An EU Member State investment firm may provide investment services and ancillary services within the State if they are permitted under the firm’s authorisation in the home State. A Member State investment firm intending to provide investment services or investment services, together with ancillary services for the first time or change the range of services must communicate to its competent authority the following information: the […]
Investment Products For every investment held with it, a regulated financial services provider must provide annually a statement with at least the following, opening balance, closing balance withdrawals, total sums invested, number of units held, all interest, charges, and deductions affecting the product, including charges associated with management sales, set up an ongoing administration closing balance and statement or statement of value A producer of […]
MiFID The Markets in Financial Instruments Directive (MiFID) provided enhanced investor protection legislation. The regulations apply to investment advice and investment services and provide common EU standards. Firms regulated in one country may generally provide services in another EU state on the basis of the common EU standards for the conduct of business. The MiFID directive enhanced and strengthened the protections of the original Investment Services […]
MiFID & Investment Firms The MiFID, Markets in Financial Instruments Directive, applies to investment firms, stockbrokers and credit institutions such as banks when providing investment services. It also applies to businesses operating multilateral trading facilities, most futures and options firms and some commodities firms. It does not apply to those offering insurance policies, tracker bonds or PRSA. It does not apply to multi-agency intermediaries and […]
Investment Research The market abuse regulations and MiFID have implications for firms that produce investment research. This is research intended to be publicized. Recommendations are treated as marketing material and must be clearly identified as such. They must specify if the material has not been produced in accordance with the requirements designed to ensure objectivity. Firms must manage conflicts of interest and must ensure that […]
Risk Disclosure Where the risks associated with a financial instrument composed of two or more different instruments are likely to be greater than the risk of the components, the investment firm must provide an adequate description of the components and the way in which their interaction increases the risk. Where an instrument incorporates a guarantee by a third-party, the firm must provide information about the […]
Reporting to Central Bank Investment firms must keep records of all data relevant to each transaction and financial instrument, which they execute on their own account or on behalf of a client for five years. They must make that data available to the Central Bank on inspection at any time. They must include in their records the transactions executed on behalf of a client, all […]
Authorisation Conditions The Central Bank may impose conditions or requirements relating to an associated or related undertaking of an investment firm or market operator. It may amend and revoke them from time to time. It may require the market operator of the regulated market to change or revoke the rules of the market or amend them. The above conditions may be imposed in respect of […]
Insolvency Recourse to Assets Insolvency officers, including liquidators, examiners, receivers, etc., do not have recourse to client money or client financial instruments or title to them held on behalf of a client by an investment firm until all proper claims of clients or their heirs and successors against the money concerned have been satisfied in full. Recourse may be had to such assets in relation […]
Authorised Provider A person shall not cause to be advertised, supply or offer the supply, investment or ancillary services, make any other solicitation in respect of investment or ancillary service, represent that the person is a provider of such services if the provision of such services would be in breach of MiFID. The Central Bank may impose conditions and requirements on an investment firm or […]
Overview The Consumer Protection Code replaced a number of previous Financial Regulator Handbooks for each of Authorised Advisors, Restricted Intermediaries, Mortgage Intermediaries and Deposit Agents. The Investment Intermediaries Act regulates investment business and investment advice and applies to Insurance Intermediaries. The Handbook of Prudential Requirements provides capital and reporting requirements for investment intermediaries, including Multi-Agency Intermediaries and Authorised Advisors. They must be solvent at all […]