MiFID II Implementation - Ireland And Third Country Firms

On 14 July 2017, the Irish Department of Finance issued a feedback statement on its 2016 public consultation on Ireland's approach to the transposition of MiFID II¹ (the "Feedback Paper").

While the final publication of the Irish transposing regulations is expected in the coming weeks, the Feedback Paper contains important statements regarding third country firm access to the Irish financial market and welcome clarity on the scope of the MiFID II licensing requirements for such firms in Ireland from 3 January 2018.

The Feedback Paper states that the Irish Minister for Finance has decided to "substantially maintain" the Current Irish Safe Harbour (as defined below) in respect of "wholesale" clients, subject to the amendments and detail noted below. These amendments will not affect the historic position relied upon by the vast majority of third country firms when structuring and servicing Irish international finance and investment fund structures. If implemented, the