Important Information – changes to scope of Institute’s Investment Business Regulations – Republic of Ireland

Sep 28, 2018

Firms authorised by the Institute under the Investment Intermediaries Act, 1995 have been advised previously of a significant change to the scope of investment business activities that may be carried on under the Institute’s Investment Business Regulations.  The EU (Insurance Distribution) Regulations 2018 take effect from 1 October 2018.  One consequence of this is to remove from the scope of the Investment Business Regulations the provision of advice on insurance or insurance based products (including insurance based pensions products).  Firms wishing to engage in this activity will require separate authorisation by the Central Bank, details of which were previously advised to firms and may be found here (included in May circular).  From 1 October, firms may not conduct such activity under their Institute investment business authorisation.

Firms should also note that the activity of simply referring a client to a third party for advice on insurance products (where the firm has no further role or involvement) no longer requires any form of authorisation.

The Institute can continue to authorise firms to conduct the remaining activities set out in the Investment Business Regulations.  Revised regulations reflecting these changes will be issued shortly.

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