Regulatory engagement to change in Ireland

Out-Law News | 27 Oct 2020 | 10:30 am | 1 min. read

The way in which investment funds and other financial services firms submit information to, and engage with, the Central Bank of Ireland (CBI) is to change in light of the introduction of a new online platform.

Insurance providers in Ireland began using the new platform, known as the Central Bank of Ireland Portal, in August. Other financial services sectors are to be given phased access from January 2021.

The CBI has written to businesses in the Irish investment funds market to inform them of the things they need to do in advance of the new portal taking effect in the sector.

Actions for investment funds include nominating a 'portal administrator'. That person will be responsible for the institution's use of the portal, including the management of portal user access and privileges within their institution. Portal users will be able to view and request changes to certain institution information via the portal, and communicate with the CBI in relation to those changes. Firms can delegate certain user actions to their legal advisers or an investment fund representative.

"Initially the portal will allow authorised users to view and request changes to specific institution details," the CBI said in its communication. "Over time, the portal will offer additional regulatory and statistical services, including online returns, fitness & probity applications and industry levy management. Institutions will continue to use systems such as the online reporting (ONR) system until these additional services are available via the portal."

The CBI said it would communicate further with firms about the forthcoming changes and give them at least six weeks' notice prior to opening the window for portal registration.

Aongus McCarthy of Pinsent Masons, the law firm behind Out-Law, said: "The addition of the new online portal demonstrates the Central Bank’s increasing commitment to use technology to make engagement with the regulator more efficient for all stakeholders, which is to be welcomed."