Updated Investment Business Regulations 2018

Nov 12, 2018
The Investment Business Regulations have been amended to reflect the transposition of the Insurance Distribution Directive (IDD) into Irish Legislation by the European Union (Insurance Distribution) Regulations 2018.  We have previously notified firms of these developments in May 2018, July 2018 and September 2018.  This information is available in the professional standards news section.

The European Union (Insurance Distribution) Regulations basically remove all insurance activities from the Approved Professional Body regime.  Firms providing such activities have to be authorised directly by Central Bank of Ireland (CBI).  The CBI has also advised that the activity of purely acting as an introducer or referrer to a third party would no longer be an activity requiring authorisation.

The majority of the amendments to the Investment Business Regulations relate to the transposition of the IDD but we have also taken this opportunity to tidy up other conforming amendments such as the removal of the term Multi-Agency Intermediaries as such entities are no longer recognised by CBI.