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.