Tracker, Financial Services Regulation & Compliance - Cross Sectoral


Central Bank published its 2016 Annual Report and its 2016 Annual Performance Statement

At the launch of the report Governor Phillip R. Lane highlighted the key activities undertaken by the Bank during 2016. Governor Lane further set out that the Central Bank will undertake an annual assessment of the mortgage measures which will be reviewed in November 2017. He noted the continued work in relation to the Tracker Examination, indicating that this remains one of the key priorities for the Bank as the largest supervisory review undertaken as part of its consumer protection mandate.

Governor Lane also noted that with regards to Brexit, the Central Bank continues to assess and analyse the implications on the economy, including the potential for a more diverse range of firms and business models that would require authorisation and supervision.

Department of Finance launches Consultation on Crowdfunding

The Consultation relates to the potential regulation of crowdfunding, having regard to international best practice and, in the context of the EU Commission Action Plan, on building a Capital Markets Union (CMU). The Consultation invites opinions on potential requirements and costs which could be could impose on the sector and how best to facilitate the development of crowdfunding in Ireland. The Consultation closes on 2 June 2017.

Central Bank publishes guidance for completion of the Anti-Money Laundering, Countering the Financing of Terrorism and Financial Sanctions Risk Evaluation Questionnaire

The Guidance provides information to Credit and Financial Institutions who are required to file a Risk Evaluation Questionnaire to the Central Bank using the Online Reporting System. The Guidance focuses on the structure and content of the questionnaire and provides clarity for relevant fields contained within it. This guidance also provides information on accessing and submitting the questionnaire.

Governor of the Central Bank, Philip R. Lane, addresses the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach

Governor Lane set out the Central Bank’s timeline and framework for the Tracker Examination. Governor Lane also addressed the role of the Central Bank in supporting initiatives to reform the motor insurance market and in relation to Brexit set out that the Central Bank has increased its capacity to deal with issues arising from it and contingency resourcing plans have also been developed.


European Supervision Authorities publish official translations of final Guidelines on risk-based supervision under the Fourth Anti Money Laundering Directive (EU) 2015/849

The European Banking Authority (EBA) announced on the 7 April 2017 that the European Supervision Authorities (ESAs) have published 22 language versions of the final Guidelines on the characteristics of a risk-based approach to anti-money laundering and terrorist financing supervision under Directive (EU) 2015/849 on preventing the use of the financial system for money laundering or terrorist financing. The publication of the 22 official language versions triggers their national application.

European Securities and Markets Authority publishes an opinion on Market Abuse Regulation accepted market practices in relation to liquidity contracts

The opinion sets out agreed points that are expected to be used as a reference in the assessment of the Market Abuse Regulation (MAR) accepted market practices on liquidity contracts that national competent authorities may submit to European Securities and Markets Authority (ESMA) after a domestic consultation and on which ESMA will have to issue an opinion.

European Banking Authority publishes its final report of the Peer Review of The Implementing Technical Standard on Supervisory Reporting Requirements (Regulation (EU) No 680/2014)

This document presents a summary of the factual results of the first phase of the peer review, namely the self-assessment by national competent authorities (NCAs) of how they implement and perform quality assurance with regard to the data submissions from individual institutions and then by NCAs to the EBA as well as the process in place for implementing changes to the Implementing Technical Standard (ITS) on Supervisory Reporting.

Commission Delegated Regulation supplementing the Key Information Documents for the Packaged Retail And Insurance-Based Investment Products Regulation has been published

On 12 April 2017, Commission Delegated Regulation (EU) 2017/653 (the Delegated Regulation) supplementing the Regulation on Key Information Documents (KIDs) for Packaged Retail and Insurance-Based Investment Products (PRIIPs) (Regulation 1286/2014) by laying down Regulatory Technical Standards (RTS) regarding the presentation, content, review and revision of KIDs and the conditions for fulfilling the requirement to provide KIDs, was published in the Official Journal of the EU. The Delegated Regulation will apply from 1 January 2018 (Article 14(2) will apply until 31 December 2019).

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

Date published: 09 May 2017