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ARTICLE · 04 MARCH 2014

New Authorisation Process For MiFID Firms

Matheson
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The new process designates specific timelines for different stages of the application process and a more proportionate approach to the authorisation application process.

IrelandFinance and Banking
Joe Beashel
Joe Beashel
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What are the key changes?

The new process designates specific timelines for different stages of the application process and a more proportionate approach to the authorisation application process based on the activities intended to be carried out by the firm, its level of required regulatory capital and the individual structure, size and complexity of the proposed firm. It is hoped that the new process will allow for a speedier and more efficient authorisation process for MiFID firms.

One key change is the introduction by the Central Bank of a requirement that all applicants must provide an overview of its Business Continuity Plan. In particular, the Central Bank requires detail of:

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