Aggregated News From Investment Management Regulators

CBI IE

“Conditions have improved, but the recovery may be bumpy and uneven.” – Governor Gabriel Makhlouf

The expansion of vaccination programmes has reduced downside risks to the macro-financial outlook. The full impact of the COVID-19 shock will only become apparent as government supports start to unwind. The Central Bank’s macroprudential policy stance enables the banking system to support households and businesses through the recovery. The Central Bank of Ireland today published the first Financial Stability Review of 2021. The Review highlights that the expansion of vaccination programmes has reduced uncertainty and downside risks to the macro-financial outlook. However, the recovery is likely to be uneven across countries and sectors and could be vulnerable to setbacks....

“Effective culture is about people. And people are at the heart of the Fitness & Probity regime”– Derville Rowland, Director General, Financial Conduct

Firms with effective culture have a commitment to high standards and values which shape the behaviours and mindsets within a firm Over 10 years the Fitness & Probity regime has been instrumental in the work of the Central Bank in seeking to ensure the right people occupy key roles in regulated firms The Central Bank launches the Fitness & Probity Interview Guide to assist applicants and firms The Central Bank’s Director General, Financial Conduct, Derville Rowland spoke at a webinar at the Institute of Directors today (10 June 2021) where she provided an overview of the importance of effective culture...

Central Bank publishes Annual Report & Annual Performance Statement for 2020

Annual Report and Annual Performance Statement highlight the scale and variety of the work undertaken by the Central Bank in 2020. Financial profit of €829.6m reported for 2020. Surplus income of €665.7 million paid to the Exchequer. The Central Bank has also published its Protected Disclosures Annual Report 2020. The Central Bank of Ireland has today (2 June 2021) published its 2020 Annual Report and Annual Performance Statement. Speaking on the launch of the report, Governor Gabriel Makhlouf said: “2020 was an extraordinary year for the country and I want to thank the Central Bank’s people for their dedication and commitment...

Director General Financial Conduct Derville Rowland elected chair of ESMA’s Investment Management Standing Committee

The Central Bank of Ireland’s Director General Financial Conduct Derville Rowland has been elected as Chair of the Investment Management Standing Committee of the European Securities and Markets Authority (ESMA). The appointment is for a period of two years and is effective 1 July 2021. The standing committees are expert groups drawn from ESMA staff and Member States’ National Competent Authorities. The Investment Management Standing Committee works on issues relating to the investment funds sector, and is responsible for the development of policy and supervisory convergence activities. Commenting on the appointment, Governor Gabriel Makhlouf said: “That Ms. Rowland is taking up this...

Central Bank appoints chairpersons of Takeover Panel and Investment Compensation Company DAC (ICCL)

The Governor of the Central Bank of Ireland, Gabriel Makhlouf, has announced the re-appointment of Mr Cian Ferriter SC, as Chairperson of the Irish Takeover Panel. Mr Ferriter’s re-appointment is effective from today, 1 June and is for a three-year period in accordance with the provision of the Articles of Association of the Panel. The Irish Takeover Panel is the statutory body responsible for monitoring and supervising takeovers and other relevant transactions in relevant companies in Ireland. In addition, the Governor has announced the re-appointment of Ms Jane Marshall as Chairperson of the Investor Compensation Company DAC (ICCL). Ms Marshall’s appointment...

Enforcement Action: Central Bank issues Prohibition Notice to Mr. James Cumiskey under the Fitness and Probity Regime

The Central Bank of Ireland (the “Central Bank”) has prohibited Mr James Cumiskey, former Managing Director of European Mortgage Call Centre Limited, 34-35 Park Street, Dundalk, County Louth from carrying out any controlled function, including pre-approval controlled function, in any regulated financial service provider, from 16 July 2020, for an indefinite period. The prohibition arises from the Central Bank’s investigation into Mr. Cumiskey. This investigation established that between January 2018 and August 2018  Mr Cumiskey induced persons to give him deposits they had saved for a mortgage on the basis that Mr. Cumiskey required the deposit to process mortgage applications...

Opening Remarks by Governor Gabriel Makhlouf to the International Operational Risk Working Group

Virtual conference hosted by the Central Bank of Ireland on 18 May 2021 Welcome to Dublin and the Central Bank of Ireland. Over the past decade, we have been witnessing significant changes to the risks our respective institutions confront. In many cases our mandates have expanded since the global financial crisis, complicated by the need to effectively process and analyse big data, often now at higher frequency intervals, and compounded by the phased migration from legacy to new technologies. The cyber and information security risks are evolving, and hybrid threats can arise as these overlay with physical security and data protection...

