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IE - Amendments to the Consumer Protection Code in Ireland

18/01/2018

On august 2017, The Minister for Finance in Ireland has decided to exercice the discretionary exemption provided by MIFII in order to allow certain firms to continue to be regulated under national legislation rather than MiFID II as long as the requirements under the two regimes are aligned. Firms that are eligible for this exemption are ones that engage in what are termed MiFID Article 3 services.

On august 2017, The Minister for Finance in Ireland has decided to exercice the discretionary exemption provided by MIFII in order to allow certain firms to continue to be regulated under national legislation rather than MiFID II as long as the requirements under the two regimes are aligned. Firms that are eligible for this exemption are ones that engage in what are termed MiFID Article 3 services. These include the receipt and transmission of orders and/or the provision of investment advice in transferable securities and collective investment schemes. Furthermore these firms must not hold client funds.

In order to ensure that the regimes under national legislation and MiFID II are aligned and that the discretion can be availed of, the Central Bank has had to amend the Consumer Protection Code (CPC). The change is in the form of an Addendum which applies to firms providing the MiFID Article 3 services described above. The Addendum is effective from 3 January 2018, the date of application of the MiFID Regulations 2017.

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