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ARTICLE · 15 SEPTEMBER 2017

Central Bank Introduces New Minimum Competency Standards

Dillon Eustace
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Following a public consultation on a proposed new minimum competency regime late last year, the Central Bank has published an updated Minimum Competency Code

IrelandFinance and Banking
Dillon Eustace
Dillon Eustace
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Publication of revised Minimum Competency Code

Following a public consultation on a proposed new minimum competency regime late last year, the Central Bank has published an updated Minimum Competency Code ("MCC"). Together with the new Minimum Competency Regulations 2017 (the "Regulations"), the MCC will replace the existing minimum competency rules set down by the Central Bank.

The MCC and Regulations will take effect from 3 January next.

What follows is a brief overview of the impact of the MCC and the Regulations on MiFID firms and those UCITS management companies and AIFM with an extended MiFID licence to provide individual portfolio management services and other non-core activities.

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