“Covid-19 demonstrates the need for a macroprudential framework for investment funds” – Derville Rowland, Director General, Financial Conduct

Fund sector must remain resilient, fair, and sustainably serve the economy. Covid-19 demonstrates the need to operationalise a macroprudential framework for investment funds. Fund management companies must take action to implement findings from Central Bank assessment of their liquidity risk management systems and controls. The Central Bank's Director General, Financial Conduct, Derville Rowland spoke at the Irish Funds Annual Global Funds Conference today (19 May 2021) where she provided an overview of some of the economic challenges posed by the Covid-19 pandemic, and required areas of improvement in the funds sector. The Director General said while the Central Bank is...

Climate change a key focus for the Central Bank

Central Bank to participate in US dollar-denominated green bond investment fund. Behind the Data presents new green bond indicators, highlighting that, by sector, Irish-resident investment funds are the largest holders. Survey of insurers finds that while the majority of firms have put management structures in place to oversee climate risks, over half don’t have a climate strategy, plan, or policy in place. The Central Bank of Ireland today (13 May 2021) announced its participation in the US dollar-denominated green bond investment fund for central banks established by the Bank for International Settlements (BIS). Investing in this green bond fund forms...

Opening Statement by Gráinne McEvoy, Director of Consumer Protection at Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Introduction Good afternoon Chairman, Committee members. I am joined today by my colleague Kevin O’Brien. We welcome the opportunity to appear before you today to discuss the Consumer Credit (Amendment) Bill 2018. As the Committee is aware, licensed moneylenders are legislated for under the Consumer Credit Act 1995 (the “1995 Act”), which sets out the specific regulatory regime for this sector, including provisions reflecting the particular features of this sector and, in particular, the high cost of this type of credit. The Central Bank assumed responsibility for licensing and supervising moneylenders in 2003, when responsibility transferred from the Office of the...

Central Bank publishes review of firms undertaking algorithmic trading

Thematic review assessed how firms undertaking algorithmic trading have incorporated MiFID II requirements into their risk management and control frameworks. Some positive practices identified but risk and control frameworks require continued improvement. Engagement ongoing with firms where specific concerns were identified. All firms engaging in algorithmic trading should review and take all necessary remedial action. The Central Bank of Ireland has today (11 May 2021) written to CEOs of firms undertaking algorithmic trading following a thematic review which assessed how such firms have complied with risk management and control framework requirements as required by regulatory technical standards for investment...

Ireland’s brightest young economists honoured by the Central Bank of Ireland at the 2021 Generation €uro Students’ Award

Students from Belvedere College in Dublin win top award. Coláiste Ghobnatan in Cork and Killorglin Community College in Kerry runners up in the national final. Ireland’s brightest young economists – students from Belvedere College in Dublin, Coláiste Ghobnatan in Cork, and Killorglin Community College in Kerry - competed in a tightly contested national final in the Generation €uro Students’ Award run by the Central Bank of Ireland. Students from Belvedere College in Dublin claimed the top award after beating tough competition from Coláiste Ghobnatan and Killorglin Community College in the national final. Now in its eighth year, the school competition, run...

Regulator Information

Recent Articles

Directive for the beneficial ownership register of express trusts and similar legal arrangements

See the Press Release published by the Cyprus Securities and Exchange Commission (CySEC CY) here: Source link

RichmondSuper

Attention! The FMA warns investors against concluding transactions with: RichmondSuper https://www.richmondsuper.com (Link to external page. Opens in new window.) [email protected] [email protected] [email protected] [email protected] [email protected] (Link to external page. Opens in new window.) This provider...

Hardson Becker Global

Attention! The FMA warns investors against concluding transactions with: Hardson Becker Global with its registered address apparently in Hangzhou, China www.hardson.com This provider is not authorised to carry...

“Let’s talk about money” – money laundering: how illegal assets are given a legal appearance

In the latest edition of its consumer information series, “Let’s talk about money” the Austrian Financial Market Authority (FMA) explains about the term money...

Chair Powell will host town hall with educators August 2, 2021 at 4 p.m. EDT

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