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.
Following the recent Compliance Institute event at Forvis Mazars, entitled "Stepping into a PCF Role under SEAR – Factors to Consider", attendees gained valuable insights into navigating the complexities of the Senior Executive Accountability Regime (SEAR).
The Central Bank of Ireland (CBI) released its Flood Protection Gap Report on 14 October 2024, shedding light on the extent of Ireland's flood insurance coverage gaps. The report examines both the current and future risks posed by inadequate flood protection, which affects some homes and businesses across the country.
Under EU Regulation 2023/1114, Markets in Crypto Assets Regulation (MiCAR) issuers of asset-reference tokens (ARTs) and electronic money tokens (EMTs) must create a redemption plan to ensure orderly token redemption if a competent authority determines the issuer may fail to meet payment obligations.
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