Tracker, Financial Services Regulation & Compliance - Cross Sectoral



Central Bank of Ireland (CBI) publishes various reporting requirements for MiFID investment firms

This document was published by the CBI on 4 March and sets out the information MiFID investment firms are required to report on a periodic basis. The documents to be returned are set out by category, namely audited management accounts and related returns; CRD IV returns; CRD exempt FOR firms; and other statistics ONR returns.  The timeline for return of these documents are set out, along with a link to a guidance note for each.

Central Bank of Ireland (CBI) publishes its findings from its first review of debt management firms

CBI assessed how debt management firms were complying with the Consumer Protection Code.  66 customer files were reviewed from 10 selected firms as part of an on-site inspections and a desk based review of 33 advertisements of 32 selected firms.  Some of the findings include the following: 

  • Failure on the part of firms to meet 'know the customer' requirements; 
  • Inaccurate status disclosures and potentially misleading information on the website; and 
  • Lack of transparency on fees and charges. 

Statement on external review of the Central Bank of Ireland's (CBI) Consumer Protection function

The CBI has published the outcome of a review of its consumer protection function by the Netherlands Authority for the Financial Markets (AFM). This review was part of a wider programme between CBI and AFM to allow knowledge sharing between them. In turn the CBI will carry out a similar review of the AFM later this year.  Director of Consumer Protection in the CBI, Bernard Sheridan, welcomed the review and stated that it would consider the recommendations made.  Some of these recommendations include the following: 

  • Product Governance and Oversight – enhance supervisory approach in respect of governance and oversight in respect of specific products in the market; 
  • Problem Based Approach – CBI may wish to consider drawing on elements of the current AFM model in this respect; and 
  • Low Impact Firms and Enforcement – this strategy could be improved upon to build on existing compliance motivational measures.

Central Bank of Ireland (CBI) publishes Schedule of Dates for the receipt of supervisory data for 2015

This document sets out a schedule of dates for the receipt of supervisory data at the CBI for 2015. It sets out the various reporting dates for various types of data, including the following: 

  • Liquidity requirements for CBI and CRD IV; 
  • Deposit protection; and 
  • Eligible liabilities guarantee.

Central Bank of Ireland (CBI) publishes Fitness and Probity 2015 Regulations for Credit Unions

These Regulations prescribe controlled functions and pre-approved controlled functions for credit unions that are also authorised as retail intermediaries in respect for part of the business that the credit union undertakes as a retail intermediary.


EU & International



FCA – consultation on add-ons & opt-outs; business plan published

On 25 March 2015, the Financial Conduct Authority in the UK (FCA) published a consultation paper (CP15/13) proposing (a) a ban on 'opt-out' selling of all types of financial services products sold as add-ons and (b) improved information for general insurance add-on products.  This includes 'good practice' guidance regarding provision of information to consumers for general insurance add-ons. Responses are invited by 25 June 2015. On 24 March 2015, the FCA published its business plan for 2015/16. Key FCA proposals for insurers include an upcoming consultation on introduction of measures of monetary value for general insurance products (e.g. publication of claims ratios), review of the role of appointed representatives and a market study on the use of 'big data'.

Basel Committee updates its Frequently Asked Question document on Basel III monitoring

The most recent update of the FAQ document was published on 5 March 2014.  It provides answers to technical and interpretative questions raised by supervisors and banks during the Committee's Basel III monitoring. Some of the inclusions from this update relate to trading book, standardised approach to credit risk and TLAC. 

Council Regulation (EU) 2015/373 which amends Regulation (EC) Number 2533/98 concerning the collection of statistical information by the European Central Bank (ECB) entered into force on 6 March

This Regulation brings about changes on the collection of statistical information by the ECB. One of the key additions brought about by this Regulation is the power of the ECB to transmit confidential statistical information to authorities or bodies of Member States and the Union who are responsible for the supervision of financial institutions, markets and infrastructures or for stability of the financial system. In turn, these bodies have a responsibility to protect this confidential information.

European Systemic Risk Board (ESRB) publishes a report on regulatory treatment of sovereign exposures

This Report sets out the regulatory treatment of sovereign treatment of these exposures in the EU, as well as examining the incentives that they might create. The Report further opines that the current regulatory framework was such that could have led to excessive investment by financial institutions in government debt.  The ESRB also discusses the various options that might help reform the current framework. 

Bank of International Settlements (BIS) publishes its quarterly review

This review was published on 18 March 2015.  Some of the issues outlined are as follows: 

  • There is an increased amount of sovereign debt and private bonds are now trading at negative yields; 
  • Investment in major economics will only recover strongly when economic uncertainty dissipates; and 
  • A greater financial inclusion will boost growth and reduce poverty.

EBA publishes consultation paper on draft guidelines relating to exposures on shadow banking entities

EBA has the authority to develop guidelines to set appropriate aggregate limits or high individual limits on exposures to shadow banking entities that carry out banking activities outside a regulated framework under Article 395(2) of Regulation (EU) No 575/2013 (CRR).  These Guidelines are laid down to minimise the risks posed to institutions arising from their exposures to shadow banking entities.  The deadline for receipt of submissions is 19 June 2015. 

European Securities and Markets Authority (ESMA) publishes its revised Regulatory Work Programme for 2015

This provides more detail on ESMA's single rulebook work as set out in ESMA's Annual Work Programme for 2015.  The revisions to the Regulatory Work Programme are due to budget constraints affecting ESMA for 2015; this will result in some delayed deadlines. 

For further information please contact a member of the Financial Regulation team.

Date published: 2 April 2015