COVID-19 - Regulated Firms Updates - The Central Bank of Ireland

The Central Bank of Ireland has intensified its engagement across the financial services system to ensure that firms are taking the necessary actions to be able to continue to serve their customers through the unprecedented challenges COVID-19 is causing and will continue to review its approach to regulatory flexibility throughout the duration of the COVID-19 pandemic and may provide further updates as required.

During this period, the Central Bank expects firms to continue to meet their regulatory and statutory obligations on an ongoing basis. However, the Central Bank recognises that regulated firms are under significant organisational stress and that some limited and time-bound regulatory flexibility may allow firms to better serve consumers, investors and the wider economy.

The Central Bank is providing regulated firms with a level of flexibility in relation to:

• Extending remittance dates for a number of reports with reporting dates between March and end May 2020, with exception
• Allowing individual firms to engage directly with their supervisor where they have COVID-19 related difficulties in meeting specific risk mitigation programme (RMP) submission dates.

Firms should review the relevant section for details of applicable extensions and postponements, as well as details of the Central Bank’s application of relevant announcements made by the European Supervisory Authorities:

• Credit institutions
  • Extension to Regulatory Returns Remittance Dates
  • In line with the recommendation in the EBA Statement on supervisory reporting and Pillar 3 disclosures in light of Covid-19, the Central Bank is extending remittance dates for a number of reports with reporting dates between March and end May 2020
  • https://www.centralbank.ie/regulation/covid19-flexibility-measures/credit-institutions
• Credit unions
  • Central Bank is providing credit unions with a level of flexibility in certain areas as outlined here
  • https://www.centralbank.ie/docs/default-source/regulation/industry-market-sectors/credit-unions/reporting-requirements/covid19-circular-regulatory-flexibility-rcu.pdf?sfvrsn=4
• Insurers and reinsurers
  • Acknowledging the immediate challenge posed by reporting and disclosure deadlines, the Central Bank wrote to all (re)insurance firms and Special Purpose Reinsurance Vehicles on 24 March 2020, applying a degree of supervisory flexibility in relation to certain reporting and disclosure deadlines. Given the nature of the industry the flexibility measures set out in these letters will be kept under review.
• Securities markets, investment management, investment firms and fund service providers.
  • 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.See here for more information.

For more details see here.