Exceptions to Service Standards

The service standards for submissions with a target of 90% set out for prospectus approvals do not apply in cases where:

• The Central Bank considers that the application gives rise to significant regulatory concerns whether in relation to the protection of investors, the integrity of the securities markets or otherwise;
• Responses are awaited from third parties. This is particularly the case where other regulatory authorities may need to be contacted on an application;
• Significant legal issues arise;
• The business model of an applicant and/or the type of transaction is complex or novel in nature;
• The business model of an applicant and/or the type of transaction gives rise to a risk profile which requires further consideration;
• Significant changes to the business model, the transaction or other key aspects of an application arise during the scrutiny process, or where the application becomes dormant;
• The Central Bank is not the competent authority; and/or
• The Central Bank is minded to refuse an application.

In such cases, these submissions will be assessed within the timeframes set out in the Prospectus Regulation.