Megan Fennell, solicitor: "Although the transposition
deadline for the national legislation implementing the new
prudential regime for investment firms under the Investment Firms
Directive EU/2019/2034 ("IFD") and the
Investment Firm Regulation EU/2019/2033
("IFR") passed on 26 June 2021, we are
still awaiting the publication of the Irish legislation. However,
we have recieved some clarity on the proposed exercise of national
and competent authority discretions.
Department of Finance Feedback Statement
On 24 May 2021, the Department of Finance published its Feedback Statement on the exercise of a small
number of national discretions under the IFD. These national
discretions relate to the appointment of a national competent
authority ("NCA") and to the
remuneration rules and applicable exemptions. The majority of the
provisions under the IFD will be transposed on a fully harmonised
basis.
