Insights

The Investment Firms Regulation EU 2019/2033 (IFR) and Investment Firms Directive EU 2019/2034 (IFD) establishes a tailored prudential framework for investment firms.

On June 5th, the European Securities and Markets Authority (‘ESMA’) published final guidelines on the MiFID II compliance function. The revised Guidelines replace the ESMA guidelines on the same topic issued in 2012. Due to MiFID II reinforcing the existing MiFID I requirements relating to the compliance function, rather than introducing a completely different regime, ESMA has chosen to build upon the text of the 2012 guidelines rather than replace entirely.

European regulatory authorities have introduced new legislation, referred to as the Investment Firms Regulation EU 2019/2033 (‘IFR’) and Investment Firms Directive EU 2019/2034 (‘IFD’), which aims to establish a tailored prudential framework for investment firms. For most investment firms, they were required to comply with the Captial Requirements Regulation (CRR), which was originally designed for large and complex banks and trading institutions.

DORA is a draft regulation published by the European Commission in September 2020 and forms part of the European Commission’s wider Digital Finance Strategy to support the development of digital finance while mitigating associated risks

Now vaccines are coming on stream and there looks to be light at the end of the tunnel we seem to be faced with a different issue, how do we continue to operate going forward post pandemic?

The European Commission has adopted a proposal for a revised Directive on Security of Network and Information Systems (NIS 2 Directive).

Read our latest factsheet about Data protection as a service

The Investment Firms Regulation EU 2019/2033 (IFR) and Investment Firms Directive EU 2019/2034 (IFD) establishes a tailored prudential framework for investment firms. The new prudential regime applies to investment firms that not systemic by virtue of their size and interconnectedness within the wider financial system, i.e. primarily Class 2 type firms (see the classification criteria in our previous publication). Small and non‐interconnected investment firms may receive regulatory requirement exemption from the competent authorities.

We have outlined below some of the key considerations contained within the Free Trade agreement between the EU and the UK. The agreement allows for tariff free trade between the EU and UK and sets out a new trading relationship between both parties.

The Investment Firms Regulation EU 2019/2033 (IFR) and Investment Firms Directive EU 2019/2034 (IFD) establishes a tailored prudential framework for investment firms. As outlined in our previous publication, the new prudential regime for investment firms applies to class 2 & firms primarily, which are not systemic by virtue of their size and their interconnectedness within the wider financial system.

Business continuity has been considered a priority by many but also neglected by some. The COVID-19 pandemic presents a serious threat to people, businesses and economies across the world and it has taught us that having a robust Business Continuity Management program is key for survival during crisis.

Grant Thornton offers a timely, cost effective, managed iXBRL tagging service for company financial statements and tax returns. If the Irish Revenue or HRMC iXBRL tagging requirements apply to your company then our service could be the solution for you.