www.pwc.ie Overview of Authorisation Process in Ireland
Overview of Authorisation Process in Ireland for Banking Institutions ECB decision Once review of application has been successfully completed, the ECB will make a decision whether to grant a licence Authorisation certificate, together with any special considerations issued Review Submit full application to CBI Processing of application undertaken the CBI and ECB Time taken to process application dependent on quality of document, time taken applicant to respond to queries and quality of responses Proposal Review CBI undertakes detailed review of proposal Issues comments on further information or clarifications required Provides preliminary to applicant whether it should pursue authorisation CBI & ECB assessment ECB CBI Proposal Review Irish Banking Gather existing data Proposed Business Model Document Proposal Data gathering Understand CBI application Gather existing data to address documentation and process Map against CBI and identify any gaps Business Model and impact assessment Define proposed legal, governance, tax structures for consideration Understand impacts of various proposed structures Identify preferred option Documentation Exploratory phase need for banking licence? Preliminary meeting with the CBI Document Proposal (note proposal is to be in same format and level of detail as application) - leverage from existing documentation and structures
Overview of Authorisation Process in Ireland for Insurance Undertakings CBI decision & Go Live Once review of application has been completed, the CBI will make a decision whether to grant a licence Prior to formal authorisation, successful applicants will receive authorisation in principle Full authorisation is granted once capital has been introduced and all other pre are met on Should the CBI determine that the application is complete, it will then review the application with view to granting authorisation The timeline for this is months, but can take up to depending on quality and complexity of the application on CBI & Go Live Irish Insurance Information Gathering Preliminary Meeting Information Gathering Understanding CBI applications Gather information to address documentation and process Map against CBI and identify and gaps Arrange preliminary meeting Preliminary meeting Held in advance of application submissions with the CBI Insurance Authorisations department At this stage the CBI provide feedback on any aspect relating to the application process Review The CBI reviews the application and accompanying documentation for completeness The CBI will then make a determination as to whether or not the application is complete Review Complete & Submit Submit Document application for submission to CBI Key items include structure, scheme of operations, system of governance, risk management systems, ORSA, capital, and consumer protection
Overview of MiFID Authorisation Process in Ireland CBI decision & Go Live Once review of application has been successfully completed, the CBI will make a decision whether to grant a licence Authorisation certificate, together with any special considerations issued MiFID Firm can commence trading on A determination will be made the CBI on receipt of a complete application within 0 working days Onus is on firm to provide a complete application addressing all the set out in the CBI s Checklist Review CBI will issue comments within 0 working days. Applicant must respond within 0 working days Second comments will be issued to the applicant within 0 working days Applicant must respond within 0 working days on CBI & Go Live Review Irish MiFID Prepare KFD Complete & Submit Preliminary Meeting Prepare of Key Facts Document (KFD) Prepare KFD in line with CBI CBI will review the KFD and revert with any comments Arrange preliminary meeting with the CBI Preliminary Meeting Held in advance of application submissions KFD will form the basis of the meeting. CBI will advise applicant of any significant concerns that key have at this point Expectation is only one preliminary meeting is held Submit Document application for submission to CBI Key items include structure, business information, financial and capital, organisational structure, shareholders, regulatory background, key policies and conduct of business
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