On 03rd December 2020, the Central Bank published Consultation Paper 133 “Consultation on enhancements to the Central Bank Client Asset Requirements, as contained in the Central Bank Investment Firms Regulations”.
The consultation seeks stakeholders’ views on proposed enhancements to the Central Bank Client Asset Requirements (the CAR). This includes broadening the scope and application of the CAR to credit institutions, targeted enhancements to include investment firms and credit institutions holding client assets in the context of conducting wholesale activities as well as other amendments applicable to all investment firms currently in scope of the CAR
This Consultation Paper is structured as follows:
- Section I sets out proposals to extend the scope and application of the CAR to credit institutions undertaking MiFID investment business;
- Section II contains details of proposed enhancements to the CAR, including those designed to capture business lines associated with wholesale market activities;
- Section III sets out future considerations in respect of the Central Bank’s client asset regime; and d. Section IV sets out proposed amendments to the Investment Firms Regulations, other than those related to the CAR.
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