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IMIA May Updates

by | May 13, 2024

DORA Presentation from Hogan Lovells

Many thanks to Eoin, Bill and Louise from Hogan Lovells for the fantastic presentation on DORA earlier this week

Upcoming Working Group Meetings

Consumer Protection- May 14th at 10am

Management Company- May 16th at 10am

IAF- May 29th at 10am

Speech from Patricia Dunne

Please see attached link to a speech that Patricia Dunne made earlier this week. In the speech she warns against:

  • Reliance on group entities to identify conduct risks and lack of local entity-level risk assessments
  • Lack of awareness among Boards and Senior management on conduct risk and associated control deficiencies
  • Firms having effective systems and controls to mitigate and manage the risks arising from their trading activity
  • Markets Supervision teams have recently launched a Thematic Assessment of Pre-Trade Controls. This Assessment will examine firms’ frameworks for the establishment, operation and oversight of pre-trade controls and will seek to identify how investment firms have implemented overarching pre-trade control frameworks for both manual and algorithmic trading

She also mentions the new market surveillance tool which the Central Bank has recently acquired- that tool is now operational.

Central Bank of Ireland published Authorisation FAQs and New form for Revocations

The Central Bank published three guidance notes for industry on the MiFID Investment Firm authorisation process. Two of these are new guidance documents on the pre-formal application stages of the process – the Preliminary Meeting and the Key Facts Document stages of the authorisation process. The third, the existing guidance note on completing an application form was revised to provide greater clarity on the content required in the formal application form. These documents are available at: https://lnkd.in/ecKgi_wP

In tandem, for MiFID firms who wish to seek a voluntary revocation of license, the Central Bank developed a form for applicants to provide the necessary information in a more streamlined manner (replacing an email based system) – “Application Form for Withdrawal (Voluntary Revocation) of Authorisation of a MiFID Investment Firm”. There is also an accompanying guidance note also. These can be found on the Central Bank website here:
https://lnkd.in/ewdWZj9v

 

 

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