On 16 June 2020, the Central Bank published a statement setting out its expectations as regards due diligence arrangements and periodic on-site visits to outsourcing service providers and delegates in the context of COVID-19.
Recognising the challenges facing firms and market participants at this time, the Central Bank is:
- Allowing flexibility in respect of the remittance dates of a number of regulatory returns due from investment firms, fund service providers and investment funds over the COVID-19 period
- Clarifying its expectations as regards the deadlines for the submission of assurance reports in respect of investment firms and fund service providers’ arrangements for the safeguarding of client assets or investor money
- Clarifying its expectations as regards risk mitigation programme (RMP) implementation dates
- Postponing its regular assessments of the domestic regulatory policy framework in respect of securities markets, investment management activities and investment firms
- Clarifying the application of relevant announcements made by the European Supervisory Authorities (ESAs) to date,
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