The updated guidance and checklist timing are favourable, incorporating elements from insurance and broader guidance papers issued over recent years. The new guidance explicitly references the following areas:
With the improved guidance and checklist now available, it is anticipated that the number of follow-up questions and queries applicants receive after submitting a completed application will decrease.
The CBI has indicated that, once a fully complete application is received, the expected authorisation time is approximately three months, though this may extend to six months depending on various factors outlined in the guidance. These factors include the complexity and quality of the application, response times to CBI queries, and the responsiveness of third parties (such as overseas jurisdictions).
Preparation and early engagement are crucial to ensuring a smooth application process. The updated guidance encourages applicants to contact the CBI for a preliminary meeting before submitting an application. We strongly recommend taking advantage of this opportunity early in the process. This engagement helps establish a relationship with the authorisation team and allows the CBI to address any potential issues or concerns early. Furthermore, this meeting is invaluable for discussing the level of detail required to meet the CBI’s expectations.
How Can We Help?
We recognise the importance of establishing the right structures and resources to support your licence application. At Forvis Mazars in Ireland, our Partner-led approach is backed by a team of senior professionals, ensuring you receive tailored advice and support. Our regulatory technical experts possess hands-on experience within the sector and have a comprehensive understanding of the regulatory expectations for businesses.
In this article we delve into the latest RTS and ITS, focusing on the information required for applications to offer ARTs to the public and seek their admission to trading. It also examines the draft ITS on standard forms, templates, and procedures for the application process.
The Central Bank of Ireland (CBI) has recently updated its guidance on completing and submitting (Re)Insurance Authorisation applications, along with the accompanying checklist for applicants under the European Union (Insurance and Reinsurance) Regulations 2015. Any insurance or reinsurance undertaking seeking authorisation must adhere to this updated guidance, although the guidelines for Third Country...
The European Banking Authority (EBA) and European Securities and Markets Authority (ESMA) have issued a discussion paper examining the potential review of the Investment Firms Regulation (IFR) and Investment Firms Directive (IFD), which sets capital and risk management requirements for investment firms in the European Union.
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