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ARTICLE · 11 AUGUST 2017

MiFID II: DOF Feedback Statement Third Country Firm Safe Harbour

Dillon Eustace
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Amongst the various responses and Ministerial decisions referenced in the Department of Finance's Feedback Statement on its public consultation on MiFID II national discretions...

IrelandWealth Management
David Higgins
David Higgins
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Amongst the various responses and Ministerial decisions referenced in the Department of Finance's Feedback Statement on its public consultation on MiFID II national discretions, one with quite significant impact relates to the approach to third country firms engaged in the provision of wholesale investment services (services to per se professional clients and eligible counterparties).

Currently, third country firms providing services to non-natural persons in Ireland from outside the EU can benefit from what is generally referred to as a "safe-harbour" provision found in Regulation 8 of the 2007 MiFID Regulations, whereby they are not deemed to be "operating in the State" and therefore do not require a MiFID authorisation. This is important not only for the third country firms but also for a wide range of Irish based recipients of investment services from such third country firms, including Irish insurance companies, banks, investment funds, corporates, asset

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