Authorisation Process for MiFID 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 to familiarise themselves with the authorisation process before contacting Investmentfirmauthorisations@centralbank.ie 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”.

All applicants seeking authorisation as a MiFID Data Reporting Services Provider should use the form “MiFID Application Form – Data Reporting Services Providers”.

Any entity wishing to notify the Central Bank of their use of the Ancillary Exemption which is available under Regulation 4 (1) (k) of the MiFID regulations should use the Notification Forms detailed below.

MiFID Application Form - Investment Firms 2019
MiFID II Application Form Data Reporting Services Providers (DRSP)
Guidance Note for Authorisation under MiFID
Regulation (4)(1)(k) Ancillary Exemption Notification Form

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.