ARTICLE
6 February 2023

New Client Asset Regulations Published In The Irish Statute Book

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Arthur Cox

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Arthur Cox is one of Ireland’s leading law firms. For almost 100 years, we have been at the forefront of developments in the legal profession in Ireland. Our practice encompasses all aspects of corporate and business law. The firm has offices in Dublin, Belfast, London, New York and Silicon Valley.
The new Irish client asset regulations have been published in the Irish Statute Book and will take effect from 1 July 2023.
Ireland Finance and Banking

The new Irish client asset regulations have been published in the Irish Statute Book and will take effect from 1 July 2023. They are available here:

S.I. No. 10/2023 - Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2023

No additional changes have been made to the regulations as compared to the final form published last summer.

By way of reminder, the Central Bank of Ireland expects that investment firms and credit institutions will have already begun their preparations to ensure that they will be fully compliant with the new regulations at the end of the transitional period (1 July 2023 for investment firms and 1 January 2024 for credit institutions undertaking MiFID investment business).

The Central Bank's draft guidance highlighted that credit institutions subject to the client asset requirements for the first time should review relevant documents and make any amendments arising from such review ahead of the 1 January 2024 deadline.

Please get in touch with your Arthur Cox team if we can help with your preparations for the new regulations coming into force.

This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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