The consultation paper outlines the Central Bank’s proposal to introduce a risk assessment and capital planning requirement for fund administrators authorised under the Investment Intermediaries Act 1995.
The new requirements are proposed to be introduced by way of regulations (to form part of the Investment Firm Regulations proposed by the Central Bank in its Consultation on Central Bank Investment Firm Regulations 2015 - CP97), combined with guidance, to facilitate the practice of capital planning in a manner that is proportionate to the business. The proposed guidance set out in CP100 would therefore apply on a comply or explain basis. According to the Central Bank, the new requirements would broadly align the capital planning requirements applicable to fund administrators to those already applying to MiFID investment firms under the Capital Requirements Directive and Capital Requirements Regulation.
The consultation closes on 15 March 2016. The consultation paper may be accessed here.
By Tara Doyle and Oisin McClenaghan of Matheson
