operating a trading venue may apply for the use of waiver from pre-trade transparency requirements in accordance with Articles 4 and 9 of Regulation (EU) No 600/2014 of the European Parliament and of the council (MiFIR).
An investment firm acting as a systematic internaliser may apply for the use of a waiver from pre-trade transparency requirements in accordance with Article 18 (2) of MiFIR.
Firms should contact their supervisor to obtain a copy of relevant application form.
Deferred Publication of Post-Trade Transparency
A market operator or investment firm operating a trading venue may apply for the use of a deferral for the publication of post-trade transparency information in accordance with Articles 7 and 11 of MiFIR.
An investment firm which either on its own account or on behalf of clients, concludes transactions in financial instruments may apply for the use of a deferral for the publication of post-trade transparency information in accordance with Articles 20 and 21 of MiFIR.
Firms should contact their supervisor to obtain a copy of relevant application form.