Ireland:
Central Bank Of Ireland Issues Brexit FAQs Paper
24 July 2017
Maples Group
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The Central Bank has issued a Brexit FAQ document providing general
information to financial services firms who are considering
relocating their operations from the UK to Ireland.
This follows the recent ESMA sector specific Brexit Opinions as
discussed
here.
The document gives some helpful guidance on the Central
Bank's position regarding substance, oversight & control
and outsourcing.
It is also interesting to note the reference to
"dual-hatting" models. The Central Bank will consider
proposals where senior management are gradually transitioned into
the Irish business (from other roles in the group) as it
develops.
The messages in the FAQ accord with the feedback we are getting
on the new Manco and MIFID firm applications which we are working
on. This is welcome guidance for the many financial services firms
considering their Brexit contingency planning.
https://www.centralbank.ie/
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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