The Central Bank of Ireland (CBI) has updated the prudential regulatory flexibility measures for Securities Markets, Investment Management, Investment Firms and Fund Service Providers.

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.

Regulatory Requirements Applicable to Investment Firms and Fund Service Providers

The Central Bank will allow flexibility as regards the deadlines for the submission of each of the “Return Types” listed in Table A below for each of the corresponding “Regulated Entity Types” and “Applicable Periods”.

Relevant legislative provisions in respect of these Return Types are:

Regulation 8 of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017 (S.I. 604 of 2017) (the Central Bank Investment Firms Regulations)

  • Regulation 98(2) to (4) of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the Central Bank UCITS Regulations 2019)
  • Regulation 117(2) to (4) of the Central Bank UCITS Regulations 2019
  • Chapter 3, Section (i) of the Central Bank of Ireland AIF Rulebook
  • Chapter 4, section (ii), paragraph 3 of the Central Bank of Ireland AIF Rulebook
  • Chapter 5, section (ii), paragraph (f) of the Central Bank of Ireland AIF Rulebook
  • Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council.

Table A – Investment Firms and Fund Service Providers

Regulated Entity Type Return Type Extension Period Applicable Period
Annual Audited Accounts
Investment firms
Fund service providers		 Annual Audited Accounts Data Entry/ Annual Audited Accounts Upload – Individual and Consolidated (including bank statements submitted with these returns) 2 months Submissions falling due from April to July 2020 inclusive
Investment firms, Fund service providers Related Party Annual Accounts Upload 2 months Submissions falling due from April to July 2020 inclusive
Capital Adequacy Returns
MiFID investment firms subject to CRR/CRD IV COREP Own Funds Individual and Consolidated 1 month Reporting dates March to May 2020
MiFID investment firms subject to CRR/CRD IV Leverage Reporting Individual and Consolidated 1 month Reporting dates March to May 2020
MiFID investment firms subject to CRR/CRD IV Asset Encumbrance Individual and Consolidated 1 month Reporting dates March to May 2020
MiFID investment firms subject to CRR/CRD IV Large Exposures Individual and Consolidated 1 month Reporting dates March to May 2020
CRD IV Exempt FOR Firms COREP Individual and Consolidated 1 month Reporting dates March to May 2020
 CRD IV Exempt Firm
IIA non-retail investment business firms		 Capital Adequacy Statement 1 month Reporting dates March to May 2020
Fund service providers Minimum Capital Requirement 1 month Reporting dates March to May 2020
Fund administrators Own Funds Requirement 1 month Reporting dates March to May 2020
Management/Interim Accounts
Investment firms, Fund service providers Management/Interim Accounts (all frequencies) – Individual and Consolidated (including bank statements submitted with these returns) 1 month Reporting dates March to May 2020
Investment firms Management Accounts Budget vs Actual 1 month Reporting dates March to May 2020

 

Remittance Dates for Financial Statements of Investment Funds

The Central Bank’s expectation is that authorised investment funds will file financial statements with the Central Bank within usual time frames. However, where an authorised investment fund is not in a position to meet these deadlines the Central Bank will allow flexibility as regards the deadlines for the submission of each of the “Return Types” listed in Table B below for each of the corresponding “Investment Fund Types” and “Applicable Periods”.

Table B – Investment Funds

Investment fund type Return Type / Applicable Period Extension Period
UCITS investment fund Annual audited financial statements referring to a year-end occurring on or after 31 December 2019 but before 1 April 2020
Annual audited financial statements referring to a year-end occurring on or after 1 April 2020 but before 1 May 2020
Semi-annual financial statements referring to a reporting period ending on or after 31 January 2020 but before 1 April 2020		 2 months1 month

1 month
Alternative Investment Funds Annual audited financial statements referring to a year-end occurring on or after 31 December 2019 but before 1 April 2020
Annual audited financial statements referring to a year-end occurring on or after 1 April 2020 but before 1 May 2020
Semi-annual financial statements referring to a reporting period ending on or after 31 January 2020 but before 1 April 2020		 2 months1 month

1 month