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
A firm is required to be authorised to undertake or give certain investment business advice. Investment business authorisation is required 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 range of investment business activities. The activities permitted within each category are set out in Schedule 1 of Chapter 1 of the Investment Business Regulations.
It is the firm’s responsibility to choose the correct category to suit its needs and ensure it is properly authorised.
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 Investment Business Regulations
- 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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