Investment business

Investment activities are covered by two major pieces of legislation:

  • Investment Intermediaries Act, 1995 as amended (ROI); and
  • Financial Services & Markets Act, 2000 (UK)

Investment Business is a reserved area for which additional authorisation or licence is required.

Investment Business - ROI

Investment Intermediaries Act, 1995 as amended

To undertake or give any investment business advice, even generic, requires a firm to hold an authorisation to ensure that a breach of the Act, and as such a criminal offence is not committed.

There are several categories of authorisation which allow a firm to conduct a number of activities ranging from basic generic advice to activities which require specific knowledge such as discretionary fund management. It is up to a firm to choose the correct category to suit its needs.

To become authorised a firm must:

  • Complete and submit the application form and receive notification of approval
  • Satisfy the Quality Assurance Committee that it meets the criteria and is fit and proper to carry on investment business work in the chosen category
  • Pay the annual fee
  • Comply with the IB Regulations and Guidance
  • Be subject to a programme of quality assurance

Once a firm is authorised it is required to have appropriate internal procedures.

Investment Business - UK

Designated Professional Body Licence (DPB), Financial Services & Markets Act, 2000 as amended

Firms are permitted to conduct a restricted range of activities under the DPB (Designated Professional Body) regime in the United Kingdom.

This is a complex regime and firms should consider the guidance schedules in the DPB Handbook to determine whether a licence is required

Application Forms

The application forms for DPB and Investment Business is available on the application forms & fee scales page.

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