The new Irish client asset regulations have been published in the Irish Statute Book and will take effect from 1 July 2023. They are available here:
S.I. No. 10/2023 - Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2023
No additional changes have been made to the regulations as compared to the final form published last summer.
By way of reminder, the Central Bank of Ireland expects that investment firms and credit institutions will have already begun their preparations to ensure that they will be fully compliant with the new regulations at the end of the transitional period (1 July 2023 for investment firms and 1 January 2024 for credit institutions undertaking MiFID investment business).
The Central Bank’s draft guidance highlighted that credit institutions subject to the client asset requirements for the first time should review relevant documents and make any amendments arising from such review ahead of the 1 January 2024 deadline.
Please get in touch with your Arthur Cox team if we can help with your preparations for the new regulations coming into force.