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the making
this Statutory Instrument was published in “Iris Oifigiúil”
1st July, 2022. I, PASCHAL DONOHOE, Minister for Finance, in exercise
the powers conferred on me by section 3
the European Communities Act 1972 (No. 27
1972) and for the purpose
giving further effect to Directive (EU) 2019/2034
the European Parliament and Council
27 November 20191 , hereby make the following regulations: Citation
Central Bank Act 1971 2. The Central Bank Act 1971 (No. 24
1971) is amended by the insertion
the following section after section 31Q (as inserted by the European Union (Investment Firms) (Amendment) Regulations 2022): “Requirement for holders
MiFID authorisation to re-authorise 31R.
the Capital Requirements Regulation which has been authorised under Part 2
the Regulations
2017 shall apply for a Class 1 authorisation or a licence, at the latest on the day when the undertaking satisfies either
the following conditions: (a) the average
monthly total assets
the undertaking, calculated over a period
12 consecutive months, is equal to or exceeds €30,000,000,000; (b) the average
monthly total assets
the undertaking, calculated over a period
12 consecutive months, is less than €30,000,000,000, and the undertaking is part
a group in which the total value
the consolidated assets
all undertakings in the group that individually have total assets
less than €30,000,000,000 and that carry out any
the activities referred to in paragraphs 3 and 6
Schedule 1 to the Regulations
2017 is equal to or exceeds €30,000,000,000, both calculated as an average over a period
12 consecutive months.
the Capital Requirements Regulation that, on 24 December 2019, carried out activities as an investment firm authorised under the Regulations
2017 shall apply for a Class 1 authorisation or a licence on or before the date that is 180 days from the later
— (
the Capital Requirements Directive are adopted by the Commission
the European Union.
the Capital Requirements Regulation notwithstanding that neither a Class 1 authorisation nor a licence has been granted to the undertaking.
an appeal under Part VIIA
the Act
1942 has expired, subject to paragraph (f), on the date on which that time limit expires; (
the Act
1942, and (iii) the decision on the final determination
the appeal is to uphold the decision
the Bank under section 9
the final determination
the appeal; (
the Act
1942, and (iii) the decision on the final determination
the appeal is to uphold the decision
the Bank under section 31C
the final determination
the appeal; (e) where the ECB has objected to a draft decision to propose to it to grant a Class 1 authorisation or a licence to the undertaking, subject to paragraph (f), on the date on which the undertaking is notified
that objection; (f) where the Bank determines that the application
paragraph (b), (c), (
investment firms, on the date, notified in writing to the undertaking concerned, which the Bank considers appropriate in order to allow the undertaking sufficient time to cease to carry on the activities referred to in point
the Capital Requirements Regulation in such a manner as to avoid any such detriment arising.
the Markets in Financial Instruments Directive, determines that an undertaking is required to apply for a Class 1 authorisation or a licence in accordance with subsection
that Directive, take over the authorisation procedure from the date
that notification.
an authorisation granted under the Regulations
2017 applies to the Bank for a Class 1 authorisation, the Bank shall, in determining whether the conditions referred to in sections 31D to 31G have been complied with, take into account information received by the Bank in relation to the application by the holder for authorisation under the Regulations
2017 insofar as such information is relevant to the application for a Class 1 authorisation.
an authorisation granted under the Regulations
2017 applies to the Bank for a licence, the Bank shall, in determining whether the conditions referred to in sections 9D to 9G have been complied with, take into account information received by the Bank in relation to the application by the holder for authorisation under the Regulations
2017 insofar as such information is relevant to the application for a licence.
an authorisation granted under the Regulations
2017 applies for a credit institution authorisation under the SSM Regulation in another Member State, the Bank shall, upon request, disclose to the competent authority in that Member State and the ECB information received by the Bank in relation to the application by the holder for authorisation under the Regulations
2017.”. Amendment
European Union (Investment Firms) Regulations 2021 3. The European Union (Investment Firms) Regulations 2021 ( S.I. No. 355
2021 ) are amended, in Regulation 36
“Regulation 35
ficial Seal, 27 June, 2022. PASCHAL DONOHOE, Minister for Finance. EXPLANATORY NOTE (This note is not part
the Instrument and does not purport to be a legal interpretation) These Regulations amend the Central Bank Act 1971 (No. 24
1971) to provide for undertakings referred to in point
the Capital Requirements Regulation, which have been authorised under Part 2
the European Union (Markets in Financial Instruments) Regulations 2017 ( S.I. No. 375
2017 ), to apply for re-authorisation as a credit institution, as required by Directive (EU) 2019/2034
the European Parliament and Council
27 November 2019, and sets out certain requirements for the Central Bank
Ireland in relation to such applications. In addition, these Regulations amend the European Union (Investment Firms) Regulations 2021 ( S.I. No. 355
2021 ) to update internal referencing. 1 OJ No. L. 314, 05.12.2019, p. 64. Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government
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