Insights

This ECB paper is relevant to banks with derivatives and trading books; it explores the operational aspects and hidden costs associated with the wind-down of a bank’s trading book. An orderly wind-down of a trading book may be a recovery option or an element of a bank’s preferred resolution strategy. This paper details principles of ECB’s supervisory expectations with respect to both recovery and resolution planning.

As a result of Brexit, and particularly following the introduction of the UK’s Financial Services and Markets Act, there is a potential for increasing divergence between EU and UK financial services regulation.

In response to the fast growth of the payment services market, the European Commission issued a Revised Payments Legislative Package. This seeks to ensure the EU’s financial sector is fit for purpose and capable of adapting to the ongoing digital transformation, and the risks and opportunities it presents – in particular for consumers.

Findings from the CBI’s thematic assessment across a sample of MiFID firms, considering the approach taken by Boards and Senior Management, to foster and embed an effective conduct-focused culture.

Following enactment of the Central Bank (Individual Accountability Framework) Act 2023 on 9 March 2023, the Central Bank of Ireland (“CBI”) has launched a three-month consultation on key aspects of the implementation of the Individual Accountability Framework (IAF), including the publication of draft regulations and guidance.

As a result of recent amendments to the Criminal Justice (Money Laundering and Terrorism Financing) Act 2010 to 2021, Virtual Asset Service Providers (VASPs) are now “designated persons” and are required to comply with the relevant Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) obligations.

The Central Bank of Ireland (“CBI”) set out their findings and expectations for Payment and E-Money firms in its “Dear CEO” letter published January 20, 2023. Rather than issuance of specific additional or “new” expectations, it is a re-affirmation of the out regulatory expectations of authorised Payment and E-Money institutions already set out in the December 2021 letter in the same vein. A year on from that letter, it is clear that the CBI believes the industry has a lot more to do.

This article is a continuation of a series from Grant Thornton Financial Services Advisory that focuses on key aspects of the Individual Accountability Framework (“IAF”). In this article, we discuss the recently released Regulatory Impact Analysis (“RIA”) conducted by the Department of Finance (the “Department”) on the IAF.

Grant Thornton understands that the implementation of IAF will be a significant transformation project for all regulated firms in Ireland. Drawing on a wealth of experience garnered from the implementation of the equivalent frameworks in the UK, Australia and Singapore, we can ensure your organisation is set up for success throughout the various stages of compliance.

The Central Bank published the Cross Industry Guidance on Operational Resilience in December 2021 expecting firms to be in a position to evidence compliance within two years. It has now issued an Operational Resilience Maturity Assessment to firms in all sectors to assess the level of preparedness in the financial services industry.

All regulated financial services providers (RFSPs) with a PRISM impact rating of medium-low or above should now be preparing to submit their first outsourcing register using a new online return. The first submission is due by 31 July 2022.

The Individual Accountability Framework regulation is intended to improve executive accountability within the Irish Financial Services sector by increasing the transparency between Regulated Financial Services Providers (RFSPs) and the Central Bank of Ireland (CBI), particularly of where accountabilities lie in organisations. It follows in the footsteps of similar regimes successfully enacted in the UK, Australia, Singapore, Hong Kong and Malaysia.